Customer Satisfaction UAE Exchange

MAHATMA GANDHI UNIVERSITY

A STUDY ON CUSTOMER SATISFACTION

TOWARDS VARIOUS SERVICE OF UAE EXCHANGE,

KOLLAM DISTRICT, KERALA

by

RENJITH R

[email protected]

A Project Report submitted in partial

fulfillment for the award of the degree of

Master of Business Administration(Marketing & HRM)

CC406

under the guidence of

Mrs. Jincy K C

Department of Management Studies

Sree Nikethan College

Chathanoor

April 2010

http://www.mguniversity.org

mailto:[email protected]

Declaration of Authorship

I, RENJITH, declare that this thesis titled, ‘A Study on Customer Satisfaction

Towards Various Service of UAE Exchange, Kollam District, Kerala’ and the work

presented in it are my own. I confirm that:

� This work was done wholly or mainly while in candidature for a masters

degree at this University.

� Where any part of this thesis has previously been submitted for a degree or

any other qualification at this University or any other institution, this has

been clearly stated.

� Where I have consulted the published work of others, this is always clearly

attributed.

� Where I have quoted from the work of others, the source is always given.

With the exception of such quotations, this project report is entirely my own

work.

� I have acknowledged all main sources of help.

Signed:

Date:

i

“A Customer is the most important visitor on our premises.

He is not dependent on us.

We are dependent on him.

He is not an interruption on our work.

He is the purpose of it.

He is not an outsider on our business.

He is a part of it.

We are not doing him a favour by serving him.

He is doing us a favor by giving us an opportunity to do so. ”

Mahathma Gandhi

MAHATMA GANDHI UNIVERSITY

A Study on Customer Satisfaction Towards Various Service

of UAE Exchange, Kollam District, Kerala

Abstract

RENJITH R

This research investigates the satissfaction level of customers towards various ser-

vices offered by UAE Exchange Information was gathered using a customer survey

using a formulated questionnire. The literature provided discusses the various as-

pects of customer satisfaction. And the tools that can be used to measure level of

satisfaction. For the purpose of data analysis Percentage analysis, Graphical rep-

resentationa, Scaling techniques and chi-square test were used.Knowing the needs

and expectations of the customers, and meeting these, does not only lead to more

satisfied customers, but, very importantly, results in a more efficient and effective

provision of customer services. Overall findings from the study suggests various

feilds where much care to be put to get growth in the organisation.

http://www.mguniversity.org

mailto:[email protected]

Acknowledgements

I would like to thank my supervisor, Jincy K C for making this a meaningful

learning process. Her guidance and encouragement throughout the process of

formulating my ideas was invaluable. Her ability to view things pragmatically was

critical and priceless to the success of this study and needs to be commended.

I would like to thank Mr. Nainel S C, Head of the Department, Department of

Management studies for his valuable advices of conducting project work, which

form a part of the project and other lecturers of the department for the encourage-

ment, guidance and other instructions provided for the preparation of this report.

I express my sincere thanks to Mr. CHANDRA BOSE .B (Branch Manager, UAE

Exchange, Kulathupuzha) for granting me with the opportunity for doing this

project work worthwhile.

I would like to thank all employees from UAE Exchange Kulathupuzha, without

them this research would not have been successful.

Finally, I express my sincere thanks to my parents, well-wishers and all my friends

who helped me directly and indirectly for their encouragement and support to

complete the work.

Renjith R

iv

Contents

Declaration of Authorship i

Abstract iii

Acknowledgements iv

List of Figures viii

List of Tables x

1 Introduction 1

1.1 Background of the study . . . . . . . . . . . . . . . . . . . . . . . . 1

1.1.1 UAE Exchange . . . . . . . . . . . . . . . . . . . . . . . . . 1

1.1.2 RBI Guidelines . . . . . . . . . . . . . . . . . . . . . . . . . 2

1.2 Customer Satisfaction . . . . . . . . . . . . . . . . . . . . . . . . . 6

1.3 Problem discussion . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

1.3.1 Statement of the problem . . . . . . . . . . . . . . . . . . . 9

1.3.2 The objectives of the study . . . . . . . . . . . . . . . . . . 9

2 Organization Profile 11

2.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

2.2 Vision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

2.3 Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

2.4 Values . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

2.5 Knowledge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

2.6 Integrity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

2.7 Commitment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

2.8 Quality Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

2.9 Community Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

2.10 Disaster relief efforts . . . . . . . . . . . . . . . . . . . . . . . . . . 15

2.11 Cultural contributions . . . . . . . . . . . . . . . . . . . . . . . . . 16

2.12 Promotion of Sports . . . . . . . . . . . . . . . . . . . . . . . . . . 16

v

Contents vi

2.13 Recognition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

2.14 Leadership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

2.15 Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

2.16 Advantages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

2.17 Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

2.18 Products & Services . . . . . . . . . . . . . . . . . . . . . . . . . . 19

3 Review of Literature 29

3.1 Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

4 Research Methodology 35

4.1 Research Purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

4.2 Research Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

4.3 Research strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

4.4 Sample Selection . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

4.5 Data Collection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

4.6 Data Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

4.7 Validity and Reliability . . . . . . . . . . . . . . . . . . . . . . . . . 42

4.8 Tools For Data Analysis . . . . . . . . . . . . . . . . . . . . . . . . 42

5 Analysis 47

5.1 Overview of the sample . . . . . . . . . . . . . . . . . . . . . . . . . 47

5.2 Quantitative data presentation . . . . . . . . . . . . . . . . . . . . . 48

5.3 Descriptive statistics . . . . . . . . . . . . . . . . . . . . . . . . . . 48

5.3.1 Age of the respondents . . . . . . . . . . . . . . . . . . . . . 49

5.3.2 Gender of the Respondents . . . . . . . . . . . . . . . . . . . 53

5.3.3 Educational qualification of the respondents . . . . . . . . . 54

5.3.4 Occupation of the respondents . . . . . . . . . . . . . . . . . 55

5.3.5 Products normally used by customer . . . . . . . . . . . . . 56

5.3.6 Rottenly avail our services . . . . . . . . . . . . . . . . . . . 57

5.3.7 Factors influencing for Preferring UAE Exchange for trans-actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58

5.3.8 Time taken to conclude transaction . . . . . . . . . . . . . . 59

5.3.9 Waiting time acceptance by the customers . . . . . . . . . . 60

5.3.10 Courteousness and helpfulness of branch staff . . . . . . . . 61

5.3.11 Counter staffs product knowledge and ability to convey in-formation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

5.3.12 Level of satisfaction while doing currency exchange . . . . . 63

5.3.13 Level of satisfaction with Xpress money . . . . . . . . . . . . 64

5.3.14 Level of satisfaction through western union money transfer . 65

5.3.15 Level of satisfaction through money gram services . . . . . . 66

5.3.16 Peculiarities of Moneygram Service . . . . . . . . . . . . . . 67

5.3.17 Type of travel by the respondents . . . . . . . . . . . . . . . 69

5.3.18 Purpose of travel . . . . . . . . . . . . . . . . . . . . . . . . 70

5.3.19 Number of flights travel during the year . . . . . . . . . . . 71

Contents vii

5.3.20 Mode of Reservation . . . . . . . . . . . . . . . . . . . . . . 72

5.3.21 Level of satisfaction during reservation . . . . . . . . . . . . 73

5.3.22 Quality of service provided in UAE EXCHANGE . . . . . . 74

5.3.23 Rate the quality of service provided by UAE Exchange . . . 75

5.3.24 Rate the grievance handling and complaint . . . . . . . . . . 76

5.3.25 Availing the services again . . . . . . . . . . . . . . . . . . . 77

5.3.26 Recommends UAE Exchange to others . . . . . . . . . . . . 78

5.3.27 Comparison to other exchange companies with regard to thereliability . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79

5.3.28 Comparison to other exchange companies with regard to thelocation & Timing . . . . . . . . . . . . . . . . . . . . . . . 80

5.3.29 Comparison to other exchange companies with regard to therates & Charges . . . . . . . . . . . . . . . . . . . . . . . . . 81

5.3.30 Comparison to other exchange companies with regard to thefaster Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . 82

5.3.31 Comparison to other exchange companies with regard to theservice at counter . . . . . . . . . . . . . . . . . . . . . . . . 83

6 Findings Suggestions and Conclusion 84

6.1 Results and Discussion . . . . . . . . . . . . . . . . . . . . . . . . . 84

6.2 Findings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84

6.3 Factor influencing the choice of the UAE Exchange . . . . . . . . . 86

6.4 Suggestions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86

6.5 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88

Bibliography 89

A Questionnaire 91

List of Figures

1.1 Customers expectations and customer satisfaction . . . . . . . . . . 7

2.1 Money Gram Agent Network Growth . . . . . . . . . . . . . . . . 26

2.2 Money Transfer Transaction Growth . . . . . . . . . . . . . . . . . 27

3.1 Customer satisfaction continues improvement . . . . . . . . . . . . 32

3.2 The Principle of pre-study . . . . . . . . . . . . . . . . . . . . . . . 33

3.3 Measuring customer satisfaction . . . . . . . . . . . . . . . . . . . . 34

5.1 Age of the respondents . . . . . . . . . . . . . . . . . . . . . . . . . 49

5.2 Gender of the Respondents . . . . . . . . . . . . . . . . . . . . . . . 53

5.3 Educational qualification of the respondents . . . . . . . . . . . . . 54

5.4 Occupation of the respondents . . . . . . . . . . . . . . . . . . . . . 55

5.5 Rottenly avail our services . . . . . . . . . . . . . . . . . . . . . . . 57

5.6 Factors cause prefference of UAE Exchange . . . . . . . . . . . . . . 58

5.7 Time taken to conclude transaction . . . . . . . . . . . . . . . . . . 59

5.8 Waiting time acceptance by the customers . . . . . . . . . . . . . . 60

5.9 Courteousness and helpfulness of our branch staff . . . . . . . . . . 61

5.10 Counter staffs product knowledge and ability to convey information 62

5.11 Level of satisfaction while doing currency exchange . . . . . . . . . 63

5.12 Level of satisfaction with Xpress money . . . . . . . . . . . . . . . . 64

5.13 Level of satisfaction through western union money transfer . . . . . 65

5.14 Level of satisfaction through money gram services . . . . . . . . . . 66

5.15 Ranking of moneygram service based on scaling technique . . . . . 68

5.16 Ranking of moneygram service based on percentage analysis . . . . 68

5.17 Type of travel by the respondents . . . . . . . . . . . . . . . . . . . 69

5.18 Purpose of travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70

5.19 Number of flights travel during the year . . . . . . . . . . . . . . . 71

5.20 Mode of reservation . . . . . . . . . . . . . . . . . . . . . . . . . . 72

5.21 Level of satisfaction during reservation . . . . . . . . . . . . . . . . 73

5.22 Quality of service provided in UAE EXCHANGE . . . . . . . . . . 74

5.23 Rate the quality of service provided by UAE Exchange . . . . . . . 75

5.24 Rate the grievance handling and complaint . . . . . . . . . . . . . . 76

5.25 Availing the services again. . . . . . . . . . . . . . . . . . . . . . . . 77

5.26 Recommends UAE Exchange to others . . . . . . . . . . . . . . . . 78

5.27 Comparison to other exchange companies with regard to the reliability 79

viii

List of Figures ix

5.28 Comparison to other exchange companies with regard to location& timing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80

5.29 Comparison to other exchange companies with regard to the rates& Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81

5.30 Comparison to other exchange companies with regard to the fasterCredit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82

5.31 Comparison to other exchange companies with regard to the serviceat counter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83

List of Tables

4.1 Research strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

5.1 Age of the respondents . . . . . . . . . . . . . . . . . . . . . . . . . 49

5.2 Chi-square test-one . . . . . . . . . . . . . . . . . . . . . . . . . . . 50

5.3 Chi-square test-Two . . . . . . . . . . . . . . . . . . . . . . . . . . 51

5.4 Revised table based on yates correction . . . . . . . . . . . . . . . . 51

5.5 Chi square calculation-three . . . . . . . . . . . . . . . . . . . . . . 52

5.6 Gender of the Respondents . . . . . . . . . . . . . . . . . . . . . . . 53

5.7 Educational qualification of the respondents . . . . . . . . . . . . . 54

5.8 Occupation of the respondents . . . . . . . . . . . . . . . . . . . . . 55

5.9 Products normally used by the customer . . . . . . . . . . . . . . . 56

5.10 Rottenly avail our services . . . . . . . . . . . . . . . . . . . . . . . 57

5.11 Factors cause prefference of UAE Exchange . . . . . . . . . . . . . . 58

5.12 Time taken to conclude transaction . . . . . . . . . . . . . . . . . . 59

5.13 Waiting time acceptance by the customers . . . . . . . . . . . . . . 60

5.14 Courteousness and helpfulness of branch staff . . . . . . . . . . . . 61

5.15 Counter staffs product knowledge and ability to convey information 62

5.16 Level of satisfaction while doing currency exchange . . . . . . . . . 63

5.17 Level of satisfaction with Xpress money . . . . . . . . . . . . . . . . 64

5.18 Level of satisfaction through western union money transfer . . . . . 65

5.19 Level of satisfaction through money gram services . . . . . . . . . . 66

5.20 Ranks given for the money gram service . . . . . . . . . . . . . . . 67

5.21 Type of travel by the respondents . . . . . . . . . . . . . . . . . . . 69

5.22 Purpose of travel . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70

5.23 Number of flights travel during the year . . . . . . . . . . . . . . . 71

5.24 Mode of Reservation . . . . . . . . . . . . . . . . . . . . . . . . . . 72

5.25 Level of satisfaction during reservation . . . . . . . . . . . . . . . . 73

5.26 Quality of service provided in UAE EXCHANGE . . . . . . . . . . 74

5.27 Rate the quality of service provided by UAE Exchange . . . . . . . 75

5.28 Rate the grievance handling and complaint . . . . . . . . . . . . . . 76

5.29 Availing the services again . . . . . . . . . . . . . . . . . . . . . . . 77

5.30 Recommends UAE Exchange to others . . . . . . . . . . . . . . . . 78

5.31 Comparison to other exchange companies with regard to the reliability 79

5.32 Comparison to other exchange companies with regard to the loca-tion & Timing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80

x

List of Tables xi

5.33 Comparison to other exchange companies with regard to the rates& Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81

5.34 Comparison to other exchange companies with regard to the fasterCredit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82

5.35 Comparison to other exchange companies with regard to the serviceat counter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83

Chapter 1

Introduction

The background of the selected area is introduced in the first chapter. Then, the

problem area will be next discussed to provide a deeper understanding about the

research area for reader. The problem discussions end with a research problem

and a specific research question. In the end of this chapter the contribution of this

research is also presented.

1.1 Background of the study

The background of the research area is provided in this section. It contains the

general idea of financial services, UAE exchange and customer satisfaction. This

section explains reserve Bank of India norms. This section also describes the

importance of service quality and it’s relationship with customer satisfaction.

1.1.1 UAE Exchange

Financial services refer to services provided by the finance industry. The finance

industry encompasses a broad range of organizations that deal with the manage-

ment of money. Among these organizations are banks, credit card companies,

1

Chapter 1. Introduction 2

insurance companies, consumer finance companies, stock brokerages, investment

funds and some government sponsored enterprises.

UAE Exchange is a service oriented financial institute. It has to implement var-

ious social objectives as well as commercial objectives. It also increases the de-

velopment of the economy of the country and creates runway for the free flow of

capital necessary for the growth of the economy. The electronics revolution has

made it possible to provide ease and flexibility. Money laundering is the process

where by criminals attempt to hide and disguise the true origin and ownership of

the proceeds of their criminal activities thereby avoiding prosecution, conviction

and confiscation of the criminal funds. The source of the proceeds may include

drug trafficking terrorism, organized crime, fraud and many other crimes . UAE

Exchange invests in the latest technologies that improve the quality of there op-

erations and add value to there customer relationship. Todaly, UAE Exchange

has one of the most advanced technological and infrastructural facilities in the

industry, which ensures that there businesses run in the most efficient manner.

There core team of IT professionals ensures the development of customized and

hyper-efficient hardware and software systems for our functioning. They pass on

the same technological advantage to our customers, through reliable fund trans-

fer mechanisms, simplified and friendly processes, and many other cross-industry

advantages.

1.1.2 RBI Guidelines

These are RBI general anti-money laundering guidelines

Reporting of Suspicious Transactions

• Suspicious transaction means a transaction whether or not made in cash

which, to a person acting in good faith:


• It is the duty of all staff to report suspicious and unusual transactions to

the Reporting Officer through Branch Manager under copy to the Regional

Manager.

• Failure to report suspicious and unusual transaction to the Reporting Officer,

as prescribed, shall attract legal and disciplinary action.

• Reporting Officer shall investigate and forward the STR(Suspicious Trans-

action Report) to relevant authorities in writing or by fax or electronic mail

within the stipulated period. A copy of the same shall be retained by the

Reporting Officer for the purpose of official records.

Monitoring and Control

• All relevant reports of all Inward Remittance transactions and Money Ex-

change transactions has to be generated at day end at all the branches.

Branch Manager shall scrutinize this report on daily basis, duly sign for

having verified them and preserve this documentation for ten years from

date.

• Branch Head is appointed at every outlet. The Branch Head shall be re-

sponsible for the execution and implementation of the Regulations issued by

the Reserve Bank of India and our Anti Money Laundering policies & Pro-

cedures. These Officers shall also be responsible for reporting any suspicious

transactions directly to the Reporting Officer. They shall take instructions

from the Reporting Officer and shall report to

• The Concurrent Auditor of the company shall in their monthly audit report

mention on the efficacy of the implementation of the policy, procedures and

control.


Record Keeping

• The objective of record keeping is to ensure that we are able to provide the

basic information about customer and to reconstruct the individual trans-

actions undertaken at the request of the relevant authorities at any given

time.

• The record must contain the following information: (a) nature of Transac-

tion, (b) amount of the transaction and the currency in which it was denom-

inated (c) date on which the transaction was conducted and (d) parties to

the transaction.

• Transaction records should be kept for a minimum period of ten years and

made available to the relevant authorities as and when demanded.

• Registration documents should be kept at least for a period of ten years after

the last known transaction with the company.

• The documents may be retained in original or stored on microfilm or in the

computer at the respective branches.

• The KYC procedures shall also apply to our sub-agents and franchisees.

New Staff Recruitment Procedure

• The H R Department will check the antecedences of all new employees by

checking their references. They will also perform background checks on all

past and present employees of UAE Exchange and Financial Services Ltd.

• AML Compliance Undertaking will be taken from each and every employee

of the Company which shall be witnessed by the Branch Head.

Training

• Training for all employees of UAE Exchange and Financial Services Ltd shall

be conducted periodically.


• A meeting of Regional Heads shall be held once in a quarter to discuss

training methods, procedures, policies as well as compliance procedures.

• During all trainings, the employees shall be communicated of their responsi-

bility as per the law in force regarding obtaining sufficient evidence of iden-

tity, recognizing and reporting knowledge or suspicion of money laundering

and terrorists financing.

• The employee shall always be trained on the potential effect on the Company,

on its employees and customers if there is any breach of law or regulations.

• The Administrative Office is also required to maintain records showing the

dates when Anti-Money Laundering training has been given, the nature of

the training and the names of the staff who have received the training.

• An intranet website on AML to share ideas, experiences and case studies is

in place. MoneyGram Compliance Manual and Xpress Money AML Policy

have also been hosted. All members of staff are required to frequently browse

the website and update their knowledge and skills.

Privacy Policy

UAE Exchange and Financial Services Ltd shall be committed to respect and pro-

tect the privacy of its customers. The personal information about our customers

provided on transaction forms and applications forms are for facilitating customers

transactions. Any such information collected from the customer shall be in pos-

session with the company and shall be kept confidential. It shall be passed on to

a statutory body only in accordance with the existing laws.

Compliance Organization

• The Branch Heads or the Branch In-charge shall be deemed as the Branch

Compliance Officer and s/he shall ensure that in the day to day operations,

all the compliance instructions shall be strictly adhered to. Any deviation


shall be brought to the attention of the Compliance Officer at the Adminis-

trative Office.

• There shall be an independent compliance officer to monitor and coordinate

the compliance issues of the Company at Administrative Office.

1.2 Customer Satisfaction

To understand the importance of customer satisfaction, consider these facts: cus-

tomers with problems usually don’t react and only 4% of them complain; normally

a person with problem tells 9 other people about it; while satisfied customers tell 5

other people about their good experiment; keeping a current customer costs about

1/7 of the cost of acquiring a new customer; retaining a current employee costs

one tenth of hiring and training a new one.

These facts; highlights the crucial role of satisfying customers which brings em-

ployee satisfaction; hence, the profit maximization of the company. Therefore,

organizations need to understand that to what extend their customers would be

satisfy. Customer satisfaction in marketing context has specific meanings: Anders

Gustafsson, Michael D. Johnson,& Inger Roos (2005) brought customer satisfac-

tion definition as customer’s overall evaluation of the date. This satisfaction has

positive influences on retaining customers among different variety of services and

products. In service based enterprises; service quality directly affects customer

satisfaction.

Ingrid Fecikova, (2004) interpreted satisfaction as a feeling which results from

a process of evaluating what was received against that expected, the purchase

decision itself and/or the fulfillment of needs/want. Satisfaction refers to achieving

the things we want.

If satisfaction interprets as “not going wrong” the firm should decrease complaint

which by its own is not sufficient. In order to satisfy customers, company should


improve its services and products. Figure 1.1 illustrates correlation between cus-

tomers’ expectations and customer satisfaction. Customers with less expectation

are more satisfied: companies by adding innovative features would easily increase

customer satisfaction. In contrast, when customers are unaware of improvements

but critical of losses in existing quality are less satisfied and expect more.

Satisfaction refers to achieving the things we want. If satisfaction interprets as “not

going wrong” the firm should decrease complaint which by its own is not sufficient.

In order to satisfy customers, company should improve its services and products.

Figure 1.1 illustrates correlation between customers’ expectations and customer

satisfaction. Customers with less expectation are more satisfied: companies by

adding innovative features would easily increase customer satisfaction. In contrast,

when customers are unaware of improvements but critical of losses in existing

quality are less satisfied and expect more.

Figure 1.1: Correlation between customers’ expectations and customer satis-faction Source: Ingrid Fecikova, 2004.

One of the main ingredients of success in the market place is customer satisfaction.

profitability. Therefore, companies should measure their customers’ satisfaction to

fortify their strengths and improve their weaknesses. Jochen Wirtz (2003) listed

the results of customer satisfaction as follows : repeat purchase; loyalty; positive

word-of-mouth and Increased long term


1.3 Problem discussion

In a competitive market place understanding customers needs become crucial.

Therefore, companies have moved from a product-centric to a customer-centric

position. Customer retention is directly influenced by customer satisfaction. Re-

tention is a major challenge particularly in service oriented firms, as customers can

easily switch from one service provider to another at low cost (Khalifa and Liu,

2003). Considering the high costs of acquiring new customers and the apparently

high customer turn over of many financial services, it is very important to study

the determinants of customer satisfaction (Van Rie, Lijander & Jurriens 2001).

Customer satisfaction is the key factor determining how successful the organization

will be in customer relationships (Reichheld, 1996), therefore it is very important

to measure it. Total quality management (TQM) is based on the idea of customer

satisfaction a management approach of an organization centered on quality, based

on the participation of all its members and aiming at long-term success through

customer satisfaction and benefits to all members of the organization and to soci-

ety (ISO 8402). The achievement of true customer satisfaction involves: customer

oriented culture; an organization that centers on the customer; employee empow-

erment; process ownership; team building; and Partnering with customers and

suppliers.

There are several benefits for quality to be found via market research, particularly

in measuring the satisfaction levels of current customers, determining customer

needs for product development, and analyzing customer retention and loyalty. To

better manage customer satisfaction, firms spend millions on effectively tracking

the methods that guarantee customer satisfaction, because the quantitative mea-

surement of customer satisfaction is a great help for comprehensively measuring

the effect of product quality on customer behavior.


1.3.1 Statement of the problem

A high competition in the financial sector needs to improve the services better.

The success of the firm is the customer satisfaction and relationship. To iden-

tify the customer problem is very important. Using customer information is of

course useful for the direct improvement of service and service delivery. However

these aspects are part of the overall improvement of an organisation, in all its

aspects. This organisational improvement or organisational development has been

translated into different quality management models.

1.3.2 The objectives of the study

The project work was conductedin UAE Exchange service users group and objec-

tives of the study are

Primary Objective

• To identify the customer satisfaction level towards various services of UAE

Exchange.

Secondary Objective

• To identify the advantage of select UAE Exchange.

• To identify grievanance handling of customers.

• To identify the customer expectation and satisfaction with regard to UAE

Exchange.

• Compare products and services of UAE Exchange with other financial isti-

tutes.


Hypothesis

There is no significant relatioship between age of the respondents and level of sat-

isfaction

Scope of the study

The scope of the study is limited to exploring the perceptions of service users in

UAE Exchange.This study helps a great deal to familiarize with the practical side

of an organisations situation and customer satisfaction level. The finding of the

study is limited to the service users in Kulthupuzha, Kollam district only.

Limitations

The limitations for the study as follows

• The study is carried out only in Kulthupuzha, Kollam district only.

• Due to time constraints only 100 respondents have been covered

• The study was conducted for a relatively short period. Which was too limited

for preparing a detailed report.

Chapter 2

Organization Profile

This chapter explains a clear view of organisation through different aspects.

2.1 Introduction

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 Company’s portfolio of services include Draft cheques, Swift transfers, Ex-

press transfers, Xpress Money transfers, Western Union money transfers, Travelex

money transfers, Credit card settlement services and cash advances, Inter-Emirates

money transfers, purchase and sale of foreign currency bank notes, and Travelers

Cheques in retail and wholesale.

UAE Exchange celebrates 25 progressively successful years of commitment to qual-

ity products and an unblemished image, which has empowered it to become an

11

Chapter 2. Organization Profile 12

acknowledged force in the world remittance market. UAE Exchange an organi-

zation which believes in fair management and operational practices, continually

motivated to perform the regulators, customers’ and society’s high expectations

and standards. The fight against money laundering and terrorist financing is a

priority for UAE Exchange. At UAE Exchange, they maintain a sound regulatory

environment and ample resources have been earmarked for ensuring responsible

corporate governance. They have inculcated the local AML laws and regulations

and world’s best AML practices into our AML policies and procedures, which have

been rigorously, implemented at all our locations. UAE Exchange has also taken

strong initiatives to streamline its operations perfectly with the requirements of

’Know Your Customer’s principles.

UAE Exchange aim to maintain the highest standards to safeguard the interests of

there customers, regulators, shareholders, employees and the communities where

they operate

• Streamlined internal policies and procedures

• Compliance with the local laws, regulations and best practices

• Services of a specialized Compliance Officer in each of there branches for

proper monitoring of transactions

• Advanced AML software to detect split, frequent and unusual transactions.

• Systematic record-keeping, maintenance and updating.

• Specialized training imparted to staff on compliance procedures

• Regular monitoring of OFAC/ Central Bank blocked list

• Prompt reporting of suspicious transactions to the Central Bank of the UAE


2.2 Vision

To be an ever-dependable friend, the link that emotionally connects people across

the globe through technology-driven, professional, dedicated and timely services

delivered with a personal touch.

2.3 Mission

To stay ahead of the times in providing customer-friendly, value-added services

with warmth; fulfill the aspirations of the employees; create sustained growth

in revenue and profitability; serve the society and flourish in an environment of

mutual trust and transparency.

2.4 Values

Our work ethics are governed by our steadfast adherence to, and faith in, the core

values on which our company was founded. These enveloping values has empow-

ered us with world-wide brand recognition, wide spectrum of quality products and

services, vast registered customer base, efficient and talent-rich workforce, and a

major share of the world funds transfer market.

2.5 Knowledge

Our quest for knowledge is multi pronged. Well-thought-out strategies and an

effective planning are needed to deal with the opportunities and challenges in

the environs in order to continue improving performance. We operate with a

clear understanding of the funds transfer business, thus producing some of the

industry’s best results over time. We effectively apply this knowledge to improve

our all-round efficiency and to add value to our customer relationship.


2.6 Integrity

We are an organization which believes in fair management practices, with unbolt-

ing adherence to operational integrity. We are focused on developing a culture

based on integrity, respect, excellence, and innovation, where diversity and differ-

ences are recognized and valued. The sentiments of our regulators and customers

mean a lot to us, and we are continually motivated to perform to their expecta-

tions.

2.7 Commitment

As a neo-global business house, we are committed to adopt the most efficient of

technologies and follow the most ethical of practices to ensure complete satisfaction

to our customers. Our customer-first philosophy is at the core of every decision

we make. We build on a close and trusted relationship with our customers, which

have helped register a strong and steady growth in our client and asset bases over

time.

2.8 Quality Standards

Standardization is the means to organizational growth in today’s business world

where ’Quality’ is the corporate watch-word. Well laid-out corporate goals and

streamlined operational procedures to achieve them are the key to all-round suc-

cess. UAE Exchange has identified this need, charted out its corporate goals

into well-thought-out strategies, and has pro-actively ensured continual adherence

to the procedures and standards to achieve and sustainThey have confirmed the

functions of all of our departments and the quality of our products and services

to international standards and recommendations, with the idea of bringing the

best in the most efficient manner to the customer. UAE Exchange was given the


ISO 9001:2000 Certification for our efforts by KPMG in February, 2005, thus ac-

knowledging our successful efforts at improving our functioning. UAE Exchange

have one of the top-end technological and infrastructural facilities, manpower re-

sources, product and service offerings, and an efficient quality management system

which ensures that we keep abreast of the international standards all through our

corporate functioning, always.

2.9 Community Service

Social responsibility forms one of the core values of the UAE Exchange work

philosophy. It values the fact that a responsible organization cannot stand inde-

pendent of the communities where it lives and works, and that it is its corporate

responsibility to help the communities in addressing their issues. UAE Exchange,

together with its parent group, NMC, has always been in the forefront to support

social, cultural and humanitarian efforts.

2.10 Disaster relief efforts

In the aftermath of the Tsunami which hit the world in December 2004, NMC

Group sent medical supplies and donations worth more than 1 Million Dirhams to

Indonesia, Thailand, Sri Lanka and India, the worst affected nations. 1.1 million

Dirhams worth of medicines and medical aid was contributed to relief activities

in the quake-hit areas of Pakistan in the aftermath of the South Asia Earthquake

of 2005. Medical aid was provided to the 2004 Typhoon victims in Philippines as

well.


2.11 Cultural contributions

UAE Exchange contributes too many social and cultural organizations of the world

engaged in community development, cultural integration, and the promotion of

arts. It patronizes social and cultural festivals in different parts of the world,

primarily focusing on the Middle East, where it gives tutelage to the introduction

and popularizing of fine and applied arts from other regions of the world.

2.12 Promotion of Sports

UAE Exchange promotes sports and sporting events, and fields its own cricket

and basketball teams in major tournaments of the Middle East, which has come

out with flying colures on many occasions. NMC group organizes several major

tournaments in the region and patronizes annual events in other countries and

regions. UAE Exchange also promotes volleyball, throw ball, badminton, and

chess in UAE.

In addition to these efforts, UAE Exchange continues to contribute to relief and

disaster control efforts by waiving off service charges for transactions sent to af-

fected regions, and to recognized aid funds.

2.13 Recognition

Dr. B.R.Shetty, MD & CEO of NMC Group, was awarded the prestigious First

Order of Abu Dhabi on the 5th of December, 2005, award instated by the Govern-

ment of Abu Dhabi to recognize extraordinary individuals who have contributed

to the betterment of the Abu Dhabi community. This award recognized him as

a great philanthropist, and his contributions as those which help individuals and

the community at large to be better.


2.14 Leadership

UAE Exchange Centre LLC was founded by two great visionaries in the year

1980 - Abdulla Humaid Al Mazroei and B.R. Shetty, in Abu Dhabi, United Arab

Emirates.

Under their able leadership and mettle, UAE Exchange has scaled the great heights

that it has, in its 25 years of existence, attaining the status of a world brand.

The reins were further taken up by our able team of top-line managers, planning

and devising strategies for marketing our products across customer categories and

identifying the market for new products. This pro-active approach to customer-

satisfaction and innovation has elevated us to the status of a market leader in

the entire Middle East, with an ever expanding network and widening operations

across the world.

2.15 Infrastructure

UAE Exchange invests in the latest technologies that improve the quality of there

operations and add value to there customer relationship. Today, UAE Exchange

has one of the most advanced technological and infrastructural facilities in the

industry, which ensures that there businesses run in the most efficient manner.

There core team of IT professionals ensures the development of customized and

hyper-efficient hardware and software systems for our functioning. They pass on

the same technological advantage to our customers, through reliable fund trans-

fer mechanisms, simplified and friendly processes, and many other cross-industry

advantages.

2.16 Advantages

• Fully automated operations


• Multilingual and courteous staff

• Innovative services and quality products

• Competitive rates and charges

• Promptness, safety and confidentiality of transactions

• 7 days a week, round-the-year operations

• Spacious, comfortable and strategically-located branches

• Personalised customer care

• Full-functioning customer-service department

• Convenient mobile money transfers

• Prompt and Secure Wire Transfer facility via SWIFT

• World-wide Correspondent network consisting of over 95 major banks

2.17 Awards

Dr. B.R. Shetty, MD & CEO of NMC, the parent group of UAE Exchange, has

been awarded the first ever Order of Abu Dhabi. This recognition, which has been

instated to preserve the legacy of H.H. Sheikh Zayed, the nation’s late father,

chooses compassionate individuals who have silently volunteered their time and

effort to build and support the community of Abu Dhabi.

Abu Dhabi Crown Prince & Dy. Supreme Commander of the UAE Armed Forces,

H.H. Sheikh Mohammed Bin Zayed Al Nahyan bestowed this award on Dr. B.R.

Shetty at a glittering ceremony at the Emirates Palace Hotel, Abu Dhabi on the

5th of December, 2005.

This award recognizes him as a great philanthropist, and his contributions as

those which have helped individuals and the community at large to better them


selves. It also shows how the untiring hard work and commitment exhibited by an

individual to bring smiles to the people around, fulfills itself, by achieving success.

2.18 Products & Services

Demand Drafts

We issue multiple currency demand drafts (cheques) payable across the world. A

vast correspondent bank network coupled with competitive service charges make

the UAE Exchange draft cheque a powerful, reliable and economical mode of

transferring your valuable funds to any region of the world.

Telex Transfers

Our Telex transfer services enable fast and reliable fund movement from the point

of remittance to your bank a/c within the span of a few hours. This promptness

and reliability is ensured by UAE Exchange’s prestigious S.W.I.F.T membership,

the industry standard for fast money transfers, which ensures swift and safe move-

ment of funds across distance to the leading banks of the world. This much popular

service is enjoyed by an ever- increasing number of customers, both individual and

corporate, in the Middle East. Express Transfers enable considerable savings in

time over the conventional method of sending money as demand draft to other

parts of the world. Here, drafts are generated in the country itself where the re-

mitter holds his bank account. Draft Cheques are remotely printed by the liaison

offices in the home country and forwarded directly to the beneficiary’s bank or

residence, within 24 to 72 hours. The lead-time of crediting the beneficiary bank

account is thus substantially reduced.

UAE Exchange Gold Card customers can also track the Express Transfer online

by logging onto www.uaeexchange.com .


Xpress Money

Xpress Money is the fastest mode of transferring money to any part of the world

in minutes. Registered in the UK, it is a unique offering, brought to you by UAE

Exchange Centre LLC.

Xpress Money Policy Statement

• Only Individual to Individual transfers are allowed under X-press Money.

• Due diligence is carried out prior to appointment of X- press Money Agents.

Regulations

• X-press Money prohibits remittances to Charitable and Religious Organiza-

tions.

• X-press Money gives special attention to transactions with or originating

from countries identified by the FATF as being non-co-operative combating

money laundering & terrorist financing.

• The list of suspected names (Watch List) issued by various regulatory au-

thorities is being timely updated in the system.

• X- Press Money Transfer Transaction is limited to USD 5,000 worldwide.

As one of the most popular instant money transfer services of the world, Xpress

Money offers true value for your money with nominal charges, reliability ensured

with state-of-the-art technologies, simplified transaction procedures, and instant

payout to the beneficiary. It offers a one-stop solution to the customer who wants

to send money urgently across the world, realised by a world-wide network of over

5500 agent outlets. .Exchange offers credit card dues settlement facility to the

credit card holders of major local and international banks in the UAE, without

any service charges


Service covers

• ABN AMRO Bank

• Abu Dhabi Commercial Bank

• Barclays Bank

• Citibank

• Dubai First

• Finance House

• First Gulf Bank

• HSBC Bank

• Mashreq Bank

• National Bank of Dubai

• National Bank of Umm Al Quwain

• RAK Bank

• Standard Chartered Bank

• Union National Bank

• United Bank Limited

• Dunia Finance

Further, cash withdrawals against all major credit cards are also made possible at

the UAE Exchange branch counters on nominal service charges.


Inter-Emirate Transfers

As an instant money transfer service enabling fund movements from any part of

the UAE to the other, it provides the customer the convenience of managing funds

for every-day purposes, whether it be business, or personal.

This convenience is further enhanced by a vast branch network ideally located at

all residential, business, and commercial hubs in the UAE, functioning seven days

a week, and the ease of transference of funds made by simplified procedures at

the branch counters. This cardinal service is much enjoyed by our individual and

corporate customers.

Currency Exchange

We started foreign currency retailing in 1980 and subsequently ventured into

wholesale business by buying currencies in bulk from the market. Today, both

segments perform exceedingly well in all the regional markets of the world where

we operate, with a highly encouraging growth rate. We enjoy substantial increase

in retail sales turnover at our branch counters and our wholesale dealings register

consistent growth with worldwide arrangements for regular import & export of

currency.

Travelers Cheques

UAE Exchange issues and enchases Traveller’s Cheques in all major currencies.

Customers can make use of our vast branch network and the ease of issuance

and encashment at the branch counters, unrivalled in the industry. The following

brands of Travelers Cheques are dealt:

• American Express in US Dollar, GB Pound and Euro

• Visa Inter payment in US Dollar and GB Pound


• Thomas Cook in US Dollar, GB Pound and Canadian Dollar

Western Union Money Transfers

In the year 1994, UAE Exchange became the first entity in the United Arab

Emirates to be offered the agency of Western Union Money Transfer, and has,

over the period of time, emerged as its leading agent in the country. Now, money

can be sent instantly to over 200,000 agent locations in over 190 countries of the

world from any of the UAE Exchange branches 7 days a week, 365 days an year.

Travelex

Cash Passport is a pre-paid card for instant cash withdrawal from any of the over

870,000 Visa ATMs worldwide. With 24-hour ATM access and enhanced security

with PIN feature, it is smart, convenient, and fast, and offers online transaction

tracking facility, round-the-clock toll free number access, and card replacement

provision. Travelex launches first ever Cash Passport Money Transfer from UAE

Dubai , UAE - November 18, 2003: The worlds largest foreign exchange specialist,

Travelex, in conjunction with Visa International, UAE Exchange and Al Ansari

Exchange, is launching its first ever global money transfer scheme using the UAE

market as a launch pad. The Cash Passport Money Transfer product stands to

offer a new level of competitiveness and security to UAE based expatriates that

regularly remit funds to dependents in their home country.

Cash Passport Money Transfer introduces a totally new way of sending money

home offering substantial time and cost savings over many other money transfer

products, said Rob Groombridge, General Manager Sales for Middle East. We

have chosen this as our first market to launch the product because we estimate

the value of the Middle East personal money transfer market to be over US $ 30

billion a year, with a growth rate of 20 percent to 30 percent annually. Travelex is

launching Cash Passport Money Transfer through local partners UAE Exchange

and Al Ansari Exchange. The scheme allows the remitter to deposit funds through


a local exchange branch, following which a Visa ATM card will be couriered free

of charge to the recipient who can obtain cash directly from any one of 800,000

ATMs worldwide displaying the Visa logo.

Given the speed of transactions, 24-hour convenience and security aspects of PIN

protection, we hope to retain significant customer loyalty to this new product. The

schemes Internet balance, toll free number and card replacement facilities will add

further functionality for technically savvy depositors, said Sudhir Kumar Shetty,

General Manager of UAE Exchange. The cost of initial registration inclusive of

courier charges is Dhs40. When depositing regular funds, the card is reloaded at a

cost of Dhs20 per deposit. The first two ATM withdrawals made by the recipient

are free of charge and thereafter cost US$2 each.

Card giant, Visa International, is a key Travelex partner in the scheme through

its unsurpassed global ATM network. The Visa ATM card accesses the account

using a Personal Identification Number (PIN). Funds that are deposited in the

UAE can be withdrawn by the recipient instantly, making this one of the fastest

transfer methods on the market.

Primarily aimed at the large Asian and Arab expatriate market, where UAE bread-

winners on monthly incomes of up to AED15,000 regularly send money to their

families, this product is expected to have significant impact on the growing mar-

ket for international money transfers, said Fuad Al Ansari, General Manager of

Al Ansari Exchange.

The existing market is dominated by proprietary money transfer systems, drafts

and bank transfers and provides an essential service, demand for which is growing

rapidly for people working abroad and for those without formal banking facilities.

Jonathan Cabedo, Vice President Business Development for Visa in the Middle

East explained, The Cash Passport Money Transfer card is based on the anytime,

anywhere convenience that Visa ATMs offer. Families and friends, young and old

will now be able to enjoy the convenience of modern payments that Visa represents,


thereby helping extend the trend of electronic financial access to a wide range of

audiences.

Travelex brought another first to market recently with its Cash Passport, part of

the same family of products. When travelling, to avoid overspending, users can

simply load budgeted amounts of cash onto the card and then access it via Visa

ATMs while abroad.

Money Gram Services Offer

Money Gram is a person-to-person money transfer service that allows consumers

to send or receive money around the world in minutes.

Customers

• Overseas workers and Immigrants who need to provide financial support to

their families abroad.

• Students who need pocket money or pay tuition fees

• Travellers who need urgent cash

• Business people who need travel expenses

Brand Promise

• Fast

• Safe

• Reliable

• Affordable

• Friendly


Product Benefits

• Fast only 10 minutes

• Convenient over 92,000 locations in more than 170 countries and territories

• Reliable long company history in the industry

• Simple only need to fill in a form, no bank account is required.

• Trust quality agents including banks, post offices, and key supermarket

chains.

Emotional Benefits

• With Money Gram you know your loved ones will receive your money safely

and within 10 minutes.

• Free 10 word message for every transaction

Figure 2.1: Money Gram Agent Network Growth


Figure 2.2: Money Transfer Transaction Growth

Transaction Processing

• 3 Options Available

• Delta Works System at your location

• Contact your head office or processing center

• Voice processing through Money Grams Call Center (Exceptional cases)

Agent Management

• Agent ID & PIN Number will be assigned to each of your branches

• Agent ID & PIN is required to process a transaction

• ONLY Authorized Personnel should be given this information

• Request to change the PIN if necessary

• Dont give out this information unless you initiate the telephone call


Branch Operator Management

• Two levels of users: operator & administrator

• Each user with personal User ID/Password

• Administrator can create, modify or delete user when appropriate

• Administrator can reset user password

US Dollar VS Local Currency

• Transaction in local currency

• Ability to give validated receive amount

Chapter 3

Review of Literature

This chapter will give an overview of literature and models that are related to the

research problem presented in the previous chapter. This chapter will introduce

the concepts of customer satisfaction, service quality, relation between customer

satisfaction and service quality, traditional service quality dimensions, and service

quality models in order to give a clear idea about the research area.

3.1 Review

There are two principal interpretations of satisfaction within the literature of sat-

isfaction as a process and satisfaction as an outcome (Parker and Mathews, 2001).

Early concepts of satisfaction research have typically defined satisfaction as a post

choice evaluative judgment concerning a specific purchase decision (Oliver, 1980;

Churchill and Suprenant, 1992; Bearden and Teel, 1983; Oliver and DeSarbo,

1988).

People usually see what they expect to see and what they see is usually based on

familiarity, previous experience or preconditioned set(Leshie Lazer Kanuk). The

most widely accepted model, in which satisfaction is a function of disconfirmation,

which in turn is a function of both expectations and performance (Oliver, 1997).

29

Chapter 3. Review of Literature 30

According to B.N. Murthy, ”Companies to stay competitive will focus on customer

driven quality which in turn affects consumer perception. Each customer must be

treated as an individual not a mere number in the statistics of buyers.”

Customers want a meeting between their values (needs and wants) and the object

of their evaluations (Paker and Mathews, 2001). More recently, renewed atten-

tion has been focused on the nature of satisfaction emotion, fulfillment and state

(Parker and Mathews, 2001). Consequently, recent literature adds to this per-

spective in two ways. First, although traditional models implicitly assume that

customer satisfaction is essentially the result of cognitive processes, new conceptual

developments suggest that affective processes may also contribute substantially to

the explanation and prediction of consumer satisfaction (Fornell and Wernerfelt,

1987; Westbrook, 1987; Westbrook and Oliver, 1991). Second, satisfaction should

be viewed as a judgment based on the cumulative experience made with a certain

product or service rather than a transaction-specific phenomenon (Wilton and

Nicosia, 1986).

The satisfaction judgment is related to all the experiences made with a certain

business concerning its given products, the sales process, and the after- sale ser-

vice. Whether the customer is satisfied after purchase also depends on the offers

performance in relation to the customers expectation. Customers form their expec-

tation from past buying experience, friends and associates advice, and marketers

and competitors information and promises (Kotler, 2000).

Factors which determine the extent of expectations are: customer needs, total

customer value and total customer cost. It is mentioned by researchers who study

customer choice that choosing a product or service is only one of the stages cus-

tomers go through. A purchase decision is influenced by the buyers characteristics.

These include cultural, social, personal and psychological factors. In addition to

the buyers characteristics, a purchase decision is influenced by the buyers decision

process. The typical buying process develops through five stages(Chaston, 2001):

• New recognition


• Information search

• Information evaluation

• Purchase decision

• Post-purchase evaluation

Although buyers may skip or reverse some stages, basically they pass sequentially

through all five stages in buying a product. Value reflects what customers do in

evaluating, obtaining, using and disposing of the product or service. Values can

be defined as principles or standards of an individual as a whole. They reflect an

individual judgment as to what is valuable or important in life. Customer delivered

value is a result of comparison of total customer value with total customer cost.

Information about the opinion of the customer regarding a product or service is

of essential importance, and can be obtained in several ways, such as customer

surveys, phone interviews, and customer panel discussions. It is also important to

measure customer orientation continuously. (Rampersad, 2001).

What the company thinks its customer wants Is not necessarily the same as What

the company thinks it has to offer is not necessarily the same as What the company

actually offers is not necessarily the same as How the customer experiences this is

not necessarily the same as What the customer really wants (Hubert Rampersad,

2001).

Mohamed Zairi (2000) developed figure 3.1 which shows in order to have a con-

tinuous improvement of customer satisfaction there should be a cycle which starts

with listening to voice of customers then analyzing their comments, developing

actions and at the end implementing. Figure 3.1 illustrates this cycle:

It is somehow the measurement of customer dissatisfaction (no satisfaction) and

offers a possibility for the elimination of falls, not a possibility for product de-

velopment and product innovation. Companies should gather and analyze the

suitable data, which will provide relevant information to real customer satisfac-

tion. It is important to measure the right things, i.e. what is really important for


the customers. There is the possibility of wrong specifications or misinterpreta-

tions of what a customer actually wants (Kekale, 2001) It is the gap between what

companies think customers probably want and what customers really want.

Figure 3.1: Customer satisfaction continues improvement Source: Zairi, 2000

Criteria for the measurement of customer satisfaction must be defined by the

customer. Many organizations determine the criteria for measurement internally,

but suppliers rarely have an accurate understanding of customer priorities (Hill,

1996). It is a problem with measuring the performance dimensions that are not

critical drivers of value to the customers (value in the eye of customers, not in the

eye of organizations). The solution for this problem, to provide real insight into

the market needs, is to filter out irrelevant information and concentrate on the few

dimensions that really matter.

According to Rajan Saxena, The real strength of the company is how well he and

his products are perceived by target customers. If the customers perception are


negative and he feels that he has to buy the competitor product only because of

limited choice, then it is perhaps a very comfortable position for new entrant.

For evaluation of information, which we will achieve by pre-study, we can use the

histogram. The histogram shape shows how some questions in the questionnaire

were understood by respondents. For example: no-rectangular distribution means

misunderstanding a question, etc. After a simple pre-study the companies can

find support for their assumptions and simultaneously create a new, more effec-

tive, questionnaire. If we have a set of customer demands and expectations we can

translate them into technical product features by using, e.g. the QFD method-

ology. Very important also is determining the specific features, which mean a

limited number of critical measures in order to avoid information overload. There

are various methods (various approaches) for (to) the measurement of customer

satisfaction.

Figure 3.2: The Principle of pre-study

Figure 3.3 illustrates some different kind of customer satisfaction measurement.

Techniques to measure customer satisfaction

Market research techniques to measure customer satisfaction which are:

• customer satisfaction survey methodologies;

• focus groups to study customer satisfaction issues;


Figure 3.3: Measuring customer satisfaction

• standardized packages for monitoring customer satisfaction; and

• various computer software.

There are some problems with typical customer satisfaction measurement tech-

niques such as focus groups, survey methodologies and customer satisfaction soft-

ware. These include:

• Analytical - concerned with techniques, formal procedures, systems, and so

on;

• behavioral - concerned with the attitudes, beliefs, perceptions, motivation,

commitment and resulting behavior of the people involved in the process;

and

• Organizational - concerned with the organizational structure, information

flows, management style and corporate culture, i.e. the context in which the

process is conducted (Piercy, 1996). (Ingrid Fecikova, 2004)

The factors that influence perception not only include price, quality and brand

but also promotion and dealers push is inevitable. The factors must be viewed for

both the ways opportunity as well as threat.” Rajiv Academy Technology and

Management.

Chapter 4

Research Methodology

This chapter will present detailed idea about the research will be conducted. This

includes the purpose of the research, research approach, research strategy, sample

selection methods, data collection methods and data analysis methods. At the

end of this methodology part validity and reliability issues will be discussed to

follow the quality standards of the research. Then frame of reference which brings

a thorough road map of study is provided next.

4.1 Research Purpose

Early in any research study, one faces the task of selecting the specific design to

use. A number of different design approaches exist but, unfortunately, no simple

classification system defines all the various that must be considered

Research can be classified in terms of their purpose. Accordingly, Saunders, Lewis

& Thornhil (2003) mentioned that they are most often classified exploratory, de-

scriptive or explanatory while Cooper and Schindler (2003) categorized in descrip-

tive and causal. This way the essential difference between descriptive and causal

studies lies in their objectives. If the research is concerned with finding out who,

what, where, when, or how much, then the study is descriptive. In a causal study,

we try to explain relationships among variables.

35

Chapter 4. Research Methodology 36

Exploratory research is useful when the research questions are vague or when

there is little theory available to guide predictions. At times, research may find it

impossible to formulate a basic statement of the research problem. Exploratory

research is used to develop a better understanding . Exploratory studies are a

valuable means of finding out what is happening, to seek new insight, to ask

questions and to assess phenomena in a new light. It is particularly useful if

researcher wish to clarify the understanding of a problem. There are three principle

ways of conducting exploratory research: a search of the literature, talking to

experts in the subject, conducting focus group interviews

In contrast to exploratory studies more formalized studies are typically structures

with clearly stated hypotheses or investigative questions. Formal studies serve a

variety of research objectives:

• Descriptions of phenomena or characteristics associated with subject popu-

lation (the who, what, when, where, and how of a topic) .

• Estimates of the proportions of a population that have these characteristics.

• Discovery of associations among different variables

The purpose of the research is descriptive. The data has been collected through

questionnaire, is aimed to understand the most important factors of service quality.

4.2 Research Approach

The knowledge claims, the strategies and the method all contribute to a research

approach that tends to be more quantitative, qualitative or mixed

Quantitative approach is one in which the investigator primarily uses post posi-

tivist claims for developing knowledge (i.e. cause and effect thinking, reduction

to specific variables and hypotheses and questions, use of instrument and observa-

tion, and the test of theories), employs strategies of inquiry such as experiments


and surveys and collects data on predetermined instruments that yield statistical

data.

Quantitative research is frequently referred to as hypothesis-testing research. Char-

acteristically, studies begin with statements of theory from which research hy-

potheses are derived. Then an experimental design is established in which the

variables in question (the dependent variables) are measured while controlling for

the effects of selected independent variables. Subject included in the study are

selected at random is desirable to reduce error and to cancel bias. The sample of

subjects is drawn to reflect the population.

Qualitative research is multi method in focus, involving an interpretive, natu-

ralistic approach to its subject matter. This means that qualitative researchers

study things in their natural settings, attempting to make sense of, or interpret,

phenomena in terms of the meanings people bring to them

Qualitative approach is one in which the inquirer often makes knowledge claims

based primarily on constructivists perspectives (i.e., the multiple meaning of indi-

vidual experiences, meaning socially and historically constructed, with an intent

of developing a theory or pattern) or advocacy/participatory perspectives (i.e.,

political, issue-oriented, collaborative or change oriented) or both. It also uses

strategies of inquiry such as narratives, phenomenology, ethnography, grounded

theory studies or case studies. The researcher collects open-ended, emerging data

with the primary intent of developing themes from the data.

Since the purpose is to understand the most important dimensions of service qual-

ity from the customers perspective, quantitative research is found to be more

appropriate for this study.


4.3 Research strategy

Research strategy will be a general plan of how researcher will go about answering

the research questions that has been set by researcher. It will contain clear objec-

tives, derived from research questions specify the sources from which researcher

intend to collect data and consider the constraints that researcher will inevitably

have such as access to data, time, location and money, ethical issues

Table 4.1: Research strategy

Strategy Form of research

question

Requires control

over behavioral

events?

Focuses contem-

porary events?

Experiment How, why Yes Yes

Survey Who, what, where,

how many, how

much

No Yes

Archival analysis Who, what, where,

how many, how

much

No Yes/No

History How, why No No

Case study How, why No Yes

Since question in this study is based on “what” question and this what question

is actually form a “how many” and investigator has no control over the actual

behavioral events, Survey is found to be a more appropriate approach in order to

gain a better understanding of the research area. Survey is more appropriate for

quantitative study.


Survey

The survey strategy is popular and common strategy in business research that

is usually associated with the deductive approach. Survey allows the collection

of large amount of data from a sizeable population in a highly economical way.

Questionnaire, structured observation and structures interviews are often falls into

this strategy. In this study a survey has been done.

4.4 Sample Selection

The basic idea of sampling is that by selecting some of the elements in a population,

researcher may draw conclusions about the entire population. There are several

compelling reasons for sampling, including: lower cost, greater accuracy of result,

greater speed of data collection and availability of population selection

Selection of the sampling method to use in a study depends on a number of related

theoretical and practical issues. These include considering the nature of the study,

the objectives of the study and the time and budget available. Traditional sam-

pling method can be divided into two categories: probability and non- probability

sampling

Probability sampling is most commonly associated with survey-based research

where researcher needs to make inferences from the sample about a population

to answer the research questions or to meet research objectives. In probability

sampling, sampling elements are selected randomly and the probability of being

selected is determined ahead of time by the researcher. If done properly, proba-

bility sampling ensures that the sample is representative.

Non-probability sampling provides a range of alternative techniques based on re-

searcher subjective judgment. In non-probability sampling the selection of ele-

ments for the sample is not necessarily made with the aim of being statistically

representative of the population. Rather the researcher uses the subjective meth-

ods such as personal experience, convenience, expert judgment and so on to select


the elements in the sample. As a result the probability of any element of the

population being chosen is not known.

Researchers judgment is used to select sample element and it involves for a specific

purpose. Group of people who have knowledge about particular problem they can

be selected as sample element. Sometimes it referred as a purposive sample because

it involves a specific purpose. Judgment sampling is more convenience and low

cost involvement.

Purpose of this research is to classify the service quality and satisfaction dimensions

in UAE Xchange customers. For the study sample has been selected from the

customer groups; because this group has more experience of products and services.

Sample was selected by using judgment because some criteria were followed during

the sample selection

4.5 Data Collection

There are two major approaches to gathering information about a situation, per-

son, problem or phenomenon. Sometimes, information required is already available

and only need to be extracted. However there are times when the information must

be collected. Based upon these broad approaches to information gathering data

are categorized as: Secondary data and Primary data. Secondary data are col-

lected from secondary sources such as govt. publications, personal records, census

and primary data are collected through: observation, interviews and/or question-

naires. According to Creswell data collection procedure in qualitative research

involve four basic types: Observations, Interviews, documents and audio-visual

materials.

In this study quantitative survey is used as data collection method. Since the

aim of the study is classifying ervice quality and satisfaction dimensions in UAE

Xchange from the customers point of view, the main focus thus is customer. A


questionnaire was prepared to get idea about the customers experiences in various

products and services of UAE Exchange. About 100 persons replied.

A survey is a procedure used to collect primary data from individuals. The data

sought can range from beliefs, opinions, attitudes and lifestyles to general back-

ground information on individuals such as gender, age, education and income as

well as company characteristics like revenue and number of employees. Surveys

are used when the research involves collecting information from a large sample of

individuals .

One of the criticisms of quantitative techniques is that in attempting to measure

and compare attitudes and behaviours, much of the depth of understanding and

meaning is lost. Survey questionnaires are a widely used tool and whilst they allow

for relatively simple administration of some form of feedback, they often fail to

address the issues of concern, or support the development of a real understanding

of the diversity of experience. They rely on the ability to articulate or write

responses to questions in the way that they are presented within the survey.

The questionnaire was developed based on research question and frame of refer-

ence. The logical structure of questionnaire followed the order of service quality

dimension in the frame of reference.

4.6 Data Analysis

After collecting all the data the process of analysis begins. To summarize and

rearrange the data several interrelated procedure are performed during the data

analysis stage

Percentage analysis is used to describe the profile of the respondents, behavior,

important factors influencing the choice of UAE Exchange and the level of expec-

tation and satisfaction of customer, ranking are also used


For quantitative data analysis, statistical tools of Openoffice spread sheet and

LaTeX are used for data input and analysis. The statistics results were presented

by graphical form with detail description.

4.7 Validity and Reliability

In order to reducing the possibility of getting the answer wrong, attention need to

be paid to two particular on research design: reliability and validity

Validity is concerned with whether the findings are really about what they appear

to be about. Validity defined as the extent to which data collection method or

methods accurately measure what they were intended to measure .

Numbers of different steps were taken to ensure the validity of the study:

• Data was collected from the reliable sources, from respondents who are more

experienced.

• Survey question were made based on literature review and frame of reference

to ensure the validity of the result

• Data has been collected through two weeks, within this short period of time

no major event has been changed with the related topic.

Reliability refers to the degree to which data collection method or methods will

yield consistent findings, similar observations would be made or conclusions reached

by other researchers or there is transparency in how sense was made from the raw

data.

4.8 Tools For Data Analysis

Analysis of data is a process of inspecting, cleaning, transforming, and modeling

data with the goal of highlighting useful information, suggesting conclusions, and


supporting decision making. Data analysis has multiple facets and approaches,

encompassing diverse techniques under a variety of names, in different business,

science, and social science domains. Questionnaire was used in this research to

obtain information on customer satisfaction. Questionnaire was divided into sec-

tions and the data obtained is analysed using different statistical tools.Percentage

analysis is used to describe the profile of the respondents, behavior, important

factors influencing the choice of UAE Exchange and the level of expectation and

satisfaction of customer.

Graphs were generated using openoffice spread sheet software. In addition to

generating the graph spreadsheet software was widely used to calculate percentage

for the analysis. Chi-square results are also tested using this software using the

χ2 template(open source named CHIsquare.xls) created for kings college Hospital

by Kewin Rowman.

Perecentage analysis

percentage analysis is the method to represent raw streams of data as a percentage

(a part in 100 - percent) for better understanding of collected data. Percentage

analysis is a simple and most widely use tool for the purpose of presenting sta-

tistical data. Here from the primary data obtained through the questionnire is

converted to percentage for each parameter. And this data presented using tables.

Graphical Techniques

Graphical tools are the shortest path to gaining insight into a data set in terms

of testing assumptions, model selection and statistical model validation, estima-

tor selection, relationship identification, factor effect determination, and outlier

detection. In addition, good statistical graphics can provide a convincing means

of communicating the underlying message that is present in the data to others.

Graphical statistical methods have four objectives


• The exploration of the content of a data set

• The use to find structure in data

• Checking assumptions in statistical models

• Communicate the results of an analysis.

From the primary data and results obtained from the percentage analysis graphs

were generated. Graphs were generated using openoffice spreadsheet software.Graphs

include Pie diagram and Bar diagram.

Scaling Technique

Scaling is the process of measuring or ordering entities with respect to quantita-

tive attributes or traits. For example, a scaling technique might involve estimating

individuals’ levels of extraversion, or the perceived quality of products. Certain

methods of scaling permit estimation of magnitudes on a continuum, while other

methods provide only for relative ordering of the entities. In this technique weigh-

tage is given as per the rank. And from the rank percentage analysis is conducted

and results presents as percentage. Here from the primary data five point ranking

was used.

CHI-SQUARE(χ2) TEST

Chi-square is a non parametric test statistic invented by Kart Pearson to know

whether two or more attributes are independent or not. The quantity χ2 describes

the magnitude of the discrepancy between theory and observation. It describes

the magnitude of the discrepancy between observed frequencies and expected fre-

quencies.

This test evaluated wether the difference between the observed frequencies and

the expected frequiencies under the nul hypothesis can be attributed to chance or

actual population differences


A chi-square value is obtained by the formula

χ2 =∑ (f0 − fe)

2

fe

where

f0 : the obseved frequency

fe : the expected frequency

Test Procedure

• Lay down the null hypothesis, i.e., the two attributes are independent or

they are not associated. The null hypothesis is denoted by Ho

• Find the value of χ2 by using formula

χ2 =∑ (f0 − fe)

2

fe

• Decide the level of significances and the degree of freedom. Confidence with

which the null hypothesis is accepted or reject depends on what is called

significant level. The probability with which we may reject a null hypothesis

when it is true is called level of significance. When the level of significance

is 5% or 0.05, the probability of committing type I or type II error is 5%.

• The level of significance is denoted by α.

α = Probability of rejecting Ho when it is true.

The level of significance is usually determined before conducting the test of

hypothesis. Degree of freedom (df) is defined as the number of indepen-

dent observations. i.e., total number of observations minus of number of

constraints When the observed frequencies can be listed along a column,

df = (r1)(c1)

where


r = number of rows

c = number of column.

• Obtain the table value of χ2 for the df and the level of significance.

• Take decision either to accept or to reject the null hypothesis. If the cal-

culated value is less than table value, Ho will be accepted and otherwise

rejected.

Chapter 5

Analysis

This chapter will present data that has been collected through quantitative sur-

vey. At first give an overview of the organisation where the questionnaires are

distributed that means the sample population and after that the data will be pre-

sented according to the research questions and the variables identified in the frame

of reference.

5.1 Overview of the sample

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. Its most customers are aware

of various products and services offered by UAE Exchange.

Purpose of this research is to classify the service quality and satisfaction dimensions

in UAE Xchange customers Main Purpose of this research is to classify the service

quality and satisfaction dimensions in UAE Xchange customers. Based on the

47

Chapter 5. Analysis 48

objectives of the study the sample should be familiar with UAE Exchange and

also it should have experience of using various financial products. So, the direct

customers were seemed to be the best sample for this study.

5.2 Quantitative data presentation

Direct customer survey has been conducted based on the structured questionnaire.

The questionnaire has been developed based on the variables that were identified

in the frame of reference. The purpose of the questionnaire survey was to develop

empirical evidence on the quality factors of products and services of UAE Exchange

that are important to people who are familiar with the financial products.

The survey comprised the following questions:

• Personal information (gender, age, education);

• Rospondents level of satisfaction with various products and services

• Comparison with other financial similar service providers

5.3 Descriptive statistics

Here it is trying to give weight through customer perspective, as was mentioned

before our sample expected to be UAE Exchange user and familiar with vari-

ous products. The demographic statistics are provided within this chapter which

describe gender, education, and age.

To find out significance relatioship between age and level of stisfaction chi-square

test is applied. Each results are explained with tables and diagrams.


5.3.1 Age of the respondents

Table 5.1: Distribution of Respondents on the basis of age

Age Number Percentage

Below 20 4 4

21 - 30 38 38

31-40 46 46

41-50 8 8

Above 50 4 4

From table 5.1, it can be seen that most 46 Percentage of the respondents are

between age group 31-40. 38 Percentage of the respondents belong to the age

group between-21-30, 8 Percentage belong to the age group between- 41-50 and

4 Percentage of the respondents belong to the age group below 20 and above.

Figure 5.1 expalains the demographic distribution of respondents on the basis of

age.

Figure 5.1: Distribution of Respondents on the basis of age


Hypothesis

There is no significant relatioship between age of the respondents and level of

satisfaction

Chi-square test

To find out wether there is any significant relatioship between age of the respondent

and level of satisfaction chi-square test has been applied

Table 5.2: Chi-square test-one

AgeLevel of satisfaction

TotalHighly Satsfied Satisfied Disatisfied Highly disatsfied

Below 20 3 1 0 0 4

20 - 30 19 16 3 0 38

30 - 40 10 29 7 0 46

40 - 50 1 1 1 5 8

Above 50 1 1 2 0 4

Total 34 48 13 5 100

Source: Primary data

In the above table many of the frequncies were below 5.It is not possible to apply

Yates correction in the same form itself. Therefore total rows (age) were grouped

into two(Below 30 and Above 30) and shown in table 5.3


Table 5.3: Chi-square test-Two



Below 30 22 17 3 0 42

Above 30 12 31 10 5 58

Total 34 48 13 5 100

Yates correction

As one of the cell frequencies are below 5, to apply χ2 test Yates correction is

used. The revised table based on yates correction is given below.

Table 5.4: Revised table based on yates correction



Below 30 22 16.5 3 0.5 42

Above 30 12 31.5 10 4.5 58

Total 34 48 13 5 100


Table 5.5: Chi square calculation-three

(O) (E) (O − E) (O − E)2 (O − E)2/E

22 14.28 7.72 59.6 4.17

12 19.72 -7.72 59.6 3.02

16.5 20.16 -3.66 13.4 0.66

31.5 27.84 3.66 13.4 0.48

3 5.46 -2.46 6.05 1.11

10 7.54 2.46 6.05 0.8

0.5 2.1 -1.6 2.56 1.22

4.5 2.9 1.6 2.56 0.88

O-Observed value ; E-Expected value

∑O = 100

∑E = 100

∑O − E = 100∑

(O − E)2 = 100 χ2 =∑

(O − E)2/E = 12.35

Calculated value of Chi-square(χ2)= 12.35

Degree of freedom = (r − 1)(c− 1)

= (2− 1)(4− 1) = 1× 3 = 3

Table value for 3 degree of freedom at 5 % level of significance= 7.81

The computed value of χ2 is much grester than the table value of 7.81. Therefore

the hypothesis“There is no significant relatioship between age of the respondents

and level of satisfaction” which is an unbiased one is rejected at 3 degree of freedom

at 5 % level of significance.

Inference

There is a significant relationship between age of the respondent and satisfaction

level


5.3.2 Gender of the Respondents

Table 5.6: Distribution of respondents on the basis of gender

Sex Number Percentage

Male 68 68

Female 32 32

Total 100 100

Figure 5.2: Distribution of Respondents on the basis of gender

From table 5.6 it can be seen that majority (68%) of the respondents are male and

32% of the respondents are female. Pie chart in figure 5.2 shows this results


5.3.3 Educational qualification of the respondents

Table 5.7: Distribution of respondents on the basis of Educational qualification

Sex Number Percentage

School level 10 10

Undergraduate 48 48

Post graduate 42 42

Total 100 100

Figure 5.3: Distribution of respondents on the basis of Educational qualifica-tion

From table 5.7 it can be inferred that most 48 Percentage of the respondents

are under graduate, 42 Percentage of the respondents are post graduate and 10

Percentage of the respondents have school level education. This result is diagra-

matically represented in figure 5.3


5.3.4 Occupation of the respondents

Table 5.8: Distribution of respondents on the basis of occupation

Occupation Number Percentage(%)

Bussiness 32 32

Professionals 62 62

Unemployed 6 6

Figure 5.4: Distribution of respondents on the basis of occupation

From table 5.8 it can be seen that majority 62 Percentages of the respondents

are professionals. 32 Percentage of the respondents are doing Business and 6

Percentage of the respondents are unemployed.Occupation based distribution is

plotted in pie diagram in figure 5.4


5.3.5 Products normally used by customer

Table 5.9: Products normally used by the customer

Product Total Percentage

Travelex Money Transfer 2 1.0

Draft 4 2.1

Electronic Transfer 1 0.5

Telegraphic Transfer 1 0.5

Xpress Money 34 17.7

Western Union 25 13.0

Other bill payments 0 0.0

Air ticketing 41 21.4

Associate Branch Transfer 2 1.0

Foreign Currency 32 16.7

Travelers Cheques 3 1.6

Credit Card Payments 5 2.6

money gram 42 21.9

From the table 5.9, most of the customer’s use air ticketing, money gram, express

money and western union money transfer. Other product are used rarely. 21.9

percentage of customers used money gram service, 21.4 percentage of customers

used air ticketing and 21.9 percentage used express money.


5.3.6 Rottenly avail our services

Table 5.10: Rottenly avail our services

Services Total Percentage

Ones in a month 35 35

Twice in a month 38 38

Once in two month 12 12

Once in three month 5 5

Once in six months 10 10

Total 100 100

From table 5.10, 35 Percentage of the respondents have taken service ones in a

month, 38 Percentage of the respondents have taken service twice in a month,

12 Percentage of the respondents have taken once in two month, 5 Percentage of

the respondents have taken service once in three month and 10 percentage of the

respondents taken service on once in six month.Figure 5.5 explains this statistics.

Figure 5.5: Rottenly avail our services


5.3.7 Factors influencing for Preferring UAE Exchange for

transactions

Table 5.11: Distribution of respondents on the basis of Preferring UAE Ex-change transactions

Preference No. of Respondents PercentageReliability 22 22Location & Timing 15 15Rates & Charges 11 11Service at the counter 14 14Faster Credit 38 38Total 100 100

Table 5.11 shows the reason of prefering UAE Exchanege for transactions. It

can be seen that 38 Percentage of the respondents prefer for its faster credit, 22

Percentage for reliability. This results shows in figure 5.6

Figure 5.6: Distribution of respondents on the basis of Preferring UAE Ex-change transactions


5.3.8 Time taken to conclude transaction

Table 5.12: Time taken to conclude transaction

Time for transaction(minutes) Total Percentageless than 5 10 105 to 10 30 3010 to 20 55 5520 to 30 3 3more than 30 2 2Total 100 100

From table 5.12 it can be seen that,55 Percentage of the respondents have taken

time to conclude there transition 10-20 minutes, 30 Percentage of the respondents

have taken time to conclude there transition 5-10 minutes,10 Percentage of the

respondents have taken-less than 5 minutes , 2 Percentage of the respondents have

taken More than 30 minutes. This results generate the graphical representation

in figure 5.7

Figure 5.7: Time taken to conclude transaction


5.3.9 Waiting time acceptance by the customers

Table 5.13: Waiting time acceptance by the customers

Opinion PercentageAcceptable 70Not acceptable 30

Figure 5.8: Waiting time acceptance by the customers

From the table 5.13, and the pie diagram in figure 5.8 it can be seen that 30

percentages of respondents are acceptable the waiting time and 70 percentages are

not acceptable


5.3.10 Courteousness and helpfulness of branch staff

Table 5.14: Distribution of respondents on the basis of courteousness andhelpfulness of branch staff

Rates No. of Respondents PercentageExcellent 15 15V. Good 43 43Good 40 40Moderate 2 2Bad 0 0Total 100 100

Figure 5.9: Distribution of respondents on the basis of courteousness andhelpfulness of branch staff

From table 5.14 43 Percentage of the respondents report courteousness and help-

fulness of branch staff is very good. 40 Percentage of they respondents good, 15

Percentage is excellent and 2 percentage is moderated. Above result is represented

through figure 5.9


5.3.11 Counter staffs product knowledge and ability to

convey information

Table 5.15: Distribution of respondents on the basis of Counter staffs productknowledge and ability to convey information


Figure 5.10: Distribution of respondents on the basis of Counter staffs productknowledge and ability to convey information

Table 5.15 shows 48 Percentage of the response about counter staffs product knowl-

edge and ability to convey information is good. 35 Percentage of they respondents

very good, 15 Percentage is excellent and 2 percentage is moderated.Figure 5.10

illustrate this result.


5.3.12 Level of satisfaction while doing currency exchange

Table 5.16: Distribution of respondents on the basis of Level of satisfactionwhile doing currency exchange

Level Total Percentage

Highly satisfied 10 31.25

Satisfied 18 56.25

Disatisfied 4 12.5

Highly disatisfied 0 0

Total 32 100

Figure 5.11: Distribution of respondents on the basis of Respondents on thebasis of Level of satisfaction while doing currency exchange

From table 5.16, 31.25 percentages of the respondents Level of satisfaction while

doing currency excbange is highly stisfactory and a majority of 56.25 percentages

show a satisfacory level. 12.5 percentage of the respondent population is not

satisfacory with current mode of exchange. Figure 5.11 shows this results.


5.3.13 Level of satisfaction with Xpress money

Table 5.17: Distribution of respondents on the basis of Level of satisfactionwith Xpress money



Satisfied 20 58.8

Disatisfied 7 20.5

Highly disatisfied 2 5.9

Total 34 100

Figure 5.12: Distribution of respondents on the basis of Respondents on thebasis of Level of satisfaction with Xpress money

From table 5.17 14.8 percentages of the respondents Level of satisfaction with

xpress money is highly stisfactory and a majority of 58.8 percentages show a satis-

facory level. 20.5 percentage of the respondent population is not satisfacory with

current mode and a small population of 5.9 percentage shows highly disatisfactory

level with xpress money . Figure 5.12 shows this results.


5.3.14 Level of satisfaction through western union money

transfer

Table 5.18: Distribution of respondents on the basis of Level of satisfactionthrough western union money transfer


Highly satisfied 15 60

Satisfied 7 28

Disatisfied 3 12


Total 25 100

Figure 5.13: Distribution of respondents on the basis of Respondents on thebasis of Level of satisfaction through western union money transfer

From table 5.18 60 percentages of the respondents Level of satisfaction through

western union money transfer is high and 28 percentages show a satisfacory level.

12 percentage of the respondent population is not satisfacory with current mode.

Figure 5.13 shows this results graphically.


5.3.15 Level of satisfaction through money gram services

Table 5.19: Distribution of respondents on the basis of Level of satisfactionthrough money gram services



Satisfied 26 61.9

Disatisfied 3 2.39


Total 42 100

Figure 5.14: Distribution of respondents on the basis of Respondents on thebasis of Level of satisfaction through money gram services

From table 5.19 35.71 percentages of the respondents Level of satisfaction through

moneygram is high and 61.9 percentages show a satisfacory level. A small portion

of 2.39 percentage of the respondent population is not satisfacory with current

mode. Figure 5.14 shows this results graphically.


5.3.16 Peculiarities of Moneygram Service

UAE Exchange has provided many services to many customers. Moneygram sevice

is one of the most vital services among them. Here it has made an attempt to

assess moneygram service. Data analysed by assessing through a five point scale.

The five point scale is developed by awarding appropriate weightage. The outcome

of the analysis has been displaye in the table 5.20

Table 5.20: Ranks given for the money gram service

Factors

Ranks

Res

pon

ses

Sco

re

Per

centa

ge

1 2 3 4 5

Mark 5 Mark 4 Mark 3 Mark 2 Mark 1

Fast 55 15 12 8 10 100 397 26.47

Safe 23 35 17 17 8 100 348 23.2

Reliable 12 25 43 11 9 100 320 21.33

Affordable 5 12 5 23 55 100 189 12.6

Friendly 5 13 23 41 18 100 246 16.4

Responses 100 100 100 100 100 500 1500 100

Source: Primary data

The table 5.20 exhibits that most of the respondents choose moneygram service as

it is fast with top score of 397 (26.47 percentage) followed by safety with score of

348 (23.20 percentage), Reliable with the score of 320 (21.33 percentage), Friendly

way to send and recieve money with a score of 246 (16.40 percentage) and afford-

able with the score of 189 (12.60 percentage).

It is clearly revealed that most of the respondents have a perception that, Money-

gram services is very fast with the score of 397(26.47 percentage)


Figure 5.15: Ranking of moneygram service based on scaling technique

Figure 5.16: Ranking of moneygram service based on percentage analysis


5.3.17 Type of travel by the respondents

The table below indicates the type of travel taken by the respondents.

Table 5.21: Distribution of respondents on the basis of type of travel

Type of Travel Number Percentage

International 23 56.1

Domestic 18 43.9

Total 41 100

Figure 5.17: Distribution of respondents on the basis of type of travel

From table 5.21 most 43.9 Percentage of the respondents have traveled domestic.

56.1 Percentage of respondents have traveled International.The pie diagram 5.17

shows this statistics


5.3.18 Purpose of travel

The table below indicates the purpose of travel of the respondents.

Table 5.22: Distribution of respondents on the basis of purpose of travel

Purpose of Travel Number Percentage

Business 30 73.2

Leisure 11 26.8

Total 41 100

Figure 5.18: Distribution of respondents on the basis of purpose of travel

Interpretation

From the table 5.22 majority of the respondents are used the flight for business

trips. This results represented through figure 5.18


5.3.19 Number of flights travel during the year

Table 5.23: Distribution of respondents on the basis of number of flightsduring the year.

Number of flights Total Percentage

1 - 3 Flights 26 63.4

4 - 6 Flights 10 24.4

7 - 10 Flights 3 7.3

More than 10 2 4.9

Total 41 100

Figure 5.19: Distribution of respondents on the basis of number of flightsduring the year

From table 5.23,most (63.4 Percentage) of the respondents have taken 1-3 flights

,24.4 Percentage of the respondents have taken 4 - 6 flights, and 7.3 Percentage

of the respondents have taken 7-10 flights, 4.9 Percentage of the respondents have

taken More than 10. The bar diagram in figure 5.19 shows this response.


5.3.20 Mode of Reservation

Table 5.24: Distribution of respondents on the basis of mode of reservation

Mode Total Percentage

Mobile ticketing 1 2.4

Interline e-ticketing 4 9.8

Travel agencies 10 24.4

UAE ExChange 26 63.4

Total 41 100

Figure 5.20: Distribution of respondents on the basis of mode of reservation

From table 5.24,more than 60 Percentage of the respondents have taken tickets

through UAE X Change. 24.4 Percentage of the respondents has taken travel

agency for reservation of tickets. 9.8 Percentage of the respondents through In-

terline e-ticketing and 2.4 Percentage through Mobile ticketing This results shows

the influence of travel agencies towards the reservation of tickets. This responses

explained using bar diagram in figure 5.20


5.3.21 Level of satisfaction during reservation

Table 5.25: Distribution of Respondents on the basis of Level of satisfactionduring reservation


High 12 29.2

Medium 25 61

Low 4 9.8

Total 41 100

Figure 5.21: Distribution of Respondents on the basis of Level of satisfactionduring reservation

From table 5.25, 61 percentage of the respondents level of satisfaction Is medium,

29.2 percentages are high and 20 percentages are low.This results shows that a

huge group of customers are satisfied with UAE Exchange This results is plotted

with the help of pie diagram in figure 5.21


5.3.22 Quality of service provided in UAE EXCHANGE

Table 5.26: Quality of service provided in UAE EXCHANGE

Opinion Total Percentage

Strongly agree 42 42

Agree 50 50

Neither agree nor disagree 8 8

Disagree 0 0

Strongly disagree 0 0

Total 100 100

Figure 5.22: Quality of service provided in UAE EXCHANGE

From table 5.26, 50 percentages of respondents agrees with the quality of service

provided in UAE Exchange, 42 percentages are strongly agrees. 8 percntage of

them have no opinion about the topic. Figure 5.22 shows this results.


5.3.23 Rate the quality of service provided by UAE Ex-

change

Table 5.27: Rate the quality of service provided by UAE Exchange


Highly satisfied 34 34

Satisfied 48 48

Disatisfied 13 13


Total 100 100

Figure 5.23: Rate the quality of service provided by UAE Exchange

From table 5.27 it can be seen that most of the rspondent responds in a positive

way about the total quality of sevice provided by UAE Exchange.34 Percentage

of them are highly stisfied and 48 percentage are satisfied. 13 percentage are not

satisfied. 5 percentage of the respondents are highky disatisfied with the sevice

quality.5.23 expains this statistics


5.3.24 Rate the grievance handling and complaint

Table 5.28: Rate the grievance handling and complaint


Figure 5.24: Rate the grievance handling and complaint

From table 5.28 most 32 Percentage of the respondents grievance handling and

complaint good. 28 Percentage of they respondents good, 11 Percentage is excel-

lent, 25 percentages is moderated and 4 percentage is bad.This results represented

using the diagram in figure 5.24


5.3.25 Availing the services again

Table 5.29: Distribution of respondents on the basis of avail the services again.

Likely No. of Respondents PercentageDefinitely 79 79Most likely 20 20Most unlikely 0 0Definitely not 1 1Total 100 100

Figure 5.25: Distribution of respondents on the basis of avail the servicesagain.

From table 5.29 it can be seen that 79 of respondents have definitely avail services

again, 20 of the respondents most likely avail the service and one percentage

respond definitely not. Figure 5.25 expalins this result


5.3.26 Recommends UAE Exchange to others

Table 5.30: Distribution of respondents on the basis of recommends UAEExchange to others

Recommends No. of Respondents PercentageYes 99 99No 1 1Total 100 100

Figure 5.26: Distribution of respondents on the basis of recommends UAEExchange to others

From table 5.30 99 percentage of respondents recommends UAE Exchange to

other and only one percentage respond negatively.Figure 5.26 shows graphical

representation of this result


5.3.27 Comparison to other exchange companies with re-

gard to the reliability

Table 5.31: Distribution of respondents on the basis of comparison to otherexchange companies with regard to the reliability

Reliability No. of Respondents PercentageBetter 75 75Same 24 24Worse 1 1Total 100 100

Figure 5.27: Distribution of respondents on the basis of comparison to otherexchange companies with regard to the reliability

From table 5.31, 75 Percentage of the respondents responds as UAE Exchange

is better reliable compared to other exchange companies with ,24 percentages of

respondents respond as same reliability and one percentage respond worse. This

results shows in figure 5.27



gard to the location & Timing

Table 5.32: Distribution of respondents on the basis of comparison to otherexchange companies with regard to the location & Timing

Location & Timing No. of Respondents PercentageBetter 80 80Same 20 20Worse 0 0Total 100 100

Figure 5.28: Distribution of respondents on the basis of comparison to otherexchange companies with regard to location & timing

From the table 5.32,80 Percentage of the respondents responds the location and

timing of UAE Exchange is better than other exchange companies, 20 percentages

of respondents respond in the same topic as same and no one respond worse.

Results ploted in figure 5.28



gard to the rates & Charges

Table 5.33: Distribution of respondents on the basis of comparison to otherexchange companies with regard to the rates & Charges

Rates & Charges No. of Respondents PercentageBetter 85 85Same 15 15Worse 0 0

Figure 5.29: Distribution of respondents on the basis of comparison to otherexchange companies with regard to the rates & Charges

From the table 5.33, 85 Percentage of the respondents rate UAE Exchange better

than other exchange companies with regard to rates and charges.15 percentages

of respondents respond as same and no one respond worse in the same topic .

Figure 5.29 shows the representation of the result.



gard to the faster Credit

Table 5.34: Distribution of respondents on the basis of comparison to otherexchange companies with regard to the faster Credit

Faster Credit No. of Respondents PercentageBetter 50 50Same 50 50Worse 0 0Total 100 100

Figure 5.30: Distribution of respondents on the basis of comparison to otherexchange companies with regard to the faster credit

From the table 5.34,50 Percentage of the respondents responds the faster credit

of UAE Exchange is better than other exchange companies, 50 percentages of

respondents respond in the same topic as same and no one respond worse. Results

ploted in figure 5.30



gard to the service at counter

Table 5.35: Distribution of respondents on the basis of comparison to otherexchange companies with regard to the service at counter

Service at counter No. of Respondents PercentageBetter 60 60Same 40 40Worse 0 0Total 100 100

Figure 5.31: Distribution of respondents on the basis of comparison to otherexchange companies with regard to the service at counter

From table 5.35 60 Percentage of the respondents responds service at counter in

UAE Exchange is better compared to other exchange companies with, 40 percent-

ages of respondents respond as same and no one respond worse.

Chapter 6

Findings Suggestions and

Conclusion

6.1 Results and Discussion

Collected quantitative data has been presented in the previous chapter. Chapter

5 brings the analyzed data according to the research question. Finally, we have

the conclusion and a discussion about possible implications.

6.2 Findings

Customers have access to a wide range of various financial institutions to buy with

variety of products by the emergence of globalisation and liberalisation. Hence,

it is not easy to gain and sustain competitive advantages based only on a cost

strategy in financial service market.

The new findings were discovered from quantitative empirical data and summerised

as,

• Majority of the respondents are male.

84

Chapter 6. Findings Suggestions and Conclusion 85

• Most of the respondents belong to the age group 31 40 years.

• Most of the respondents are graduates.

• Majority of the respondents are professionals.

• Most of the respondents have chosen money gram, express money and air

ticketing.

• Majority of the respondents have often avail services twice a month.

• Majority of the respondents have acceptable the waiting time

• Courteousness helpfulness and product knowledge of branch staff is rated in

upper positive side

• Majority of respondents are satisfied with currency exchange service, Mon-

eygram and Xpressmoney

• Majority of the respondents are highly satisfied with western union money

transfer.

• Respondent choose moneygram service due to its peculiarities like fast, safe

and reliability.

• Majority of the respondents prefer economy class.

• Most of the respondents have traveled short haul (domestic)

• Most of the respondents have taken 1-4 flights

• Majority of the respondents have traveled for business purpose.

• Most of the respondents have chosen UAE Exchnage and travel agency for

reservation of tickets.

χ2Test

The null hypothesis is rejected. That is there is a significant relationship between

age and level of satisfaction.


6.3 Factor influencing the choice of the UAE Ex-

change

After doing the percentage analysis and ranking it can be clearly mention that var-

ious facors are influencing the UAE Exchange customers to choose this for their

needs. And the factors that satisfy various customer expectations are relatively

their basic needs. So here in this manner could compete withe other sevice ori-

ented financial inisistutes througout the location. Top five factors influencing the

customer to choose UAE Exchange are

• Fast

• Safe

• Reliable

• Affordable

• Friendly way

6.4 Suggestions

Knowing the needs and expectations of the customers, and meeting these, does

not only lead to more satisfied customers, but, very importantly, results in a more

efficient and effective provision of customer services. It helps by concentrating on

the most important elements of the service delivery and in managing the expec-

tations towards the services provided. Seeing these elements is clearly essential in

streamlining the processes and in translating them to the customers.

Identification and ranking of customers’ expectations and level of satisfaction of

the UAE Exchange provide a frame of reference for ranking customers’ preferences

of service quality.


• Findings show that majority of the respondents are male and professionals,

UAE Exchange should also frame strategies to attract customers from other

segment. Efforts can be made to attract customer belonging to other age

group and income level by customizing UAE Exchange to suit their require-

ments.

• Promotional activities have to be undertaken intensely by the company.

• More advertisements have to be needed to the entire product so that more

offers are reached to the customers.

• Quality of service should be improved to a great extent.

• Customer care should be improved to a great extent.

• They should try to maintain good relationship with existing customers and

their effort must be there to maintain a good long term relationship.

• There is a little percentage of the customers who said that they faced problem

with the company. If we take the population as such it is a big number, they

should try to reduce these problems. And there should be a separate group

to take care of the service issues.

• They should provide some offers to their old customers who have been with

them for more than a particular period; this can help to increase the satis-

faction level.

• They should provide some unique package to attract new customer.

• Through some factors are not so important but focus should be given to all

major factors.

• Perception of customer favorably towards in respect of the UAE Exchange

above mentioned criteria.

• These findings can be utilized by the marketing strategist in designing the

strategies to reframe and enhance the customer.


• It is important to place the management in a wider perspective of customer-

oriented service delivery.

6.5 Conclusion

This project study attempts to study the customer perception and promotional

strategies of UAE Exchange. In this competitive world each company wants to

taken an edge over the other to become the market leaders. Successful organisa-

tion can use customer needs and expectations as a starting point and developing

proposals around their customer’s needs and expectations, also meeting other

corporate imperatives. Managing satisfaction therefore has to do with managing

services and/or products, but also with managing expectations and perceptions of

the customer. Measuring satisfaction seems to be just one element in this overall

satisfaction management approach.

The real challenge is not the capability to use measurement and assessment tools,

but to be able to turn the information gathered through these methods into action.

One of the key elements of a successful marketing strategy is development of prod-

uct and promotional stimuli that consumers will perceive as relevant to their needs.

The company should consider customer perception to improve their promotional

strategies of UAE Exchange. Since the customer is the king of the market today,

the company should analyze the needs and wants of customers. Company should

know what the customer is actually looking forward from them.

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Wesites:

www.uaeexchangetravel.com

www.xpressmoney.com

www.moneygram.com

Appendix A

Questionnaire

A study on customer satisfaction towards various service

of UAE EXCHANGE

Personal Profile

1. Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2. Age:

� Below 20

� 41 - 50

� 21 - 30

� Above 50

� 31 - 40

3. Gender:

� Male � Female

4. Education:

� School

� Post Graduation

� Graduation

5. Occupation:

91

Appendix A. Questionnaire 92

� Business

� Professional

� Unemployed

Products & Services

6. Which product do you normally use?

� Draft

� Electronic Transfer

� Telegraphic Transfer

� Xpress Money

� Western Union

� Travelex Money Transfer

Other (please specify): . . . . . . . . . . . . .

� Foreign Currency

� Travelers Cheques

� Credit Card Payments

� Other bill payments

� Air ticketing

� Associate Branch Transfer

7. How often do you avail our services?

� Once in a month

� Twice a month

� Once in 2 months



8. Why do you prefer UAE Exchange for your transactions?

� Reliability

� Location & Timing

� Rates & Charges

� Faster Credit

� Service at the counter

9. What according to you is the time taken to conclude your transaction?

� Less than 5 minutes

� 5-10 minutes

� 10-20 minutes

� 20-30 minutes

� More than 30 minutes

10. Is the waiting time acceptable to you?


� Yes � No

11. How do you rate the courteousness and helpfulness of branch staff?

� Excellent

� V. Good

� Good

� Moderate

� Bad

12. How do you rate our counter staff in terms of product knowledge and ability

to convey information?

� Excellent

� V. Good

� Good

� Moderate

� Bad

Level of satisfaction

13. Level of satisfaction while doing currency exchange

� Highly satisfacted

� Satisfactied

� Disatisfied

� Highly disatisfied

14. Level of satisfaction with Xpress money


� Satisfactied

� Disatisfied


15. Level of satisfaction with Western union money transfer


� Satisfactied

� Disatisfied


16. Level of satisfaction through money gram services



� Satisfactied

� Disatisfied


17. Rank the money gram service

FactorsRanks

I II III IV V

Fast � � � � �

Safe � � � � �

Reliable � � � � �

Affordable � � � � �

Friendly � � � � �

Air Ticket Booking

18. What type of travel do you mostly take?

� Domestic � International

19. Which Class of travel

� Business � Economy

20. How many times you travel in airline

� 1 - 3

� 4 - 6

� 7 - 10

� More than 10

21. How many times you made reservation by UAE X Change

� 1 - 3

� 4 - 6

� 7 - 10

� More than 10

22. Purpose of travel


� Business � Leisure

23. Reservation made through

� Mobile ticketing

� Interline e-ticketing

� Travel agencies

� UAE EXCHANGE

24. Level of satisfaction during reservation

� High � Medium � Low

Service Quality

25. Quality of service provided in UAE EXCHANGE

� Strongly Agree

� Agree

� Neither agree nor disagree

� Disagree

� Strongly Disagree

26. How do yo rate overall satisfaction level towards quality of service rendered

by UAE Exchange?


� Satisfactied

� Disatisfied


27. How do you rate our grievance handling and complaint?

� Excellent

� V. Good

� Good

� Moderate

� Bad

28. How likely are you to avail our services again?

� Definitely

� Most likely

� Most Unlikely

� Definitely not

29. Would you recommend UAE Exchange to others?


� Yes � No

30. How do you rate UAE Exchange compared to other exchange companies

with regard to the following?

FactorsRanks

Better Same worse

Reliable � � �

Location& Timings � � �

Rates & Charges � � �

Faster Credit � � �

Service at counter � � �

31. What would you suggest to make our service better? (Please kindly write

down your suggestion) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Documents

Customer Satisfaction UAE Exchange