Open Access Open Access  Restricted Access Subscription Access
Open Access Open Access Open Access  Restricted Access Restricted Access Subscription Access

Accessing the Role of Service Quality Dimensions for Banking and Insurance Sector in India


Affiliations
1 LLIM Mumbai, Maharashtra, India
2 COER School of Management, Roorkee, Uttarkhand, India
     

   Subscribe/Renew Journal


The level of quality in service plays a major role in maintaining and developing brand loyalty in financial sector. As the financial sector is rapidly growing and is fiercely competitive in developing countries, it has become significantly important for the organizations to measure and evaluate their levels in service quality. The paper examines the level of service quality in the Banking and Insurance Sectors. Thus, this study focuses on accessing whether the Banks and Insurance Companies in India have employed the same variables to achieve service quality. Furthermore, the study measures and compares perception of customers on the customer service practices amongst the two sectors.

In order to access the service levels of the two sectors primary data was collected by using self-designed questionnaire. Various factors of Service Quality such as Empathy, Responsiveness, Tangibles and Assurance were selected and respondents score was measured for these factors. For Insurance Sector, all factors, Empathy, Tangibles, Assurance and Responsiveness emerged as most significant constructs and create a significant difference with Banking Sector. As the difference lies in these factors, they tend to affect the Customer Satisfaction, thus with the increase in Service Quality levels, Customer Satisfaction can be increased for both the sectors.


Keywords

CRM, Customer Service, Empathy, Responsiveness, Tangibles, Assurance.
User
Subscription Login to verify subscription
Notifications
Font Size

  • Fagbemi, A. O., & Olowokudejo, F. F. (2011). A Comparison of the Customer Relationship Management Strategies of Nigerian Banks and Insurance Companies. International Journal of Management Business Research, 1(3), 161-170.
  • Beerli, A., Martin, J. D., & Quintana, A. (2004). A model of customer loyalty in the retail banking market. European Journal of Marketing, 38(1/2), 253-275.
  • Fogli, L. (2006). Customer service delivery. San Francisco: Jossey-Bass.
  • Hogan, J. D. (2001). Economic and market predictors of insolvencies in the property-liability insurance industry. Journal of Risk and Insurance, 62, 309-327.
  • Kamakodi, N., Basheer, M., & Khan (2008). Customer expectations and service level in e-banking era: An empirical study. The ICFAI University Journal of Bank Management, 7(4), 50-70.
  • Kotler, P., & Keller, K. L. (2006). Marketing Management (12th ed.). New Jersey: Pearson Prentice Hall.
  • Strachan, L., & Roberts-Lombard, M. (2011). A conceptual framework proposition for customer loyalty in the short-term insurance industry - A South African perspective. African Journal of Marketing Management, 3(8), 207-218.
  • Ma, Y., Ding, J., & Hong, W. (2010). Delivering customer value based on service process: The example of Tesco.com. Int. Bus. Res., 3(2), 131-135.
  • Brahmbhatt, M., & Panelia, D. (2008). An assessment of service quality in banks. Global Management Review, 2(4), 37-41.
  • Report by Deloitte. (2011). Indian insurance sector innovate now or stagnate, pp 1-18.
  • Goswami, S., Nath, V., Gugnani, R., & Gupta, N. (2009). An Insight into Customer Relationship Management Practices in Selected Indian Service Industries. Journal of Marketing & Communication, 4(3), 18-40.
  • Siddiqi, O. K. (2010). Interrelations between service quality attributes, customer satisfaction and customer loyalty in the retail banking sector in Bangladesh. International Trade & Academic Research Conference (ITARC) – London, pp. 1-26.

Abstract Views: 358

PDF Views: 0




  • Accessing the Role of Service Quality Dimensions for Banking and Insurance Sector in India

Abstract Views: 358  |  PDF Views: 0

Authors

Charu Upadhyaya
LLIM Mumbai, Maharashtra, India
V. K. Jain
COER School of Management, Roorkee, Uttarkhand, India

Abstract


The level of quality in service plays a major role in maintaining and developing brand loyalty in financial sector. As the financial sector is rapidly growing and is fiercely competitive in developing countries, it has become significantly important for the organizations to measure and evaluate their levels in service quality. The paper examines the level of service quality in the Banking and Insurance Sectors. Thus, this study focuses on accessing whether the Banks and Insurance Companies in India have employed the same variables to achieve service quality. Furthermore, the study measures and compares perception of customers on the customer service practices amongst the two sectors.

In order to access the service levels of the two sectors primary data was collected by using self-designed questionnaire. Various factors of Service Quality such as Empathy, Responsiveness, Tangibles and Assurance were selected and respondents score was measured for these factors. For Insurance Sector, all factors, Empathy, Tangibles, Assurance and Responsiveness emerged as most significant constructs and create a significant difference with Banking Sector. As the difference lies in these factors, they tend to affect the Customer Satisfaction, thus with the increase in Service Quality levels, Customer Satisfaction can be increased for both the sectors.


Keywords


CRM, Customer Service, Empathy, Responsiveness, Tangibles, Assurance.

References