Impact of Service Quality on Customer Satisfactions in SBI &

HDFC Bank
Ashar Abrar*

Customer acquisition and retention is a challenge for banks in the existing extensive
competition. Banks are focusing and prioritizing the various aspects of SQL to improve their
performance and continue to build loyal customer bases. It is utmost necessary for banks to
gain strategic competitive advantage by developing insight and profound understanding of the
relationship between the quality of their services and CS and CL. The paper focused on the
impact of service quality on CS in SBI & HDFC Bank. Quota sampling was used to acquire
primary data from a sample of customers from HDFC Bank (263) and SBI (263) using
structured questionnaire. Statistical tests such as frequency analysis, exploratory factor
analysis, correlation analysis, and linear regression analysis were used to analyse the data.
The results indicated that there is a positive and significant relationship between the service
quality and customer satisfaction. The study highlighted the significance of SQL in influencing
CS in the banking sector. Further, it was found that HDFC bank demonstrated a higher impact
of its SQL on CS, with a standardized beta coefficient of 0.769, compared to SBI's coefficient of
0.579. These findings emphasize the importance for banks to prioritize and enhance SQL to
meet customer expectations and foster satisfaction. Overall, these findings underscore the
significance of delivering high-quality services to ensure CS and CL. Banks can utilize these
insights to improve SQL and enhance customer experiences, ultimately strengthening their
position in the market.
Keywords : Service Quality (SQL), Consumer Satisfaction (CS), Consumer Loyalty (CL).
1. Introduction
SQL encompasses various dimensions such as reliability, responsiveness, assurance,
empathy, and tangibles. The term "reliability" refers to the bank's capacity to reliably and
precisely provide its services to its consumers. Responsiveness indicates the bank's promptness
in addressing consumer queries and concerns. Assurance refers to the competence, credibility,
and trustworthiness of bank employees. Empathy relates to the bank's understanding and care
for individual consumer needs. Tangibles refer to the physical aspects of service delivery,
including the bank's infrastructure, technology, and facilities. Theoretical frameworks such as
the SERVQUAL model and the SERVPERF model provide a basis for evaluating SQL in the
banking sector. These frameworks measure the perception and expectation gaps of consumers,
enabling a comprehensive analysis of SQL (Parasuraman et al. (1985).
While, CS in the banking sector is a crucial aspect of maintaining a successful and
competitive business. A satisfied consumer is more likely to continue using banking services,
refer others, and establish long-term relationships with the bank. This leads to increased CL,
higher profitability, and a positive brand reputation. (Anderson, E. W., Fornell, C., & Lehmann,
D. R., 1997).
In the banking sector of today, which is becoming more competitive, client happiness is
seen as the most important factor in determining one's level of success (Siddiqi, 2011). The
term "CS" refers to an organization's (the consumer's) total appraisal of a product or service
offered by a third party (the provider), based on the whole of the consumer's purchase and

* Research Scholar, Faculty of Commerce, CMJ University Guwahati

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usage of the product or service (Anderson et al., 1994). Management of CS is at the forefront of
most companies' efforts to retain as many consumers as possible in the modern day (Capraro et
al., 2003). Therefore, a key aim of marketing operations should be to achieve high levels of CS
which can be achieved through quality services (Spreng et al., 1996)
SBI and HDFC Bank have established themselves as leaders in the Indian banking industry,
catering to diverse consumer segments. Understanding the factors influencing CS in these
banks can provide valuable insights for improving SQL and maintaining a competitive edge.
The purpose of this research is to make a contribution to the current body of knowledge by
analysing the specific impact that SQL has on the level of CS experienced at SBI and HDFC
Bank.
The outcomes of this study will provide SBI and HDFC Bank with practical consequences that
can be used to improve the quality of their service and increase the level of happiness their
consumers feel they receive. Both banks are able to modify their strategies and allot their
resources to fulfil the expectations of their consumers if they first determine the areas in which
improvements are required. In addition, the research will make a contribution to the current
body of information on SQL and CS in the banking industry, thereby laying the groundwork for
more research in this particular field.
In nutshell, this study aims to investigate the impact of SQL on CS in two prominent banks:
SBI and HDFC Bank. SBI, being the largest public sector bank in India, serves a vast consumer
base, while HDFC Bank is one of the leading private sector banks known for its consumer-
centric approach. By comparing these two banks, valuable insights can be gained regarding the
strategies and practices that contribute to CS. Further, the findings will provide valuable
insights for these banks to enhance their SQL and ultimately improve CS levels. Thus, the
present study aims to fulfil following research objectives-
1.1 Objectives of the study-
To explore the most important factors of Financial Products & Services Quality from the
perspectives of consumers of SBI & HDFC Bank.
To study relationship between SQL & CS in SBI & HDFC Bank.
To evaluate the impact of SQL on CS in SBI & HDFC Bank

2. Literature review
CS and SQL are extensive research topics within the realm of service settings and contributes
to business success (Oliver & Swan, 1989).
Higher levels of CS tend to reduce the likelihood of consumers pointing out quality issues
(Anderson et al., 1997).
CS represents the consumer's attitude towards the service provider, while SQL refers to the
consumer's perception of the excellence or inferiority of the service offering (Cronin & Taylor,
1994).
Consumers have specific expectations when it comes to internet banking, including intuitive
and visually appealing websites, secure transactions, ease of use, and quick response times
(Vladimirov, 2012). Meeting these expectations enhances CS and strengthens their loyalty
towards the bank.
Electronic SQL in online banking encompasses various aspects, such as aesthetics, usability,
responsiveness, and reliability (Zheng Li &YonghongZhong, 2005). These dimensions
contribute to consumers' overall perception of the quality of the online banking services they
receive.
Understanding the relationship between CS, SQL, and their influencing factors is crucial for the
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banking industry. Banks that prioritize SQL and deliver positive consumer experiences are
more likely to build CL and achieve long-term business success. Effective management of SQL
and a focus on CS can enhance a bank's competitiveness in the market and foster lasting
consumer relationships (Vladimirov, 2012).
CS and SQL are essential considerations in the banking industry, particularly in the context of
internet banking. Researchers have established a strong correlation between CS and SQL
(Cronin & Taylor, 1992; Parasuraman et al., 1985). Elements such as website design, security
measures, convenience, and speed significantly influence CS in internet banking (Ahmad & Al-
Zu'bi, 2011).
According to Vladimirov, (2012), by prioritizing CS and effectively managing SQL, banks can
enhance their competitiveness and build lasting consumer relationships, leading to long-term
business success.
Ndubisi (2006) noted that more retail banks were prioritising CS as a crucial part of their
business strategies based on previous studies. Numerous studies have demonstrated the
association between CS and crucial consumer behaviours like cross-purchasing financial
services, good word-of-mouth, willingness to pay a premium price, and a propensity to view
their bank as a "relationship" bank. All of these are significant consumer behaviour.
Manrai and Manrai (2007) claim that CS-driven initiatives have a positive impact on important
business outcomes such retention rates, average deposit amounts, the cost of providing services
to the bank, and potential profitability. Additionally, they claimed that these actions will
increase future profitability. These results are in line with a more extensive body of research
that
In addition, a number of research have highlighted the connection between satisfied consumers
and the notion of "SQL" (Ndubisi, 2006). According to research in banking that builds upon the
previous work of Parasuraman et al., two key aspects that influence CS are the quality of the
bank's core services and the nature of the consumer's connection with the bank.
Deng et al. (2008) claimed that there exists a relationship existing between the performance of
the attributes and the overall level of CS.
Cadotte and Turgeon (1988) found that prior investigations carried out in the 1970s and 1980s
were able to successfully validate a two-factor theory of CS. These studies were carried out in
the United States.
Manrai and Manrai (2007) highlighted several essential variables, some of which are
responsiveness, competence, certainty, trust, friendliness, civility, availability, commitment,
flexibility, and communication. Other relationship drivers include response, certainty, and trust.
Cost perception, in particular the concepts of "price fairness" and "price-quality ratio," emerged
as recurrent topics (Matzler et al., 2006).
According to the findings of Hennig-Thurau et al. (2002), two of the most important factors in
determining whether or not a consumer is satisfied with a product or service are the availability
of a large selection of appropriate investments and the level of technical quality of materials
that are made available to the consumer.
Eyugen (2014) highlighted the significance of CS for organizational success. Satisfied
consumers exhibit loyalty and regular engagement, while dissatisfied consumers may not trust
or engage with the business again.
According to Butcher et al. (2001), these interactions contribute to CL by providing social
support, boosting self-confidence, and fostering trust between parties.
Singh. P (2017) conducted research to determine the relationship between the quality of internet
banking service and client happiness. According to the findings of the study, many aspects of
SHODH PRERAK ISSN 2231-413X, Vol. 10, Issue III, July 2020 309

SQL contributed considerably to total CS in internet banking services supplied by both public
and private financial institutions.
According to Ahmed, K.M. Rezaul, and M.A. Rahman (2010), perceived value or quality plays
a crucial role in determining CS with services. Consumers evaluate businesses based on their
expectations and the ability of the services to meet those expectations. The perception of value
or quality is a primary determinant of CS.
Das and Ayer (2016) found that private sector banks had better SQL than public sector banks.
The study utilized the RATER model to assess SQL parameters, with significant parameters
further analyzed in terms of CS.
Rizvi I. (2019a) suggested that service providers, including those in the banking industry, face
challenges in retaining consumers due to increasing consumer expectations. Consumers now
expect service providers to exceed their initial promises and surprise them with exceptional
services.
According to Rizvi I. (2019b), building a long-term relationship with consumers requires the
service provider's dedication and effort. It takes time to establish trust and transform a satisfied
consumer into a loyal one. By committing time and showing dedication, service providers can
encourage consumers to advocate for the banks and spread positive word-of-mouth, thereby
ensuring CL.
Rizvi, I., et al. (2014) emphasized the complex and dynamic relationship between CS and
loyalty. They recommended that service providers focus on maximizing consumer value and
fulfilling consumer expectations to ensure CS. Since consumers are crucial stakeholders for
service providers, the organization's success heavily relies on their satisfaction.
Kalyoncuoğlu and Faiz (2016) found the relationship between brand image of banks with
CS.Eroğluer (2013) found positive relationship between SQL and CS. Koçer (2017) examined
the influence of CRM practices on CL in the banking industry. Doğan and Varinli (2010)
explored the relationship between a bank's image in consumers' minds and the bank's social
responsibility activities.
Yılmaz et al. (2018) investigated the relationship between SQL dimensions, CS, and loyalty in
the banking sector.Bergeron (2002) highlighted that establishing and maintaining strong CL is
the foundation for business success. This notion has been linked to business performance and
sustainability by Zietsman et al. (2019).
Lam et al. (2004) defined CL as repeated purchases from a business and recommending the
business to others. Identifying the key antecedents that affect CL, diverse banking service
models have emerged (Omoregie et al., 2019), providing banking service managers with
opportunities to improve financial performance by retaining existing consumers and attracting
new ones (Boonlertvanich, 2019).
As a result, researchers and practitioners in the field of services marketing have focused on
understanding the nature and drivers of CL to bank services (Ofori et al., 2017).
Additionally, several studies have demonstrated that acquiring a new consumer is significantly
costlier than retaining an existing one, with the cost ranging from five times higher to 50-100
times higher (Zietsman et al., 2019).
Various studies have explored the relationship between SQL, CS and CL across different
sectors. Graca and Arnaldo (2016) examined the role of corporate reputation in cooperatives'
attitudes, behavior, and overall performance. They found that SQL and CS influences trust,
affective CL, image, CS, and performance.
Schirmer et al. (2018) proposed that trust and commitment partially mediate the impact of CS
and CL.
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Kalyani. S (2015) emphasized the importance of measuring SQL and identifying gaps in
banking services to provide the best value to consumers.
Mahesh. S., Chandan. P &Ayan. H., (2019) highlighted entertainment, interactivity, trendiness,
personalization, and electronic word of mouth as significant elements driving consumer
engagement with brand material on social media pages. Other aspects were word of mouth
from other consumers and electronic word of mouth. It was discovered that the level of
consumer involvement with brand material had an effect on satisfaction, but there was no
evidence that it had an effect on trust or loyalty. It was found that the length of time that a
consumer had been associated with a banking brand was a crucial moderator.
3. Research Methodology
The study is an exploratory, quantitative, qualitative & cross-sectional study based on
primary data from a sample of 526 customers, comprising 263 SBI customers and 263 HDFC
customers. The primary data was collected through self-administered questionnaires where
respondents were to answer the questions based on 5 point-likert scale. The data was collected
using quota sampling technique. To analyze the data, various statistical techniques were
employed, including frequency analysis, exploratory factor analysis, correlation analysis, and
linear regression analysis, utilizing SPSS Version 25.
4. Data Analysis & Interpretation
4.1 Information Related to Financial services usedby the Respondents
Savings Account:
 All respondents (100%) from both SBI and HDFC banks have a savings account.
Current Account:
 SBI Bank: 34.2% do not have a current account, while 65.8% have a current account.
 HDFC Bank: 39.9% do not have a current account, while 60.1% have a current account.
Demat Account:
 SBI Bank: 37.3% do not have a Demat account, while 62.7% have a Demat account.
 HDFC Bank: 47.9% do not have a Demat account, while 52.1% have a Demat account.
Mutual Fund:
 SBI Bank: 62.7% do not have a mutual fund, while 37.3% have a mutual fund.
 HDFC Bank: 68.1% do not have a mutual fund, while 31.9% have a mutual fund.
Life Insurance:
 SBI Bank: 35.4% do not have life insurance, while 64.6% have life insurance.
 HDFC Bank: 59.7% do not have life insurance, while 40.3% have life insurance.
Personal Loan:
 SBI Bank: 53.2% do not have a personal loan, while 46.8% have a personal loan.
 HDFC Bank: 68.1% do not have a personal loan, while 31.9% have a personal loan.
Housing Loan:
 SBI Bank: 55.9% do not have a housing loan, while 44.1% have a housing loan.
 HDFC Bank: 76.0% do not have a housing loan, while 24.0% have a housing loan.
Car Loan:
 SBI Bank: 57.8% do not have a car loan, while 42.2% have a car loan.
 HDFC Bank: 74.9% do not have a car loan, while 25.1% have a car loan.
Debit Card Facility:
 All respondents (100%) from both SBI and HDFC banks have a debit card facility.
Credit Cards Facility:
 SBI Bank: 71.1% do not have a credit cards facility, while 28.9% have a credit cards
SHODH PRERAK ISSN 2231-413X, Vol. 10, Issue III, July 2020 311

facility.
 HDFC Bank: 73.0% do not have a credit cards facility, while 27.0% have a credit cards
facility.
Net Banking Facility:
 SBI Bank: 6.1% do not have a net banking facility, while 93.9% have a net banking
facility.
 HDFC Bank: 6.8% do not have a net banking facility, while 93.2% have a net banking
facility.
Mobile Banking Facility:
 SBI Bank: 3.8% do not have a mobile banking facility, while 96.2% have a mobile banking
facility.
 HDFC Bank: 5.3% do not have a mobile banking facility, while 94.7% have a mobile
banking facility.
4.2Factor Analysis was performed to determine the most important factors of Financial
Products and Services for SBI.
The KMO measure of sampling adequacy is 0.572, indicating that the current data is
appropriate for factor analysis. Similarly, Bartlett's test of sphericity is significant (p 0.001),
which explains the existence of sufficient correlation between variables for the analysis to
continue.
Table 4.1Total Variance Explained
Total Variance Explaineda
Extraction Sums of Rotation Sums of Squared
Initial Eigenvalues Squared Loadings Loadings
% of Cumulative % of Cumulative % of Cumulative
Component Total Variance % Total Variance % Total Variance %
1 2.261 13.298 13.298 2.261 13.298 13.298 1.843 10.842 10.842
2 1.700 10.000 23.298 1.700 10.000 23.298 1.572 9.244 20.087
3 1.537 9.040 32.338 1.537 9.040 32.338 1.563 9.196 29.283
4 1.370 8.057 40.395 1.370 8.057 40.395 1.400 8.233 37.516
5 1.221 7.185 47.580 1.221 7.185 47.580 1.335 7.856 45.372
6 1.123 6.604 54.185 1.123 6.604 54.185 1.300 7.649 53.021
7 1.030 6.060 60.245 1.030 6.060 60.245 1.228 7.224 60.245
Interpretation: It can be seen that factor 1 (13.298%)& factor 2 (10.000%) were
responsible most of total variance.
Table 4.2- Rotated Component Matrix
Rotated Component Matrixa,b
Component
1 2 3 4 5 6 7
4. Information provided about Financial .834 -.025 -.052 -.065 .006 .021 -.142
Products and services by the bank employees.
5. Information provided online about Financial .635 .081 .083 -.086 .196 -.020 .270
Products and services.
14. Charges (annual/per transaction) for .101 .717 .113 -.126 -.059 -.039 -.072
Financial Products and services
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17. Loan repayment terms and conditions .011 .676 .139 .035 -.114 -.140 .054
16. Credit repayment terms and conditions -.075 .639 -.156 .068 .233 .189 .090
10. Transaction limit .081 .084 .770 -.051 .149 .143 -.137
9. Cash availability in ATMs -.062 .035 .719 .217 .089 -.142 .240
11. Amount limit of transactions .368 .146 .404 .118 -.369 .134 -.370
1. Range of Financial Products and services .032 -.050 .103 .619 .106 .003 -.290
3. Customisation of Financial Products and .374 -.033 -.024 -.611 .074 .029 .033
services
6. Procurements of products and services. .464 -.050 .102 .509 .127 .027 .231
7. Safety and security for online transactions .154 -.176 .211 -.084 .683 -.196 -.015
using Debit/Credit cards.
15. Credit card Limit .339 .097 .217 .194 .557 .134 .003
8. Safety and security for Net Banking/Mobile .150 -.315 .181 -.221 -.492 -.073 .308
Banking.
13. SMS alerts for transactions .145 -.004 -.084 .140 -.045 .816 .082
12. Online fund transfer facility -.199 -.078 .265 -.402 -.025 .668 -.031
2. Quality of Financial Products and services .078 .061 .025 -.115 -.078 .086 .815
Findings: Most important factors of Financial Products and Services for SBI.
Factor -1 have following 2 variables
 4. Information provided about Financial Products and services by the bank employees.
 5. Information provided online about Financial Products and services.
4.3 Factor Analysis: Financial Products and Services: HDFC
The KMO measure of sampling adequacy is 0.599, indicating that the current data is
appropriate for factor analysis. Similarly, Bartlett's test of sphericity is significant (p 0.001),
which explains the existence of sufficient correlation between variables for the analysis to
continue.
Table 4.3-Total Variance Explained
Total Variance Explaineda
Extraction Sums of Squared Rotation Sums of Squared
Initial Eigenvalues Loadings Loadings
Compon % of Cumulati % of Cumulati % of Cumulati
ent Total Variance ve % Total Variance ve % Total Variance ve %
1 5.868 34.515 34.515 5.868 34.515 34.515 3.134 18.437 18.437
2 1.815 10.678 45.193 1.815 10.678 45.193 2.656 15.623 34.060
3 1.428 8.399 53.592 1.428 8.399 53.592 2.292 13.485 47.545
4 1.331 7.829 61.421 1.331 7.829 61.421 1.810 10.650 58.195
5 1.204 7.082 68.503 1.204 7.082 68.503 1.752 10.308 68.503
Interpretation: It can be seen thatfactor 1 (34.515%)& factor 2 (10.678%) are responsible
for most of total variance.
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Table- 4.4Rotated Component Matrix

Rotated Component Matrixa,b
Component
1 2 3 4 5
13. SMS alerts for transactions .897 .011 .202 .122 -.012
6. Procurements of products and services. .869 .101 .229 .134 .071
12. Online fund transfer facility .642 .532 .117 .168 .117
5. Information provided online about Financial Products and .606 .524 .169 .170 .116
services.
7. Safety and security for online transactions using .518 .483 .064 .035 .281
Debit/Credit cards.
11. Amount limit of transactions .109 .937 .050 .071 .035
4. Information provided about Financial Products and .097 .921 .109 .076 .094
services by the bank employees.
8. Safety and security for Net Banking/Mobile Banking. .301 .044 .831 .073 .117
15. Credit card Limit .293 .111 .814 .050 .194
1. Range of Financial Products and services .057 .064 .777 .108 -.053
2. Quality of Financial Products and services -.025 .154 .132 .834 -.030
9. Cash availability in ATMs .331 .129 .110 .730 -.029
17. Loan repayment terms and conditions .153 -.155 -.253 .287 .068
3. Customisation of Financial Products and services .297 .125 .180 .396 .711
10. Transaction limit .286 .167 .219 .415 .708
16. Credit repayment terms and conditions .118 -.018 .064 .045 -.532
14. Charges (annual/per transaction) for Financial Products .089 .048 .055 -.216 .529
and services
Findings: Most Important factors of Financial Products and Services for HDFC.
Factor -1 have following 5 variables
 13. SMS alerts for transactions
 6. Procurements of products and services.
 12. Online fund transfer facility
 5. Information provided online about Financial Products and services.
 7. Safety and security for online transactions using Debit/Credit cards.
4.4Correlations Analysis: Correlation between Financial Products and Services Quality and
Consumer Satisfactionin SBI
 H0-1: There is no significant correlations between Financial Products and Services Quality
(Independent Variable) and Consumer Satisfaction (Dependent Variable) in SBI.
Table 4.5- Correlations Matrix
Correlationsa
Overall Financial
Consumer Products and
Satisfacti Services
on Level Quality Level
Pearson Overall Consumer Satisfaction Level 1.000 .579
Correlation Financial Products and Services Quality Level .579 1.000
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Sig. (1-tailed) Overall Consumer Satisfaction Level . .000

Financial Products and Services Quality Level .000 .
N Overall Consumer Satisfaction Level 263 263
Financial Products and Services Quality Level 263 263
a. Selecting only cases for which Bank = SBI
Interpretation - The above table shows that there is asignificant (0.000) and positive correlation
(.579) between Financial Products and Services Quality and Consumer Satisfaction in SBI. Hence,
it can be concluded that the H0-1 is rejected.
4.5 Correlations Analysis: Correlation between Financial Products and Services Quality and
Consumer Satisfactionin HDFC
 H0-1: There is no significant correlations between Financial Products and Services Quality and
Consumer Satisfaction in HDFC
Table 4.6- Correlations Matrix
Correlationsa
Overall Consumer Financial Products and
Satisfaction Level Services Quality Level
Pearson Overall Consumer 1.000 .769
Correlation Satisfaction Level
Financial Products and .769 1.000
Services Quality Level
Sig. (1-tailed) Overall Consumer . .000
Satisfaction Level
Financial Products and .000 .
Services Quality Level
N Overall Consumer 263 263
Satisfaction Level
Financial Products and 263 263
Services Quality Level
a. Selecting only cases for which Bank = HDFC
Interpretation - The table above shows that there is a significant (0.000)and positive correlation
(.769) between Financial Products and Services Quality and Consumer Satisfaction in HDFC.
Hence, it can be concluded that the H0-1 is rejected.
4.6 Linear Regression Analysis: Impact ofFinancial Products and Services Quality
(Independent Variable) on Consumer Satisfaction (Dependent Variable) in SBI
H0-1: There is no positive and significant impact of Financial Products and Services Quality
(Independent Variable) on Consumer Satisfaction (dependent variable) of SBI.
In model, about 33.6% of the variance in Consumer Satisfaction (dependent variable) is explained
by Independent Variable (Financial Products and Services Quality) in case of SBI.
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Table 4.7- Regression coefficients

Coefficientsa,b
Unstandardized Standardized
Coefficients Coefficients Correlations
Zero-
Model B Std. Error Beta t Sig. order Partial Part
1 (Constant) 1.008 .190 5.300 .000
Financial Products .609 .053 .579 11.480 .000 .579 .579 .579
and Services Quality
Level
Interpretation: The analysis reveals that Financial Products and Services Quality (Independent
Variable) has a standardized (βeta) coefficient of 0.579. This indicates that a positive one-unit
change in standard deviation in Financial Products and Services Quality leads to a 0.579 unit
increase in the dependent variable, "Consumer Satisfaction." Therefore, based on the significant
coefficient value, it can be concluded that Financial Products and Services Quality exhibits a
positive and statistically significant relationship with Consumer Satisfaction in the context of SBI.
Thus, we reject the null hypothesis (H0-1).
4.7 Linear Regression Analysis: Financial Products and Services Quality (Independent
Variable) on Consumer Satisfaction(Dependent Variable) in HDFC
H0-4: There is no positive and significant impact of Financial Products and Services Quality
(Independent Variable) on Consumer Satisfaction (dependent variable) of HDFC.
In model, about 59.1% of the variance in Consumer Satisfaction (dependent variable) is explained
by Independent Variables (Financial Products and Services Quality) in case of HDFC.
Table 4.8- Regression coefficients
Coefficientsa,b
Unstandardized Standardized
Coefficients Coefficients Correlations
Zero-
Model B Std. Error Beta t Sig. order Partial Part
1 (Constant) 1.547 .126 12.307 .000
Financial Products .610 .031 .769 19.415 .000 .769 .769 .769
and Services Quality
Level
Interpretation: Observing the case of Financial Products and Services Quality (Independent
Variable), we find that the standardized (βeta) coefficient has a value of 0.769. This suggests that a
positive one-unit change in the standard deviation of Financial Products and Services Quality
corresponds to a 0.769 unit increase in the dependent variable, "Consumer Satisfaction."
Consequently, based on the significant coefficient value, we can conclude that Financial Products
and Services Quality exhibits a positive and statistically significant relationship with Consumer
Satisfaction in the context of HDFC. Therefore, we reject the null hypothesis (H0-1).
5 Conclusion and Suggestions
The findings of this study highlight the importance of understanding the factors that
influence consumer satisfaction with financial products and services for both SBI and HDFC.
By recognizing and addressing these factors, these banks can effectively meet customer needs
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and preferences, ultimately leading to higher customer satisfaction levels.

For SBI, the study suggests that providing accurate and comprehensive information is
crucial. Customers value transparency and want to be well-informed about the financial
products and services offered by the bank. This emphasizes the need for well-trained and
knowledgeable bank employees who can assist customers in understanding the various
offerings. Additionally, enhancing the online platform to provide easily accessible and up-to-
date information is essential. Customers expect convenience and the ability to access
information online, and by meeting these expectations, SBI can improve customer satisfaction.
On the other hand, HDFC customers prioritize convenience and technological features
in addition to information provision. The availability of SMS alerts for transactions, online fund
transfer facilities, and strong safety and security measures are significant factors that drive
consumer satisfaction. HDFC should invest in improving these features to ensure a seamless
and secure online banking experience for its customers. By prioritizing convenience and
technological advancements, HDFC can cater to the preferences of its customer base and
enhance their satisfaction levels.
Overall, both banks need to recognize the significance of financial product and service
quality in influencing consumer satisfaction. The study highlights the need for continuous
improvement and innovation in offerings to meet changing customer expectations. By investing
in improving their products, services, and online platforms, SBI and HDFC can not only
enhance customer satisfaction but also gain a competitive advantage in the highly competitive
financial services industry. It is important for both banks to adapt to the evolving needs of
customers and provide a positive banking experience that exceeds customer expectations.
Furthermore, the findings of this study have broader implications for the financial
services industry as a whole. Banks across the board can learn from the specific factors
identified in this research and tailor their strategies to improve customer satisfaction.
Understanding customer preferences and investing in technological advancements and
convenience features can lead to increased customer loyalty and retention. In an era where
customer experience plays a crucial role in the success of businesses, these findings provide
valuable insights for banks to stay ahead in the market and build long-lasting relationships with
their customers.
5.1 Suggestions
Suggestions for HDFC:
1. HDFC should improve its digital banking platform with intuitive mobile apps, personalized
dashboards, and streamlined navigation. Technological advancements will meet the
demand for convenient and efficient digital banking, enhancing customer satisfaction.
2. HDFC should invest in robust security measures like multi-factor authentication,
encryption, and proactive fraud detection. Prioritizing customer data protection and
building trust in online banking will increase satisfaction and loyalty.
3. HDFC should provide prompt and effective support through enhanced call center
capabilities, live chat options, and expanded self-service resources. Responsive and
accessible customer support addresses queries and concerns promptly, leading to higher
satisfaction levels.
Suggestions for SBI:
1. SBI should educate customers through workshops, seminars, and online resources on
investments, savings, and loans. This improves satisfaction and strengthens financial well-
being.
2. SBI should automate and digitize account opening and loan applications, reducing
SHODH PRERAK ISSN 2231-413X, Vol. 10, Issue III, July 2020 317

paperwork and wait times. Real-time updates enhance convenience and efficiency,
increasing customer satisfaction.
3. SBI should use data analytics and segmentation to understand customer needs. Tailored
recommendations, customized products, and targeted promotions create a sense of value
and boost satisfaction and loyalty.
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