This thesis entitled "Analysis of the consumer satisfaction level and the performance of bKash as a leading MFS company", submitted by Sadia Zilani to the Department of Science and Information Technology, Daffodil International University, has been accepted as satisfactory for the partial fulfillment of the requirements for the degree M.Sc. The ultimate goal of bKash is to ensure access to a wider range of financial services for the people of Bangladesh. This report contains a brief finding of consumer satisfaction with the products and services of bKash Limited.
Furthermore, a survey report, analysis and its findings are included to reach a conclusion and find some recommendations regarding the customer satisfaction of bKash Limited. Sheak Rashed Haider Noori, Associate Professor and Associate Head - CSE, approved the topic and allowed me to prepare the report as part of fulfilling the internship requirement and also gave me suitable guidance from time to time. The main goal of the project is to identify the relationship between customer satisfaction and the performance of bKash as a mobile financial services (MFS) provider.
Finding out consumer satisfaction based on bKash's individual products and services. To determine the relationship between consumer satisfaction and bKash's performance as a mobile financial service provider, primarily primary data was collected. While working in the organization, I observed a scenario of bKash Limited and directly engaged with the consumer base, which helped me in preparing the report.
Secondary data has been extracted from various online sources such as the official website of bKash Limited, some articles and reports from the online archive.
Survey Method
Due to the high level of secrecy, little secondary data was collected for the preparation of this report. Although these limitations existed, I have tried my best to complete the report and provide relevant results and information.
COMPANY PROFILE
- Company Profile
- Company Mission
- Products and services of bKash Cash In
- Partners of bKash
- SWOT Analysis
Users can withdraw cash from their accounts both at bKash agents and at ATMs. The transaction fee is 1.85% if the withdrawal is made through the handheld mobile system and 1.75% through the mobile application system. Users will earn 1.5% APR if users maintain a minimum balance of BDT 1000 in your bKash account throughout the month, complete at least 2 transactions and maintain an average end-of-day balance between BDT 1000 and BDT 5000.99 in that month .
It is the most widely used technique by which managers can create a quick overview of a company's strategic situation. The strengths of the company include - it is the market leader, it has skilled and dedicated workforce, a strong financial position, a wide range of product and product innovation skills, the highest reach in the country, building brand image and reputation in the market, strong company culture, customer service. The weaknesses of bkash are understanding the consumer's expectation, facing challenges related to brand, sometimes the system is down, conflict management skills to solve regulatory problems, high cost of transaction, and poor leadership development of local talents for top level positions , conflict management skills for solving regulatory problems. problems.
Because at the end of August 2018, the total number of active mobile subscribers in Bangladesh was 646.99. One of the main challenges for bKash is the perception of technology maintained by low-income users. For example, let's say that many consumers mistakenly think they need advanced knowledge to use technology.
A similar issue arises in that users often think that advanced English is required to use bKash, so it is really difficult to convince low-income users about the concept of invisible money.
MFS OVERVIEW IN BANGLADESH
Mobile Financial service
MFS company insight in Bangladesh
List of MFS companies in Bangladesh
Summary of 2018 MFS statement
Market shares of the MFS providers (Till April, 2017)
CONSUMER SATISFACTION ANALYSIS
The above two graphs show that the mobile app is easier to operate than the manual mobile system of bKash.
MANUAL MOBILE
MOBILE APP
Almost most of the users believe that the cost associated with the transaction is very high. This generally means that if a customer wants to cash out 1000 taka, then he has to pay 18.5 taka more as a service charge, which is high for a developing country like ours. The graph shows that users are satisfied with the security system in bKash, as 25 consumers rated it as excellent and 30 as good.
The graph above shows the level of user satisfaction in terms of ATM booth availability. Almost majority of the users are satisfied with the customer care services and rate it as excellent, good and average. This shows the productivity and problem-solving ability of bKash's customer care employees and shows that they are good at solving user problems.
Currently anyone can open a bKash account using Airtel, Banglalink, Teletalk, Grameenphone and Robi connections. So we can say that the accessibility of bKash to common people is good, also the survey results show the similar result. It is a very easy and fast method of transferring money from one place to another.
Although there have been many fraudulent examples published in the news in recent years, bKash has tried to keep its customers safe from scams. In recent years, it has tried to advertise as much as possible so that customers are safe when using mobile banking. Many advertisements are published in digital media so that consumers are safe.
This result is consistent with the previous result we got for question no. 7, where we were asked to estimate the cost of bKash. 35% of people rated it as high and 46.25% of users rated it as very high based on their affordability. The reason for the 2.88% revenue from airtime purchase is that it is free and the revenue margin is less than the payout process.
BKASH
ROCKET
UCASH
90% of users are satisfied with the service and say they would recommend it to friends and family. While only 10% of people are dissatisfied with their experience with bKash and say they will not recommend it to their friends and family. The main objective of our research was to identify the satisfaction level of the bKash consumers.
From the chapter we can easily say that the overall satisfaction of the bKash account holders is quite good as all the questions asked had a positive review by the users. In this sense, we can say that the users of bKash are satisfied with its products and services.
PERFORMANCE OF bKash
- Number of consumers
- Market share
- Profit wise performance
- Number of Agents
- Achievement of bKash
- Largest MFS company in Bangladesh
- SUMMERY
- Conclusion
- bKash Limited should work on customer service representatives skills and also on their problem solving skills. Because they are the one from whom consumers take
- Sometimes the existing users of bKash Limited face some difficulties while requesting for a new pin after they had forgotten the old one or somehow blocked it
- The respondents of the survey think that the service charge of bKash Limited is not affordable for all general people. bKash Limited should work on it as consumers are
- A number of times some fraudulent individuals try to trick people through bKash and harms them financially. Moreover, these types of people often steal the money of
Although it was second to launch, it has always been the market leader when it comes to market share in Bangladesh. Within two years, bKash is able to gain another 13% more market share, which shows bKash's performance as the country's leading MFS company. The chart below shows us the net revenue of bKash for the last 2 years, from 2015 to 2016, when only 2 years balance of bKash was found.
About 22% of Bangladeshi adults use bKash and more than 4.5 million transactions are completed every day, making it the country's most popular mobile financial service provider in the country. Furthermore, it has a special focus on serving the country's low-income population in order to gain greater financial inclusion by providing affordable, reliable and convenient services. Within three months of my work at bKash, I had a great experience and got to know a lot about the company as well as the corporate sector of Bangladesh.
I also experienced the great company culture of bKash Limited and gained a lot of knowledge about the organization. I also gained a lot of knowledge about the work process as well as the organizational policies of bKash Limited. Moreover, I have also received some important information about the company's partners as well as its stakeholders.
On the other hand, within this period, the job opportunity has helped me a lot in developing my personal, technical as well as business skills. After conducting the consumer satisfaction survey on bKash Limited, it is very clear through the results of the specific survey that the consumers of bKash are very satisfied with the company's products and services as a mobile financial service provider. On the other hand, through the survey, I have also learned that although the consumers are satisfied, but bKash Limited needs to upgrade and improve in some specific areas such as the skills of the customer service representatives, the security of the transaction, pin setting issues, etc.
In this competitive industry, it is very necessary for bKash Limited to maintain its top position as a mobile financial services provider in the country. Sometimes the existing users of bKash Limited face issues while requesting a new PIN after forgetting the old one or blocking it in some way. The survey respondents believe that bKash Limited's service charges are not affordable for all common people.
APPENDIX
