View of A STUDY ON CUSTOMER AWARENESS OF SERVICES AND FACILITIES OFFERED BY THE STATE BANK OF INDIA

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VOLUME: 10, Special Issue 01, (IC-IESP-MULTI-2023) Paper id-IJIERM-X-I, January 2023 139

A STUDY ON CUSTOMER AWARENESS OF SERVICES AND FACILITIES OFFERED BY THE STATE BANK OF INDIA

Anamika Nahar

Assistant Professor, Renaissance Law College, DAVV, Indore Dr. R.S. Waghela

Professor of Commerce, SABV College, Indore, India

Abstract - Customer relationship management (CRM) is concerned with the crucial importance of clients for every business activity in a market economy in a highly competitive environment. The connection between the banker and the customer is established by the services and facilities that banks provide to their clients. The banks establish relationships with customers through the provision of services and facilities. The entire CRM idea is based on the services and amenities provided by banks to their various consumers. The essence of banking is more complex than just taking deposits from the general public and advancing loans to struggling business owners. As a result, a bank is an organisation that deals with money and credit. Customers currently want a variety of financial services and banking products to be provided to them under one roof. An effective customer relationship management program designed and executed will obviously throw open a win-win platform to both service providers [i.e., bankers] and service users [i.e., customers]. The study attempts to find the customer awareness of services and facilities offered by the State Bank of India in Indore city. The data was collected from the customers of SBI through questionnaire.

Keywords: Customer Awareness, Customer Relationship Management, Customer Satisfaction.

1 INTRODUCTION

CRM emerged at a time when banking institutions began to face increasing competition. By concentrating on CRM, banks are better able to understand their customers' present demands and their behaviour, including what they have done in the past and what they are likely to do in the future. In order to suit their customers' needs, banks used this method to develop strategies depending on each customer's preferences. Banks value customer information because it can help them build long-lasting, mutually beneficial relationships with their clients. In the upcoming years, banks will need to confront all of these trends head-on since they will face serious challenges to the financial system. Banks must examine their internal operations, including their human resource management, information systems, and available technology, to prepare for these difficulties. They must pay close attention to how well they carry out their duties, including the allocation of funds to the most productive parts of the economy and the intermediation of credit. If banks are to adapt to the changing regulatory and external environment and enter the next orbit, they will be the major internal drivers of change. The way banks manage their customer relationships has evolved as a result of recent breakthroughs in crucial IT sectors.

The bank offers a wide range of facilities and services.Through the bank's services and amenities, a relationship is developed between the banker and the customer. The channels via which banks engage with their consumers are their amenities and facilities. The entire CRM idea is founded on the advantages and services that banks offer to their unique clients. More than merely taking money from the general people and lending it to failing firms are included in banking.

• Internet Banking

Customers can make financial transactions via Internet Banking or Online Banking on a secure website maintained by their physical or virtual bank.

• SBI BHIM Pay

UPI account holders can use their phones to set up virtual bill payments, renewals, and expenditures as well as transmit and receive money by using the "BHIM SBI Pay"

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compensation key. BHIM SBI Pay allows you to produce expenses whenever you want, day or night, seven days a week, and 364 days a year.

• SBI ePayment

E-payments can aid a company in expanding its clientele, enhancing cash flow, cutting costs, enhancing customer service, and gaining a competitive edge. A number of payment choices can be offered through the usage of e-payments.

• SBI Yono

The State Bank of India (SBI) has created a digital banking platform called YONO (You Only Need One) that enables users to do virtual shopping, pay for medical expenses, and book flights, trains, buses, and taxis. A smartphone app called YONO is accessible on both Android and iOS.

 SBI Prepaid Cards

A Prepaid Card is a State Bank Smart Pay-out that is based on Indian Rupees as opposed to VISA. It's a great option for paying recurring expenditures like salaries, wages, commissions, and other similar expenses, and current account holders may also use it as an additional card.

 Virtual Card from State Bank of India

A virtual card, commonly referred to as an electronic card or e-card, is a simple and secure way to manage virtual purchases without giving the store access to your principal card or account information.

 Green Remit Card from SBI

A basic magnetic stripe card without a PIN is the SBI Green Remit Card. Cash can be deposited using the card into the SBI account of the chosen recipient. All Green Channel Counter Divisions and Cash Deposit Machines accept the card.

 Visa Signature Debit Card

A high-end Visa Signature Debit Card specifically created for high-net-worth customers that offers significant savings on dining, wellness, travel, lodging, and other non-airport lounge entrée purchases, as well as an improved Loyalty Prizes Program.

 Service for Safe Deposit Lockers

The bank's safe deposit locker facility is one of the value-added services it offers. The bank offers precisely crafted lockers for the security of hirers' belongings, which are obtained from reputable manufacturers and housed in properly built, sturdy rooms at the divisions.

 SBI Express Transfer

The SBI Express Remit option provides you with the notable advantages of simplicity, expediency, and affordability. We can access our bank's internet banking system. This method is accessible every day and at any moment. A UK bank account promptly sends the money.

 SBI Mutual Fund

A successful pooled investment programme known as a mutual fund accumulates money from many investors and invests it in stocks, bonds, and short-term money markets.

 SBI App No Queue

You can reserve a virtual symbolic using the State Bank "NO Queue" app without going to the bank in person. With the NO Queue app, you can check the condition of the queue in real time and reserve a virtual line ticket for a nearby branch.

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 Door to Door Banking

Customers benefit from even greater ease with Doorstep Banking. The banker will assist clients in completing their banking tasks while they are at home or at work. The convenience of customers' homes or places of business can be used to pick up cash and other bank items.

 SBI's Quick Missed Call Banking

SBI Quick is accessible in the SBI Anywhere pre-login area. This application eliminates the need to memorise a large number of keywords and phone digits. SBI Quick can be used without an internet connection once it has been loaded because communication takes place via SMS or missed calls.

 SBI Instant Money Transfer

Money can be sent to anyone, anytime, anywhere by customers. Just the recipient's name, address, and mobile phone number must be known to the dispatcher. To start, the client can make cash withdrawals at State Bank Group ATMs without a debit card.

 ATM-related services

SBI provides the convenience of over 50,000 ATMs in India, the largest network in the nation and one that is constantly growing. That means we can perform at ATMs for no charge. High-tech telecommunications equipment known as an automated teller machine (ATM) enables customers of a financial institution to conduct financial transactions in public areas without the assistance of a human clerk or bank teller.

 SBI In Cube

Business banking requirements are analysed and reported by the specialised division SBI In Cube. Based on a solid technical business strategy, the bank offers the greatest options for savings and banking transactions.

 NETC

The NETC fast tag is a device that uses radio frequency identification to generate toll charges from a linked prepaid or savings account. It is integrated into the car's screen and enables users to move without having to stop and pay at toll booths.

 Multi-city cheque service

Customers of SBI can also use the multi-city cheque service, which enables them to write checks payable at any branch in any other city with a base branch in one city. These will be handled by the distant branch as local checks. Funds are credited the following business day and there are no collection fees.

 Automated teller machines

You can deposit money into your account using an ATM or a debit card at the Automated Deposit and Withdrawal Machine, which accepts cash. Without having to visit the bank, it can be used, and the transaction receipt provides the most recent account balance.

 Online Loan

The financing programme offered by SBI enables people to satisfy a range of needs and desires while paying low interest rates and having flexible payback alternatives.

 E-rail SBI

Customers of individual banks' internet lending programmes can book train tickets online through their banks using SBI E-Rail. In order to do this, the Indian Railway Catering and Tourism Corporation Ltd. has a relationship with the banks (IRCTC). Online train ticket purchases can have the relevant amount taken from the customer's bank account.

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VOLUME: 10, Special Issue 01, (IC-IESP-MULTI-2023) Paper id-IJIERM-X-I, January 2023 142 2 LITERATURE REVIEW

Gopalakrishnan (2004) noted that in order to compete with foreign banks and emerging private sector banks, modern banking services must take into account issues like technological innovation, creative service delivery methods, and diversification of operations. To determine the consumers' degree of satisfaction with their banks, quartile deviation was utilised. To investigate the variables impacting the degree of customer satisfaction, the Chi-Square test is used between the personal and independent variables.

According to the study's findings, the banking industry must put the needs of its customers first. Additionally, it shows that nationalised banks are making every effort to increase client happiness.

Ashok (2006) This study's main goal is to determine how well the chosen bank branches meet their customers' demands. The cost of keeping a client today is only 10% of the price of getting a new one. Banks certainly provide tangible services, but those cannot satisfy clients who require intangible services that can be felt, such as the atmosphere, the speed of transactions, and the efficiency of the employees.

2.1 Objectives

 To identify the various CRM practices followed by bank.

 To identify the Customer Awareness of Services and Facilities Offered by The State Bank of India

3 RESEARCH METHODOLOGY

This study is basically qualitative in nature. The purpose of the study is to find out whether customers are aware of the services and amenities that The State Bank of India offers.

Consumers of SBI make up the study's population; the target group is retail customers.

Both secondary and primary data have been employed for this study's purposes. The primary sources of secondary data collection were journals, articles on the internet, newspapers, magazines, books, etc. In the case of primary data, questionnaires were mostly employed to ascertain the actualities of the aforementioned aims, with respondents being customers and bank employees. The survey is well-structured and includes both open- ended and closed-ended questions.

4 RESULTS

The percentage analysis is used to determine how well-informed clients are about the various services and amenities that bank provide. The following table provides an overview of consumers' knowledge of the various services and facilities provided by bank.

S.No Service/Facility offered Aware (Percentage)

Unaware (Percentage)

1. Internet Banking 89.8 10.2

2 Bhim SBI Pay 84.0 16.0

3 SBI e Pay 76.3 23.7

4 SBI Yono 61.7 38.3

5 SBI Prepaid Card 70.2 29.8

6 SBI Virtual Card 50.6 49.4

7 SBI Green Remit Card 47.5 52.5

8 SBI Card Elite 51.5 48.5

9 SBI Visa Signature Debit Card 61.9 38.1 10 Safe Deposit Locker Facility 67.1 32.9

11 SBI Express Remit 45.6 54.4

12 SBI Mutual Fund 68.5 31.5

13 SBI No Queue App 49.8 50.2

14 Aadhar Seeding 55.2 44.8

15 Door Step Banking 54.4 45.6

16 SBI Quick Missed Call Banking 56.5 43.5 17 SBI Instant Money Transfer 67.7 32.3

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18 ATM Services 74.8 25.2

19 SBI Incube 50.6 49.4

20 NETC 56.5 43.5

21 Multi City Cheque Facility 63.7 36.3

22 Cash Deposit Machine 74.6 25.4

23 Online Loan 65.4 34.6

24 SBI E-Rail 53.7 46.3

Table Source: Primary Data 5 FINDINGS

 Just 47.5% of SBI customers are aware of the SBI Green Remit Card. The Green Remit Card should be actively promoted to clients, therefore SBI should do so.

 Only 45.6% of the SBI customer aware of SBI Express Remit facility. Banks should take adequate measures to educate their customers about the same as they can enjoy the unique advantages of convenience, speed, and affordability.

 SBI No Queue App is only known to 49.8% of SBI customers. SBI needs to do more to spread the word about the SBI No Queue app.

6 CONCLUSION

CRM allows for enhanced business performance throughout the entire client relationship.

Despite being difficult to adopt, administer, and improve, the CRM system has obvious economic benefits. In every aspect of this environment, network and application suites must work in harmony. Banks are having a very tough time keeping consumers in today's competitive environment, which is defined by shifting customer values. The customer has gained a lot of power since he has access to so much knowledge. The consumer wants a variety of products with value added. Value for money, time, and effort is what the customer wants. Change has spread far and is now the one thing that never changes. To overcome the difficulties brought on by fierce rivalry and the technological development, a unique bondage with the clients is required. Relationship marketing is the fundamental method that makes this happen. Although loyalty and relationships cannot be equated, relationship marketing preserves the bond between banks and their customers, giving banks at least a chance to turn a consumer into a loyal one. Therefore, the study has made it quite evident that the true problem facing banks is turning relationships based on transactions into ones that are emotionally tied and steadfast over time.

REFERENCES

1. Ashok Kumar M, Selvakumar S (2006)," Customer Satisfaction in Banks", PSG Journal of Management Research, Volume I No 4 October-December 2006 Pg 101-110

2. Gopalakrishnan V,"Marketing of Banking Services in the Globalised Scenario", Indian Journal of Marketing Volume XXXIVI No 5 May 2004.

3. Tripathi Swati (2013), An Empirical Study: Awareness of customers on Service quality of Public Sector Banks in Varanasi” Journal of Business Management and Social Science Research (JBM & SSR), 2 (1).

4. Bhupendra Kaur Saluja, Vivek Sharma and Juhi Naik (2014), “The Study of Customer Perception towards Banking Services of Banks in Indore Region”.