International Journal of Research Publication and Reviews, Vol 5, no 5, pp 1791-1796 May 2024
International Journal of Research Publication and Reviews
Journal homepage: www.ijrpr.com ISSN 2582-7421
A Study of Customer Perception towards ICICI Bank Service
Dr. A. Sukumar
1
, Soma Sundaram. K
2
1
Assistant Professor, Department of Commerce with Professional Accounting, Sri Krishna Adithya College of Arts and Science
2
Student of III B.com (PA), Department of Commerce with Professional Accounting, Sri Krishna Adithya College of Arts and Science
ABSTRACT
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be
directly performed by the bank or indirectly through capital markets. ICICI Bank Limited is an Indian multinational bank and financial services company
headquartered in Mumbai with registered office in Vadodara. It offers a wide range of banking and financial services for corporate and retail customers through a
variety of delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.
INTRODUCTION
The Banking system of the country is the base of the economy and economic development of the country. It is the most leading part of the financial sector
of the country as it is responsible for more than 70 % of the funds flowing through the financial sector in the country. The banking system in the country
has three primary functions
• Operations of Payment system
• Depositor and protector of people’s savings
• Issue loans to individual and Companies
STATEMENT OF PROBLEM
• The study mainly focuses on service issues faced by customers in ICICI bank and generate new ideas in bank to satisfy customer
• To overcome the problems in ICICI banking transactions and to improve customer relationship management. Mainly to avoid server problems
in ICICI mobile application. To guide ICICI Representatives, to clearly mention the interest rates to the customers before providing home
loans.
• To overcome weakness, positive correlation between customer satisfaction and customer retention towards ICICI Bank. There is need for an
extensive study on the customer’s perceptions on the service quality in banking service offered
OBJECTIVES OF THE STUDY
• To determine the factors influencing the level of customer satisfaction in ICICI Bank.
• To assess the level of customer satisfaction on the quality of service provided by the ICICI Bank.
• To study customer preference about the ICICI Bank.
SCOPE OF STUDY
Consumers all over the world have become more quality conscious; hence there has been an increased customer demand for higher quality service.
Service operations worldwide are affected by this new wave of quality awareness and emphasis. Therefore service-based companies like the banks are
compelled to provide excellent services to their customers in order to have sustainable competitive advantage, especially in the current trend.
International Journal of Research Publication and Reviews, Vol 5, no 5, pp 1791-1796 May 2024 1792
REVIEW OF LITERATURE
A thorough literature assessment can guarantee that the right theoretical framework, research methodology, and/or research question have been selected.
More specifically, a literature review gives the reader context by placing the current work within the corpus of pertinent literature. In these situations, the
technique and results sections of the paper are typically followed by the review
• S Firdous, R Farooqui - Journal of Internet Banking and 2017 - In India, the internet banking was introduced in 1995 by ICICI bank
followed shortly. This dimension has the strongest correlation with customer satisfaction according to the analysis. To add to the existing
knowledge in the electronic banking field of study. To help the banks and policy makers have a better understanding of the internet banking
dimensions and their contributions towards customer satisfaction.
• MR Rabbani, FA Qadri, M Ishfaq - VFAST Transactions on Education and 2017 - ICICI bank from the private sector banks in the
National Capital Region (NCR). The observations covered a period from This analysis suggests that the data is highly reliable. Service quality
is one of the most important factors behind customer satisfaction in commercial banks. Various studies revealed that service quality plays a
decisive role in satisfaction of customers and satisfaction of customers to a great extent lead to the customer loyalty vis-a-vis profitability of
banks.
• N Patra, N Ray - Chaos, Complexity and Leadership 2018 Springer study aimed at finding out the crucial customer perceptions of
online/digital banking services provided by the State Bank of India. A comparative analysis of the customer ratings of the two banks.
Digitization has been introduced as a modern approach to globalization in this new era. It has been impacting on global, social, and economic
aspects. With the same vision, India has taken part in this journey to transform India into a digitally empowered society.
• D Sharma, D Aggarwal Gupta - Int. J. Sci. Technol, 2019 - by banks include Pockets (ICICI Bank) and Lime (Axis Bank) in 2015. Many
of factor analysis a descriptive study was carried out to identify factors affecting customer perception towards .The advanced mobile devices
have become popular in recent years. These devices with the developments in mobile network connectivity enable the users to explore a variety
of mobile applications. One of the most popular mobile applications is the mobile wallet or wallet. Wallets are mobile applications that provide
a variety of features to the consumers.
• R Aishwarya, D Sarala, P Muralidharan - Journal of Service 2019 - Analytics recommended huge potential of mobile banking in data are
used for the study but the analysis was made to have a basic idea for the analysis of customer perception mainly with customer satisfaction
and service quality of ICICI Bank Ltd. Mobile banking is the latest and most innovative service offered by Banks. The purpose of the study is
to investigate the determinants of service quality of mobile banking services in ICICI. Methodology: This study was conducted by using
empirical research and Cluster cum Simple random sampling method has been adopted for a sample size of 100 respondents using mobile
banking services in ICICI bank Limited.
HISTORY OF ICICI BANK
ICICI was established as a government institution on 5 January 1955, with Sir Arcot Ramasamy Mudaliar serving as its chairman. It was conceived as a
joint venture involving India's public-sector Insurance companies, banks, and the World Bank to offer project financing to Indian industry. Initially, ICICI
operated solely as a development financial institution.
In 1994, ICICI Bank was founded as a wholly-owned subsidiary of ICICI in Vadodara. Initially named the Industrial Credit and Investment Corporation
of India Bank, it later rebranded as ICICI Bank. The Boards of Directors of ICICI and ICICI Bank went ahead with a merger in October 2001 that included
two wholly owned retail finance subsidiaries: ICICI Capital
Services Limited and ICICI Personal Financial Services Limited. This merger of parent ICICI Ltd. into its subsidiary ICICI Bank led to privatisation.
During the 1990s, ICICI underwent a strategic transformation, diversifying its business from solely Offering project finance to becoming a diversified
financial services group. ICICI Bank notably launched its Internet Banking operations in 1998. In 1998, the shareholding of ICICI in ICICI Bank was
decreased to 46% through an Initial Public Offering (IPO) in India. This followed an equity provided through American depositary receipts on the NYSE
in 2000. The acquisition of the Bank of Madura Limited in an all-stock deal took place in 2001.
In 1999, ICICI became the first financial institution, bank, or Indian company from non-Japan Asia to be listed on the NYSE. Subsequently, in 2002,
ICICI, ICICI Bank, and its subsidiaries merged in a reverse merger.
Role in Indian financial infrastructure
• ICICI bank has contributed to the setting up of a number of Indian institutions to establish financial infrastructure in the country over the years:
• In 1992, India's leading financial institutions, including ICICI Ltd., promoted the National Stock Exchange of India on behalf of the
Government of India to establish a nationwide trading facility for equities, debt instruments, and hybrids, ensuring equal access to investors
across the country through an appropriate communication network.
International Journal of Research Publication and Reviews, Vol 5, no 5, pp 1791-1796 May 2024 1793
• In 1987, ICICI Ltd along with UTI set up CRISIL as India's first professional credit rating agency.
• NCDEX (National Commodities and Derivatives Exchange) was set up in 2003, by ICICI Bank Ltd, LIC, NABARD, NSE, Canara Bank,
CRISIL, Goldman Sachs, Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Punjab National Bank.
• Entrepreneurship Development Institute of India (EDII), was set up in 1983, by the erstwhile apex financial institutions like IDBI, ICICI, IFCI
and SBI with the support of the Government of Gujarat as a national resource organisation committed to entrepreneurship development,
education, training and research.
• Eastern Development Finance Corporation (NEDFI) was promoted by national-level financial institutions like ICICI Ltd in 1995 at Guwahati,
Assam for the development of industries, infrastructure, animal husbandry, Agri-horticulture plantation, medicinal plants, sericulture,
aquaculture, poultry and dairy in the North Eastern states of India.
Here are some essential details about the ICICI bank:
PARTICULARS
Type
Public
Industry
Banking, Financial services
Founded
5 January 1994; 26 years ago,
Area
served Worldwide
Key people
Girish Chandra Chaturvedi (Chairman), Sandeep Bakhshi (MD & CEO)
Products
Retail banking, corporate banking, investment banking, mortgage loans, private
banking, Wealth Management, credit cards, finance and insurance
Net profit records
Rs. 9,648crore
Market Capitalisation
Rs. 7.44 trillion (US $7441.43 billion) (2024)
Revenue
Rs. 59,739.72 crore
Net Income
Rs. 34,036.64 crores (US$4.3 billion) (2023)
Total assets
Rs. 19.58 lakh crores
Number of employees
1,30,542
DATA ANALYSIS AND INTERPRETATION
Analysis and interpretation of data are two key components in the process of understanding information gathered through research or observation
SIMPLE PERCENTAGE ANALYSIS
Simple Percentage method refers to the specific kind which is used in making comparison between two or more series of data collected. Percentages are
based on descriptive relationship. It compares the relative items. Through the use of percentage, the data are reduced in the form with base equal to 100%,
which facilitate relative comparison.
International Journal of Research Publication and Reviews, Vol 5, no 5, pp 1791-1796 May 2024 1794
FORMULA:
PERCENTAGE = NO.OF. RESPONDENTS X100
TOTAL NO.OF. RESPONDENTS
TABLE SHOWING GENDER OF RESPONDENTS
No. of respondents
Percentage
76
48.7
2
1.3
78
50
156
100
SOURCE: PRIMARY DATA
INTERPRETATION :+
The above table shows the 50% of the respondents are female,48.7% of the respondents are male and 1.3% of respondents are others. Hence the highest
respondents are female.
CHAT SHOWING GENDER OF RESPONDENTS
TABLE SHOWING HOW WOULD YOU RATE THE EFFICIENCY OF ICICI BANK ONLINE BANKING PLATFORM
How would you rate the efficiency of ICICI bank
online banking platform
No.of respondents
Percentage
Excellent
69
44.2
Good
56
35.9
Fair
19
12.2
Poor
12
7.7
Total
156
100
SOURCE: PRIMARY DATA
INTERPRETATION :
This above table shows 44.2% of the respondents are excellent, 35.9% of the respondents are good, 12.2% of the respondents are fair, 7.7% of the
respondents are poor.
Hence the highest respondents mention that the ICICI service is excellent.
CHART SHOWING THE RATE OF EFFICIENCY IN ICICI BANK ONLINE
BANKING PLATFORM
International Journal of Research Publication and Reviews, Vol 5, no 5, pp 1791-1796 May 2024 1795
WEIGHTED AVERAGE METHOD
A weighted average is a type of mean that gives differing importance to the values in a dataset. In contrast, the regular average, or arithmetic mean, gives
equal weight to all observations. The weighted average is also known as the weighted mean, and I’ll use those terms interchangeably.
Use a weighted mean when you must consider the relative significance of values in a dataset.
In other words, you’re placing different weights on the values in the calculations
TABLE SHOWING CUSTOMERS TOWARS TOWARDS ICICI BANK
Rating
Highly
satisfied
Satisfied
Neutral
Dissatisfied
TOTAL
WEIGHTED
AVERAGE
RANK
Efficiency of ICICI banking
online banking platform
120
186
80
25
411
2.61
4
Overall services provided by
ICICI bank
200
120
74
30
424
2.70
3
Competitive interest rate
and fees compared to other
bank
272
96
50
32
450
2.86
2
Bank app interface
320
132
60
3
515
3.28
1
INTERPRETATION:
In the view to find out the satisfaction level of the customers, the qualitative need to converted the quantitative data, for that purpose different weightage
was given to the different agreed levels, namely highly satisfied given with 4, satisfied given with 3, neutral given with 2 and dissatisfied given with 1
The above table depicts that ‘customers satisfaction towards ICICI banking services’ was given with bank app interface in the weighted average of 3.28,
and marked as rank 1, competitive interest rate and fees compared to other bank in the weighted average of 2.86, and marked as rank 2, overall services
provided by ICICI bank in the weighted average of 2.70, and marked as rank 3, online banking platform in the weighted average of 2.61, and marked as
rank 4
Findings :
This study intends to investigate how customers are satisfied with ICICI bank services as well as to point the customer expectations and perception . It is
evaluated in the general level of banking service analysis in Coimbatore city using a number of analytical methods including simple percentage analysis
and weighted average method. A summary of the study’s findings suggestions and conclusion based on them are given in final chapter.
Percentage Analysis
50% of the respondents are female.
37.2% of the respondents belongs to the age group are 18-25.
51.3% of the respondents are belongs employment level are UG.
52.6% of respondents are belongs to the monthly income is below 20000.
International Journal of Research Publication and Reviews, Vol 5, no 5, pp 1791-1796 May 2024 1796
44.2% of the respondents are belongs to area of residency in urban area.
57.7% of the respondents are belongs to nuclear family
33.3% of the respondents are belongs to less than a year.
44.2% of the respondents are agree the banking service of ICICI is excellent
71.8% of the respondents are using savings account
48.1% of the respondents are satisfied with the service quality.
44.2% of the respondents are agreeing the ICICI bank offers. 44.9% of the respondents are using their ICICI bank account weekly
35.9% of the respondents are using ICICI customer service.
51.9% of the respondents are using customer service
50.6% of the respondents are agree the problem of ICICIC bank service will solve within a week
Weighted average
3.28 Weighted average respondents were satisfied with the banking inter face app services.
CONCLUSIONS
Overall Satisfaction the majority of customers express satisfaction with ICICI Bank's services, indicating that the bank is meeting or exceeding their
expectations in various aspects. Service quality customers value the quality of services provided by ICICI Bank, including the efficiency of transactions,
reliability of banking systems, and the competence of staff. Convenience is a significant factor influencing customer satisfaction, with customers
appreciating the accessibility of branches, ATMs, online banking platforms, and mobile banking apps offered by ICICI Bank. Communication and
Responsiveness Effective communication and responsiveness to customer queries, complaints, and feedback contribute positively to customer
satisfaction, indica.
BIBLIOGRAPHY
REFERNCE
• J Agarwal - journal of computing and business research, 2012 -the customer satisfaction through service quality provided by the banks- SBI
from the public sector banking and ICICI of the study.
• S Firdous, R Farooqui - Journal of Internet Banking and 2017- In India, the internet banking was introduced in 1995 by ICICI bank followed
shortly. This dimension has the strongest correlation with customer satisfaction according to the analysis
• MR Rabbani, FA Qadri, M Ishfaq - VFAST Transactions on Education and 2017 - ICICI bank from the private sector banks in the National
Capital Region (NCR).
• N Patra, N Ray - Chaos, Complexity and Leadership 2018: Springer study aimed at finding out the crucial customer perceptions of online/digital
banking services provided by the State Bank of India
• D Sharma, D Aggarwal Gupta - Int. J. Sci. Technol, 2019 - by banks include Pockets and Lime in 2015. Many of factor analysis a descriptive
study was carried out to identify factors affecting customer perception towards
• S Singh - Think India Journal, 2019 - that the respondents opinion is concentrated towards satisfaction level. Thus, it is concluded from the
above analysis that the services of the ICICI Bank
• HM Bai - Shan lax International Journal of Commerce, 2019 - This review shows that to fulfil the expectations of the consumers and to increase
the study came to know that ICICI bank is providing good mobile banking services to its customers
WEBSITES:
• https://www.google.com
• wikipedia.org/wiki/ICICIBank
• www.icicibank.com