Service Development by using Servqual and Quality Function Deployment in Private Banking Industry
Jeyaprabha B1, C Sundar2
1Jeyaprabha B, Assistant Professor, Department of Management Studies, SRMIST, Chennai (Tamil Nadu), India.
2Dr. C Sundar, Professor, School of Management, Ramapuram Campus, SRMIST, Chennai (Tamil Nadu), India.
Manuscript received on 13 June 2019 | Revised Manuscript received on 09 July 2019 | Manuscript Published on 17 July 2019 | PP: 22-28 | Volume-8 Issue-1C2 May 2019 | Retrieval Number: A10050581C219/2019©BEIESP
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: This study aimed to analyse and investigate the various factors responsible for the quality of banking services and various other factors which are responsible to pull down the service level to some extent. In crux, improvement of quality of banking services using Quality Function Deployment is the motto of the study. QFD matrix has two main requirements. One is Customer requirement which captures the Voice of the customers and the second is technical requirements which in turn capture the technical aspect for the same. SERVQUAL model of quality gap has been used to identify the Service requirement from the customer through a well structured questionnaire. A team of banking personnel who has rich experience in the field have been identified and interviewed to come up with the technical requirement which could satisfy the customer requirement. The study population was customers of Axis, ICICI and HDFC branches in Chennai. Using multi-stage sampling method, 100 questionnaires were distributed among the population. The instrument used in this study was standard SERVQUAL questionnaire and interview method. The correlation between various technical requirements was identified using the “roof” of QFD which is otherwise called as correlation matrix. After identifying the Correlation, the relationship between customers’ requirements and technical service specifications were examined in QFD matrix. Finally absolute weights and relative weights were calculated by multiplying the level of importance value with the strength of relationship for every technical specification. In the end, the absolute and relative weights of the technical specifications of banking services were prioritized. The Service requirements were classified into five different categories based on the weights obtained by them for easy and clear interpretation. Category 1 with high importance to category 5 with low importance. SR 14, Separate counters for different services fell in Category 1 (>500) with the highest score of 570 and SR 17– Wishes on special occasions with 106 points fell in category V with score ranges from > 100 to 200. The extended part of the QFD matrix gives us the Competitor analysis. Based on the results of the study it has been observed that ICICI tops the list among three in various Service requirement. The prioritization and competitor analysis shows us as well as the bankers the roadmap and the scope for further development in banking sphere.
Keywords: Quality of private Banking Services, QFD
Technique, SERVQUAL.
Scope of the Article: e-governance, e-Commerce, e-business, e-Learning