Customer Satisfaction Essay

4517 words - 19 pages

Pacific Business Review International
Volume 5 Issue 7 (January 2013)

74

Determinants of Customers' Satisfaction for
Stock Broking Services - An Empirical Analysis
Dr Rajeev K Shukla*, Dr Ajit Upadhyaya**
Liberalization and deregulation of financial sector have opened multidimensional growth opportunities for the
financial service providers at the same time it has provided more profitable investment opportunities to the
investors to invest their money in more diversified range of products. In this competitive environment it is very
crucial to every business firm to ensure satisfaction to its customers. The main purpose of the study was to know
the expectations and the ...view middle of the document...

Availability
of multifaceted information at faster and speedier rate with the
help of communication technologies such as Internet services,
mobile banking, on line trading etc. has changed the investors'
investment behavior. At the same time improved earning
capacity and increased family income of Indians have increased
their investment capacity. So the financial service providers like
broking agencies have to develop new set of products, services
and methods for their business developments. Moreover the
key differentiating factor in providing financial services is the
efficiency in service delivery to multi product on customized
basis. This includes personalized consulting and problem
solutions specific to individual investors' investment and
financial planning issues.
The stock brokerage industry emphasizes client value because
clients generally have a long-term relationship with the
brokerage. It is because clients place trade instructions to a
brokerage repetitively whenever they find suitable investment
opportunities. So in a climate of decreasing brand loyalties,
understanding customer service and measuring customer
satisfaction are very crucial. There is obviously a strong link
between customer satisfaction and customer retention.

Customer's perception of Service and Quality of product will
determine the success of the product or service in the market.
Customer satisfaction is still one of the single strongest
predictors of customer retention. In the present competitive
environment it is very crucial to every business firm to ensure
satisfaction to its customers. According to one survey it was
found that it costs five times more to attract a new customer
than to retain an existing customer. So with all these
parameters taking into consideration one can say that it is very
important to provide goods and services that satisfy customers
needs or wants irrespective of the industry or scale of the
business in which a firm is operating.
Brief Literature Review
A study by Kauffman et al. carried out in 2000 indicated that,
due to the intensive essence of information, most traditional
form of stock trading market players will eventually move
towards leveraging IT in order to operate their businesses in an
Internet-based trading manner. This in turn brings about
many potential benefits for the users i.e. the investors, such as
faster trading speeds, better information transparency, and
much lower operating costs (George, 2000).
A business that wants to succeed in today's global competitive
market, where customers are empowered and brand loyalty
erosion is increasing, will have to move to customer
relationship management (CRM). Customer relationship
management enables organizations to provide excellent realtime customer service through the effective use of individual

*Professor, Shri Vaishnav Institute of Technology & Science, Baroli, Sanver Road Indore (M.P)
**Asso. Prof. and HOD Mkt., Prestige...

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