The Relationship Between Customer Satisfaction and Third Party Products : A Study in Banks

Abstract

The customer satisfaction is essential in any service organisation and banks is no exception of it and it has also been observed from the continuous improvement of existing service quality and the need of urgency of introduction of variety of new product and services in the product lines of Banking Industry. The banking industry in India has grown tremendously with the distribution of third party products which has emerged as a key driver for growth and development. Public sector banks also have entered into distribution of third party products in a very aggressive way and converting their huge branch network into distribution channels for increasing fee based income. This paper is an attempt to show the relationship between customer satisfaction and third party products of banks and also to find out reasons behind the use of third Party products by the respondents of Public sector bank and Private sector banks working in the Jorhat District of Assam. The size of the sample is 200 and it is determined by using convenience sampling method. The date has been analysed by using SPSS software (version: 16). The result of the study shows that there is a significant relationship between third party product and customer satisfaction and it is more when the results compare demographic profile of respondents.