International Journal of Bank Marketing

Impact of service quality on customer satisfaction in private and public sector

banks
Justin Paul Arun Mittal Garima Srivastav
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Justin Paul Arun Mittal Garima Srivastav , (2016),"Impact of service quality on customer satisfaction
in private and public sector banks", International Journal of Bank Marketing, Vol. 34 Iss 5 pp. 606 -
622
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IJBM
34,5
Impact of service quality on
customer satisfaction in private
and public sector banks
606 Justin Paul
Received 14 March 2015
Graduate School of Business Administration,
Revised 29 July 2015 University of Puerto Rico, San Juan, Puerto Rico, and
18 September 2015
Accepted 23 September 2015 Arun Mittal and Garima Srivastav
Birla Institute of Technology, Noida, India
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Abstract
Purpose – In today’s world, with increased competition, service quality has become one of the most
popular areas of academic investigation. The purpose of this paper is to examine the impact of various
service quality variables on the overall satisfaction of customers and compare the private and public
sector banks using a sample from India.
Design/methodology/approach – With the help of forward stepwise regression, the authors explain
how a variety of variables are both negatively and positively influencing customer satisfaction.
The authors collected data from 500 respondents in India; 250 of which were customers of private
sector banks, and 250 of which were customers of public sector banks. The authors had a response
rate of 65 percent.
Findings – In the case of private sector banks, knowledge of products, response to need, solving
questions, fast service, quick connection to the right person, and efforts to reduce queuing time were
found to be the factors that are positively associated with overall satisfaction. Assistance to the
customer, appearance, and follow up are negatively associated with customer satisfaction. On the other
hand, in the case of public sector banks, knowledge of the product and fast service are the factors
which are associated positively and appearance is the only factor that is negatively associated.
Originality/value – The components of service quality that are positively associated are not the same
in public sector banks as they are in private sector banks.
Keywords SERVQUAL, Service quality
Paper type Research paper

1. Introduction
Customer satisfaction is a mental state, which compares the results of customer
expectations prior to purchase with performance perceptions after a purchase.
Customers are satisfied when they are happy with their purchase outcome, achieve
their goals, and experience no hassle. It is believed that satisfied customers maintain
contact with the company and purchase more products or services more frequently
than dissatisfied customers. Customers develop a feeling of satisfaction that is
commonly explained by the confirmation/disconfirmation paradigm (Cadotte et al.,
1987; Eggert and Ulaga, 2002). This paradigm states that in a specific moment in time a
customer makes the choice to buy a product or a service. It is then the perception of the
product’s performance which leads to a comparison process; where perceived
performance is compared with one or more standards, such as expectation.
International Journal of Bank
Marketing
Vol. 34 No. 5, 2016
pp. 606-622 The authors thank Professor Hooman Estelami (Editor in Chief), anonymous reviewers of this
© Emerald Group Publishing Limited
0265-2323
journal, Erick Mass Roman (University of Puerto Rico) for their comments on this manuscript. All
DOI 10.1108/IJBM-03-2015-0030 authors contributed equally.
 Service quality can be defined as the difference between a customer’s expectations Impact
of service performance prior to the service encounter, and their perceptions of the of service
service after it is received (Asubonteng et al., 1996). Service quality is recognized as a
major factor responsible for gaining competitive advantage and maintaining
quality
satisfactory relationships with customers (Zeithaml and Bitner, 2000). Quality of
service has a positive effect on the bottom-line performance of a firm, which extends to
the competitive advantages gained from improved quality. This is why the perceived 607
service exceeds the service level desired by customers (Chumpitaz and Paparoidamis,
2004). Parasuraman et al., (1988) conceptualized a five-dimensional model of service
quality consisting of reliability, responsiveness, empathy, assurance, and tangibility.
Their measurement instrument, known as SERVQUAL, is a widely accepted standard
for the measurement of service quality. The central idea of this model is that service
quality is a function of the difference between scores, more precisely, the gap between
expectations and perceptions. SERVQUAL includes tangibility, reliability,
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responsiveness, assurance, and empathy.

In context, this paper explores the impact of various service quality variables on the
overall satisfaction of customers. The proxy variable used for overall satisfaction is
“Well Cared-For Facilities.” With the help of forward stepwise regression, we explain
how a variety of variables can both negatively and positively influence the overall
customer satisfaction level. The rest of the paper proceeds as follows: Section 2 is the
literature review, research methods are discussed in Section 3, the objectives are
specified in Section 4, the analysis and results are presented in Section 5, and Section 6
summarizes the findings while providing the conclusion and proposed
recommendations.

2. Literature review
Service quality, especially in the banking sector, has been a popular research topic.
Gefen (2000) defined service quality as “the subjective comparison that customers make
between the quality of the service that they want to receive and what they actually get.”
Sudesh (2007) reported that the poor service quality in public sector banks is mainly
due to deficiency in tangibility, as well as a lack of responsiveness and empathy. On the
other hand, private sector banks were found to be more refined in this regard. Overall,
foreign banks were relatively close to their customers’ expectations in term of the
various dimensions of service quality. Furthermore, the study revealed the presence of
service quality variations across demographic variables. It suggests that bank
management should pay attention to potential failure points and respond to customer
problems (Sudesh, 2007). Banks should pay attention to service quality to increase
customers’ loyalty to the company, willingness to pay, customer commitment, and
customer trust (Hazra and Srivastava, 2009). Therefore, there is a need to emphasize the
understanding of multidimensional constructs of service quality and its implications in
a competitive environment. A satisfied customer does not necessarily become loyal,
while customers may maintain a relationship with a company despite being dissatisfied
(Matos et al., 2013).
A great deal of research on service quality has been carried out in developed
countries (Herbig and Genestre, 1996), even though the service sector is among the
most rapidly growing sectors in emerging countries. Similarly, the bulk of research on
bank service quality (BSQ) has been in the context of USA and European banking
institutions. However, with the growth of India, global integration has become a source
of learning for marketers from the rest of the world. There is a significant gap in service
 IJBM marketing literature on consumer service quality evaluation in the context of cultures
34,5 other than developed countries. Recent research has, however, begun to explore this
area of study (Bolton and Lemon, 1999; Bolton and Myers, 2003). Most studies compare
the performance of public and private banks by using measures of profitability,
productivity, and financial management. They found that public sector banks fared
poorly in all measures when compared with private banks. Better performance from
608 commercial banks occurs only in regards to corporate profit making as one of the firms’
key responsibilities. Kantawala (2004) and Ketkar et al. (2004) analyzed the
performance of banks from a profitability perspective using various financial
parameters. These studies reveal the trend of declining public sector banks and the
increasing prominence of new private sector and foreign banks. Sathye (2003)
measured the productive efficiency of banks in India and recommended that all
commercial banks should attempt to sell a variety of products, adopt new dynamic
marketing strategies, develop innovative products, and emphasize both tangible and
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intangible service aspects. As a result of heightened competition, BSQ has become an

increasingly prominent factor in determining market shares and profitability in the
banking sector (Anderson et al., 1994; Spathis et al., 2002). Kangis and Voukelatos
(1997) state that perceived service quality is a result of the comparison of consumers’
expectations with their perception of service delivered by the supplier. They also state
that public sector banks are making efforts to remain in the same league as more
modern, tech savvy banks. In order to do so, products such as online transactions,
ATMs, special savings accounts, sweep-in-accounts, no frills accounts, and easy
receives accounts have been introduced. Private sector banks may have previously
appeared to be winning the race, but public sector banks, with their vast client base and
unparalleled treasury of trust, have evolved their brand of customer-friendliness.
Public sector banks have an understanding that in this era of competition, customer
satisfaction is the key to success. Levy (2014) suggests that bank loyalty is directly
affected by satisfaction with service quality. Convenience and satisfaction with service
quality affect the use of online services as customers use these online services at the
expense of offline services as loyalty to their bank service provider deteriorates.
Marakarkandy and Yajnik (2013) found that online banking customers in India were
satisfied with the accuracy of bank websites, though not necessarily satisfied with the
content of such sites.
Deirdre and Isabelle (2004) studied the functional and emotional values that went
into the branding of retail financial services. The functional values include
competitiveness, size, advice and expertise, customer service, flexibility, accessibility,
efficiency, and innovativeness. The emotional values include security and stability,
familiarity, longevity, friendliness, caring and helpfulness, courtesy, feeling
comfortable, and understanding. Singh (2004) identified that the level of customer
satisfaction is determined by the branch location and design, variety of services, rates
and changes, systems and procedures, delegation and decentralization, mechanization
and computerization, competitive efficiency, complaint re-dresser and the attitude and
skills of bank staff. Bahia and Nantel (2000) developed a specific new scale – 13 BSQ
model – for perceived service quality in retail banking. The BSQ was an extension of
the original ten dimensions of the model of Parasuraman et al. (1985). In addition, Bahia
and Nantel (2000) incorporated additional items for courtesy and ease of access, as
proposed by Carman (1990). Similarly, Choudhury (2013) analyzed 15 items that
comprise the various aspects of service quality in banking sector and found the four
most important dimensions of customer perceived service quality to be behavior,
 reliability, tangibles, and convenience. Kumar and Mishra (2015) studied the service Impact
quality dimensions based on the SERVQUAL model in effort to find the gaps in service of service
quality of public sector banks. The authors found that the largest gap is in the
dimensions of responsiveness and assurance. They further extracted that the most
quality
important factor of the 21 factors (like error-free sales transactions and records) studied
was prompt service, which was initially chosen based on the SERVQUAL model.
There are seven gaps in service quality (Parasuraman et al., 1985; Curry, 1999; Luk 609
and Layton, 2002). The first gap occurs between the customers’ expectations and
management perceptions. This gap arises due to the lack of a marketing research
orientation, inadequate upward communication, and an excess of layers of
management. The second gap is between management’s perceptions and service
specifications. This gap occurs due to the inadequate commitment to service quality, a
perception of infeasibility, an inferior task standardization, and an absence of
goal setting.
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The third gap is between service specifications and service delivery. This gap is a
result of role ambiguity and conflict, poor employee-job fit, poor technology-job fit,
inappropriate supervisory control systems, lack of perceived control, and lack of
teamwork. The fourth gap is between service delivery and external communication.
This gap is due to the result of inadequate horizontal communications and the firm’s
propensity to over-promise. The fifth service quality gap is the discrepancy between
customer expectations and the perceptions of the service delivered. This gap occurs as
a result of influences exerted from the customer side and shortfalls of the service
provider. In the case of this fifth gap, customer expectations are influenced to the extent
of personal needs, word of mouth recommendation, and past service experiences.
The sixth gap is the discrepancy between customer expectations and employee
perceptions. This gap is a result of the difference in understanding customer
expectations by front-line service providers. The seventh, and final gap, is the
discrepancy between employee and management perception. This gap is a result of the
difference in understanding customer expectation between managers and
service providers.
The gap model is one of the most cited and valuable contributions to the services
literature. This model identifies seven key discrepancies or “gaps” relating to
managerial perceptions of service quality and tasks associated with service delivery to
customers. The first six gaps (Gaps 1-6) are identified as functions of the way in which
service is delivered. In addition, Gap 5 pertains to the customer and is considered
to be the true measure of service quality. SERVQUAL methodology has influence
on Gap 5. This service quality gap has been studied by foreign banks in India
using the service quality models where three major gaps were identified: the gap
between management and customer perception, the gap between service
quality specifications and service delivery, and the gap between perceived and
expected service.
Commercial banks must devote considerable effort toward the quality of services
and should place more emphasis on establishing long-term relationships with
customers, for in the mind of customers, service quality is inherited (Mualla, 2011).
Roy et al. (2011) analyzed service quality perspectives and customer satisfaction in
commercial banks in Jordan. The authors applied multiple regression on the five
parameters of the SERVQUAL (Service Quality) model. These parameters are –
empathy, tangibility, reliability, responsiveness, and assurance. They found that these
service quality parameters do have an effect on customer satisfaction. In a study
 IJBM carried out in Egypt by Saghier and Demyana (2013) it was found that factors
34,5 influencing users’ evaluation of service quality of banking services are reliability,
responsiveness, empathy, and assurance. Kumari and Rani (2011) found that service
quality is becoming more crucial for banks in the maintenance of their market shares.
Their study identifies customers’ perceptions of the bank using the relationship of five
factors along with the demographic characteristics of these customers. Vyas and Raitani
610 drew the conclusion that the drivers of bank switching behavior do not work in isolation.
Bank switching is the outcome of negative service experiences related to any of the
factors of customer satisfaction. “Marinkovic and Obradovic (2015) identified the
consequences of customers’ emotional reactions in the banking industry. With the help of
confirmatory factor analysis and the structural equation model, the authors found that
trust, social bonds, image, and service quality are statistically significant drivers of
satisfaction. Zameer et al. (2015) found that there is positive relationship between service
quality, customer satisfaction, and corporate image. Service quality and customer
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satisfaction have high impacts on the customer perceived value as does corporate image.
Jan and Abdullah (2014) revealed that technology-based critical success factors (CSFs)
positively affect customer satisfaction. These ‘technology CSFs’ were: impact of internet,
sales force automation, software for customer relationship management (CRM), data
warehousing and data mining, information system, call centers and coordinating CRM
implementation. Customer satisfaction was further measured as it related to service
quality, employee courtesy, employee expertise, location, efficiency and relationship.”
Generally speaking, the literature cited above shows that much work has been done
to increase the understanding of customer service in the banking sector. However, little
research has been done in the context of the Indian banking sector. The dimensionality
of SERVQUAL and the importance of each dimension varies with the cultural and
national context even within the banking industry (Sangeetha and Mahalingam, 2011).
Furthermore, there is a lack of comprehensive studies that include most major aspects
of “customer satisfaction” with the aid of a regression model. Our study was needed in
order to fill this gap. Therefore, the present study investigates the major factors
responsible for customer satisfaction with respect to banking service quality based on
SERVQUAL model. The study also intends to find the impact these service quality
variables have on customer satisfaction level.

3. Theoretical foundation of the model

The variables considered for this study have been previously looked at during similar
studies on service quality and customer satisfaction. Levesque and McDougall (1996)
investigated the major determinants of customer satisfaction and future intentions in
the retail bank sector. The authors considered the variable “Getting it Right the First
Time,” service features of competitive interest rates, and service problems including
service recovery and products used. The findings revealed that both service problems
and the service recovery ability of a bank have major impacts on customer satisfaction
and their intention to switch. Ndubisi and Wah (2005) also found that five key
dimensions: competence, communication, conflict handling, trust, and relationship
quality are discriminating factors between customers, both in terms of perceived
relationship quality and customer satisfaction. The “technological factors” (core service
and systematization of the service delivery) were used as a yardstick by the customer
to differentiate between high and poor service while “human factors” seemed to play a
lesser role in distinguishing banks from one another (Sureshchandar et al., 2003).
Al‐Eisa and Alhemoud (2009) found fast service, courtesy, employee helpfulness, and
 availability of self‐banking services to be the most crucial attributes in determining Impact
customer satisfaction in Kuwait. Service quality, service characteristics, service access of service
level, and the handling complaints have a positive effect on customer satisfaction
(Rostami et al., 2014). Mahua and Kazmi used the following attributes to determine the
quality
level of service quality of a bank: ease of account opening, transparency in declaring
applicable fees and charges, time taken to open accounts, availability of friendly and
courteous staff with knowledge of the bank’s products and services, fast and efficient 611
service, recognition of a customer as a valued customer, clean and well cared facilities,
seating availability in the waiting area, branch banking hours, time taken during a
typical branch visit, queue at counters and waiting period, receipt of account
statements/passbook updating and fees, and charges of the bank. The authors carried
out a survey on bank and credit card satisfaction in relation to the Indian banks.
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4. Research methodology
The present study is exploratory in nature. A survey method was used to collect the
primary data, and a forward stepwise research analysis was then carried out. The data
has been collected from customers who have bank accounts in at least one bank – private
or public – in India. A structured questionnaire with 27 variables, based upon
SERVQUAL model, was used. A five-point Likert scale (strongly disagree – 1, disagree – 2,
can’t say – 3, agree – 4, strongly agree – 5) was used to measure questionnaire responses.
Before the finalization of the questionnaire, a pilot study was performed with 50
respondents in order to finalize the 27 variables. A structured direct survey method was
followed for data collection. Initially, 760 questionnaires were distributed. Of these, 500
completed questionnaires were returned. This resulted in a 65 percent response rate. The
sample size for the study is 500; 250 from public sector bank and 250 from private sector
bank. “A sample size of above 400 is adequate for where the population is above 1,00,000
for precision of +/− of 5% (Israel, 1992).” The respondents were selected on the basis of
quota sampling and judgmental sampling. Quota sampling allowed us to reach the desired
sample size, i.e. 500 respondents. Judgment sampling allowed for the selection of the
sampling unit. The judgment criteria included a requirement that respondents have a
bank account in India and use online banking. The selection of branches was done via
simple random technique (fish-bowl method), where customers were approached inside
the branches of the respective banks. Customers were only selected for the study if they
fulfilled the judgment criteria, i.e. having a bank account and using online banking.
The customers of the public sector banks (the identity of banks has been disguised in this
study by using broad names) – Bank Alpha, Bank Beta, and Gamma Bank were chosen to
complete the survey. On the other side, the private sector banks selected were Bank Delta,
Bank Epsilon, and Bank Zeta. Selection of banks was based upon the ranking of the banks
in the “Best Bank Survey” carried out by KPMG and Business Today magazine.

5. Objectives of the study

The objective of this paper is to identify the most important variables which have
significant impact on overall customer satisfaction level with respect to private and
public sector banks in India.

6. Analysis and results

The level of “overall satisfaction” was the dependent variable, and 12 independent
variables were used in the forward stepwise regression. These 12 variables were
 IJBM queuing time, pleased to be assisting, space availability, ATM location, appearance,
34,5 handling complaints, follow up, fast services, respond to the need, knowledge of the
product, solving questions, and quick connection to the right person. The number of
variables was reduced from 26 to 12 to overcome the problem of multicollinearity and
increase precision. The R2 value of private sector banks is 0.887, and 0.521 for public
sector banks.
612
6.1 Impact on overall satisfaction with respect to private sector banks
Multiple regression and forward stepwise regression analysis were employed to find
the variables that have a significant impact on overall satisfaction levels. This can be
seen in the following three tables (Tables I-III), which summarize the data.
The forward regression model algorithm adds one independent variable at a time. It
began with one, which explained maximum variation in the “Overall Satisfaction” (the
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dependent variable) and continued to add more independent variables to the

regression, one-by-one. The model was verified at each step for the best fit and
variables ceased to be added once the regression model was optimized. The forward
stepwise regression took nine steps to reach model optimization for private sector
banks, and three steps for public sector banks.
The results from running the forward stepwise regression provided nine
independent variables out of a total of 12 (see Table III: the coefficient table), that
have significant impact on “overall satisfaction.” The value of R2 equals 0.887 (see last
row of Table I: model summary table), indicating that 88.7 percent of the variation in
the dependent variable is explained by the above-mentioned independent variables.
A value of R2 is significant as indicated by the p-value ¼ 0.000 (which is below the
5 percent assumed level of significance). This can be seen in the ANOVA table (Table II),
which shows the model is statistically significant. The estimated value of the coefficient
(see Table III: coefficient table) indicates only the variables, nine of them, are
statistically significant. These variables have p-values lower than the assumed level of

Model R R2 Adjusted R2 SE of the estimate

1 0.815 0.664 0.663 0.511

2 0.911 0.830 0.828 0.365
3 0.925 0.856 0.854 0.337
4 0.930 0.865 0.863 0.326
5 0.934 0.871 0.869 0.319
6 0.936 0.875 0.872 0.315
7 0.938 0.880 0.877 0.309
Table I. 8 0.941 0.885 0.881 0.304
Model summary 9 0.942 0.887 0.883 0.301

Model Sum of squares df Mean square F Sig.

9 Regression 171.215 9 19.024 209.349 0.000(i)

Table II. Residual 21.809 240 0.091
ANOVA Total 193.024 249
 Unstandardized
Impact
coefficients Standardized coefficients t Sig. of service
Model 9 B SE β B SE quality
IVs (Constant) −1.189 0.449 −2.649 0.009
1 Knowledge of products 0.319 0.047 0.397 6.774 0.000
2 Response to need 0.778 0.062 0.309 12.503 0.000
3 Solving questions 0.390 0.054 0.387 7.224 0.000 613
4 Pleased to be assisting you −0.183 0.049 −0.083 −3.723 0.000
5 Appearance −0.073 0.035 −0.061 −2.070 0.039
6 Fast services 0.220 0.057 0.130 3.888 0.000
7 Follow up −0.147 0.041 −0.102 −3.601 0.000
8 Quickly connected to the right
person 0.124 0.039 0.079 3.203 0.002
9 Efforts to reduce queuing time 0.060 0.028 0.052 2.121 0.035 Table III.
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Note: IVs, independent variables Coefficients

significance (0.05). Hence, the null hypothesis is rejected on the basis of these variables.
Forward stepwise regression analysis allowed us to report only significant variables.
Three variables, namely space availability, ATM location and complaint handling,
have been excluded at the last step of the model (see Table IV). Therefore, these
variables have no significant impact on “Overall Satisfaction.”
The estimated regression equation (specified below) clearly indicates that independent
variables – for example: knowledge of products – are positively related to the dependent
variable (i.e. overall satisfaction) as their value of an unstandardized coefficient B ¼ 0.319.
Meanwhile, other independent variables like pleased to be assisting you, are negatively
related to the overall satisfaction. This is evident from the negative value of the
coefficient ( −0.0183). This means that, while keeping other factors constant, if knowledge
of product increases by 1 unit, overall satisfaction will increase by 0.319 units. In the case
of pleased to be assisting you, if it increases by 1 unit, overall satisfaction decreases by
−0.183 units. Hence, the proposed equation for the model is:
Overall satisfaction ¼ −1.189 + 0.319 (knowledge of products) + 0.778 (response to
need) + 0.390 (solving questions) + 0.220 (fast services) + 0.124 (quickly connected to
the right person) + 0.160 (efforts to reduce queuing time) + (−0.183 (pleased to be
assisting you)) + (−0.073 (appearance)) + (−0.147) (follow up). Figure 1.

6.2 Impact on overall satisfaction with respect to public sector banks

Forward Stepwise Regression Analysis was carried out to determine the variables
which have a significant impact on overall satisfaction level. The results are reported
in Tables V-VIII.

Model 9 Collinearity statistics

IVs β In t Sig. Partial correlation Tolerance

1 Space availability −0.005 −0.197 0.844 −0.013 0.919

2 ATM location 0.035 1.438 0.152 0.092 0.837
3 Complaint handling 0.002 0.027 0.978 0.002 0.163 Table IV.
Note: IVs, independent variables Excluded variables
 IJBM IV (Independent Variable)
34,5

• Knowledge of Products • Pleased to be Assisting You

614 • Response to Need • Appearance
• Solving Questions • Follow Up
• Fast Service
• Quickly connected to the Right Person
• Efforts to Reduce Queuing Time
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Positively Negatively
Figure 1. contributing to DV contributing to DV
Variables having
positive/negative
impact on “Well
cared Facility” with DV (Dependent Variable)
respect to Private
Banks Overall Satisfaction

Model R R2 Adjusted R2 SE of the estimate

1 0.706 0.498 0.496 0.875

Table V. 2 0.713 0.508 0.504 0.868
Model summary 3 0.722 0.521 0.515 0.858

Model Sum of squares df Mean square F Sig.

3 Regression 197.027 3 65.676 89.227 0.000

Table VI. Residual 181.069 246 0.736
ANOVA Total 378.096 249

Unstandardized
Model 3 coefficients Standardized coefficients t Sig.
IVs B SE β B SE

(Constant) −0.365 0.435 −0.838 0.403

1 Knowledge of product 0.727 0.060 0.809 12.097 0.000
2 Fast service 0.329 0.099 0.278 3.341 0.001
Table VII. 3 Appearance −0.154 0.059 −0.179 −2.621 0.009
Coefficients Note: IVs, independent variables
 Model 3 Partial Collinearity statistics
Impact
IVs β In t Sig. correlation Tolerance of service
quality
1 Efforts to reduce
queuing time −0.049 −0.558 0.577 −0.036 0.256
2 Pleased to be assisting −0.007 −0.078 0.938 −0.005 0.254
3 Space availability 0.077 0.928 0.354 0.059 0.282
4 ATM location 0.092 1.760 0.080 0.112 0.705 615
5 Handling complaints 0.118 1.892 0.060 0.120 0.495
6 Follow up −0.027 −0.568 0.570 −0.036 0.880
7 Response to need 0.036 0.314 0.754 0.020 0.146
8 Solving questions 0.040 0.768 0.443 0.049 0.718
9 Quickly connected to the
right person 0.008 0.155 0.877 0.010 0.661 Table VIII.
Note: IVs, independent variables Excluded variables
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The results from the forward stepwise regression provide three independent variables,
out of twelve (see Table VII: coefficient table).The value of R2 equals 0.521 (see last row
of Table I: model summary table), indicating that 52.1 percent of the variation in the
dependent variables is explained by the above-mentioned independent variables.
This value of R2 is significant as indicated by the p-value (0.000) provided in the
ANOVA table (Table VI) . This also signifies that the model is statistically significant.
The estimated value of the coefficient (see Table VII: coefficient table) indicates that all
variables have p-values lower than the assumed level of significance (0.05). Hence, the null
hypothesis is rejected on the basis of these variables. From the estimated regression
equation mentioned below, it is clearly indicated that two out of three independent variables,
for example, knowledge of product, are positively related to the dependent variable: overall
satisfaction. This variable is dependent upon the positive value of the unstandardized
coefficient B, while the variable appearance is negatively related to the dependent variable,
which is evident through the negative coefficient (−0.154). This means that, with other
variables remaining constant, if knowledge of product increases by one unit, overall
satisfaction will increase by 0.727 units. Meanwhile, keeping other variables constant,
if appearance increases by one unit, well cared facilities will decrease by −0.161 units.
Hence, the proposed equation for the model is:
Overall satisfaction ¼ 0.727 (knowledge of products) + 0.329 (fast service) + (−0.154)
(appearance) (Figure 2).

7. Conclusion
In this study, the “Overall Satisfaction” of customers is considered the dependent
variable. In the case of private sector banks, it was determined that knowledge of
products, response to need, solving questions, fast services, quickly connected to the
right person and efforts to reduce queuing time have a positive impact on “Overall
Satisfaction.” On the other hand, factors such as pleased to be assisting you,
appearance, and follow up have a negative impact on “Overall Satisfaction.”
In the case of private sector banks, the highest positive β value is found for “Response to
Needs” (0.778). Private sector banks in India are facing cutthroat competition; therefore, it is
natural that they push their products to customers and inform them of services even when
they are neither needed nor desired by the customer (Gupta and Mittal, 2008).
This interpretation is confirmed by the negative β values of the independent variables such
 IJBM IV (Independent Variable)
34,5

• Knowledge of the product • Appearance

616 • Fast service

Positively Negatively
contributing to DV contributing to DV
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Figure 2.
Variable having
positive/negative DV (Dependent Variable)
impact on “Well cared
Facility” with respect
Overall Satisfaction
to Public Banks

as “Pleased to be Assisting You” and “Follow Up” (−0.0183 and −0.147, respectively).
A high β value of “Response to Needs” shows that the customers want a banker’s response
to be specific to their needs and related to their requests. Similarly, “Solving Questions”
shows a β value of 0.390. This indicates that customers are satisfied when their specific
problems are solved. Past studies have observed that “self banking” is now preferred by
consumers (Al‐Eisa and Alhemoud, 2009). This could be one of the reasons that variables
like “Pleased to be Assisting” and “Follow up” do not positively contribute to the customer
satisfaction in the present study. “Knowledge of Products” has a β value of 0.319 therefore it
may be concluded that this variable is one of the most important aspects of service quality
which contributes to customer satisfaction. Fast services ( β value 0.220), quickly connecting
to the right person ( β value 0.124), and efforts to reduce queuing time (0.060), also contribute
positively to customer satisfaction though the level of contribution is low (Belas and
Gabcova, 2014). Appearance also contributes negatively to customer satisfaction ( β value
−0.073). It may be concluded with this result that customers seek the right products and
services, where little consideration is placed on the outward appearance of a bank. Here, the
β value of “Appearance” is quite low, so it may be concluded that “Appearance” does not
contribute anything positive to customer satisfaction.
On the other hand, in the case of public sector banks, knowledge of the product
( β value 0.727) and fast service ( β value 0.329) are the variables which have a positive
contribution on “Overall Satisfaction.” Public sector banks are considered to have a
vast knowledge of their products in comparison to private sector banks. The results
show that customers want banks to keep this unique selling proposition of being
knowledgeable, and a high β value (0.727) confirms this result. Similarly, customers of
public banks have realized the importance of prompt services. In this study the
respondents are from urban areas and in India, fast services from public sector banks
are becoming expected, with banks now focussing on customer retention rather than
customer service (Alagarsamy and Wilson, 2013). “Appearance” ( β value −0.154) is the
only variable that contributes negatively.
 A low β value of “Appearance” can be interpreted as “appearance” does not have a Impact
positive contribution to customer satisfaction. These results are consistent with the study of service
performed by Saghier and Nathan, where no contribution of “tangibles,” such as
appearance were found in customer satisfaction. Only the four factors of reliability,
quality
responsiveness, empathy, and assurance contributed to customer satisfaction.

8. Recommendations 617
In light of the findings discussed in this paper, the following recommendations can be
made. There is room for improvement in the quality of service for both private and
public sector banks. Private sector banks invest heavily in staff and ambience to
provide customers with a great experience. However, the results do not show that this
provides the desired effect consistently. Today’s customers have specific and well
defined needs. Bank employees should refrain from pressuring their customers into
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buying new products while physically in the branch as well as following up with them
on a future date. Negative β values for “Pleased to be Assisting” and “Follow Up”
indicates that these aspects negatively contribute to overall customer satisfaction.
Banks should focus more on providing high quality banking services by responding to
the specific, stated needs of customers. Overworking branch appearance may be
harmful and prove to have potential adverse effects when customers avoid such banks.
This is indicated by the negative β value of “Appearance” in both the private
and public sector banks. Public sector banks should be more diligent in providing fast
services, for “Fast services” is one of the predictors of “Overall Satisfaction.” Due to the
lack of time customers possess today, non-branch banking (ATMs and online banking)
has become increasingly popular, for these situations are ones where consumers are too
impatient to wait on tellers inside a branch. Private sector banks have given prompt
services a high priority and is a reason why they are in direct competition with
public sector banks. In urban areas individuals are increasingly concerned with saving
their valuable time, hence “fast service” has become the highest consideration for
public sector banks.
Customer service should not be a reactive exercise. Bank officials should take
proactive steps to improve customer satisfaction and quickly connect the customers to
the appropriate contact representative. To ensure a pleasant banking experience,
answering customer questions and responding to specific needs are both crucial issues.
Most organizations set their customer contact strategy but then fail to follow up
with it. A proactive measure is to obtain regular, periodic customer feedback and focus
on removing specific problems addressed by the customers themselves. This strategy
would help drive high customer loyalty. With that in mind, banks would need to
establish a system in which gaps between the needs of the customer, and bank’s efforts,
are identified and quickly corrected. Such a system should maintain and publish
statistics, including the number of complaints received in each category and against the
concerned department or product, and the time taken to address it. These efforts will
improve the bank’s quality of service while also reducing the time required to resolve
such grievances. Generally speaking, banks should place greater focus on customer
service rather than selling and pushing undesired products.

9. Implications for industry and directions for future research

The business environment in the banking sector has changed rapidly during the last
decade (Paul and Trehan, 2011). In this context, the present paper presented significant
 IJBM insights for managers and practitioners in the banking industry. “Service Quality” is
34,5 considered to be at the base of customer satisfaction across the entire service sector.
Since numerous studies have been carried out in this area, the variables of service
quality which affect customer satisfaction are known to bank managers. However, no
bank manager can devote funds and energy to each individual variable. In this study,
with the help of forward stepwise regression, an attempt is made to find out which
618 service quality variables are the most prominent in their effect on customer
satisfaction. There is a difference between the profile and expectations of private sector
banks customers in comparison to public sector banks. The findings of the study show
that private bank managers must work more upon developing “response to the needs”
rather than having a push strategy. As a result of push strategies, both potential
customers and existing customers begin to avoid the bank. Similarly, knowledge of
product and fast services are the most crucial variables for both private sector as well
as public sector banks. The banking industry must value the privacy and time of its
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consumers; for customers feel disturbed and are not appreciative of banker follow ups.
Customers are knowledgeable about their banking and financial needs, and therefore
avoid salespeople and tellers who offer unwanted products while assisting them.
Based on findings, we suggest that there are many topics and avenues for research
and analysis in this area. Further research should be carried out to determine the
factors which contribute to overall satisfaction for one particular banking product,
such as credit card or debit card. Similarly, inter-product comparisons may be made for
factors contributing to overall customer satisfaction either positively or negatively.
A different β value for “knowledge of products” indicates that different variables have
varied levels of importance in the case of private and public sector banks. This aspect
can be investigated further for other variables in the context of rural vs urban
populations or for an array of banking products.

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About the authors

Justin Paul is currently a Professor at the Graduate School of Business Administration,
University of Puerto Rico, San Juan, USA. He is an Author/Co-author of four text books –
Business Environment (3rd ed.), International Business (6th ed.), International Marketing (2nd ed.),
Services Marketing and Export-Import Management (2nd ed.) published by McGraw-Hill, PHI,
Pearson, and Oxford University Press, respectively. He has published in International Business
Review, Harvard Business Review, Journal of Inter Marketing, Journal of Consumer Marketing,
Asian Case Research Journal, etc. He has also Co-authored a book titled Services Marketing
published by McGraw-Hill. He has taught full courses at the Aarhus University-Denmark,
Nagoya University of Commerce-Japan, Indian Institute of Management (IIM), Grenoble Eco le de
Management-France, Universite De Versailles-Paris, ISM University-Lithuania, SP Jain-Dubai
and has been an Invited Speaker and Trainer at the University of Puget Sound, St Martyn’s
University-USA, Fudan University-Shanghai, University of San Francisco and the University of
New South Wales, Sydney. His case studies and articles have been published by Harvard
Business School, Ivey Business School, University of Western Ontario, Canada, and by leading
newspapers. He has been PhD thesis Examiner to four universities including Indian Institute of
Technology (IIT) and is also on the Editorial Review Board of three refereed journals. His website
is drjustinpaul.com and official page is facebook.com/drjustinpaul. Justin Paul is the
corresponding author and can be contacted at: [email protected]
Arun Mittal is working as an Assistant Professor at the Birla Institute of Technology, Mesra
Ranchi, (Deemed University), Noida Campus. He has around ten years of experience of teaching
and research in the Marketing Area. He has published about 15 research papers and articles in
the journals of repute and presented papers in 25 conferences and seminars on various
 IJBM management topics. His areas of research are bank marketing, social media marketing,
advertising and integrated marketing communication and e-retailing. He has two books to his
34,5 credit on Entrepreneurship Development and International Retailing as a Co-author published by
International Book House and Excel Books respectively. He has successfully organized three
(two weeks each) faculty development programme on Entrepreneurship Development sponsored
by Department of Science and Technology, (Ministry of Science and Technology), Government
of India.
622 Garima Srivastav is working as an Assistant Professor at the Institute of Management
Studies, Ghaziabad, India. She has submitted her PhD thesis on “Customers’ perception towards
private and public sector banks: expectation gap analysis.” She has around five years of teaching
and research experience in marketing area. Her research interests are service quality, bank
marketing and marketing 3.0. She has published around ten research papers in the journals of
repute and presented equal number of papers in the conferences and seminars.
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