Customers’ Preference for Banking Services with State Bank of India

Abstract

In India, the primary, secondary, and tertiary sectors play a vital role in building its economy. The important tertiary sector that helps in the circulation of money is the banking sector which builds the Indian economy. The structure of the banking industry has changed largely because of the economic and financial changes after demonetization and changing government policy. Meanwhile, commercial banks strive to differentiate themselves from one another as they compete for their share of the market. Banks always try to retain their existing customers by providing quality services that lead to customer satisfaction. India has the highest number of bank branches in the world. The present study considered the customers of the State Bank of India (SBI) as it caters to the needs of both the government, central as well as state. The study has been conducted with the aim of analyzing the preference for banking services with SBI. In Erode, there are 13 branches of SBI. The samples were selected from all the 13 branches of SBI in Erode town by Judgement sampling technique. A total of 700 customers who visited the bank are selected and the data has been collected from them through the distribution of well-structured questionnaire. It was found that the customers prefer SBI for keeping savings bank accounts mainly for the purpose of construction of house.