Customer Satisfaction UAE Exchange
Customer Satisfaction UAE Exchange
Customer Satisfaction UAE Exchange
by
RENJITH R
[email protected]
A Project Report submitted in partial
fulfillment for the award of the degree of
Master of Business Administration
(Marketing & HRM)
CC406
April 2010
Declaration of Authorship
I, RENJITH, declare that this thesis titled, ‘A Study on Customer Satisfaction
Towards Various Service of UAE Exchange, Kollam District, Kerala’ and the work
presented in it are my own. I confirm that:
This work was done wholly or mainly while in candidature for a masters
degree at this University.
Where any part of this thesis has previously been submitted for a degree or
any other qualification at this University or any other institution, this has
been clearly stated.
Where I have consulted the published work of others, this is always clearly
attributed.
Where I have quoted from the work of others, the source is always given.
With the exception of such quotations, this project report is entirely my own
work.
Signed:
Date:
i
“A Customer is the most important visitor on our premises.
He is not dependent on us.
We are dependent on him.
He is not an interruption on our work.
He is the purpose of it.
He is not an outsider on our business.
He is a part of it.
We are not doing him a favour by serving him.
He is doing us a favor by giving us an opportunity to do so. ”
Mahathma Gandhi
MAHATMA GANDHI UNIVERSITY
Abstract
RENJITH R
This research investigates the satissfaction level of customers towards various ser-
vices offered by UAE Exchange Information was gathered using a customer survey
using a formulated questionnire. The literature provided discusses the various as-
pects of customer satisfaction. And the tools that can be used to measure level of
satisfaction. For the purpose of data analysis Percentage analysis, Graphical rep-
resentationa, Scaling techniques and chi-square test were used.Knowing the needs
and expectations of the customers, and meeting these, does not only lead to more
satisfied customers, but, very importantly, results in a more efficient and effective
provision of customer services. Overall findings from the study suggests various
feilds where much care to be put to get growth in the organisation.
Acknowledgements
I would like to thank my supervisor, Jincy K C for making this a meaningful
learning process. Her guidance and encouragement throughout the process of
formulating my ideas was invaluable. Her ability to view things pragmatically was
critical and priceless to the success of this study and needs to be commended.
I would like to thank all employees from UAE Exchange Kulathupuzha, without
them this research would not have been successful.
Renjith R
iv
Contents
Declaration of Authorship i
Abstract iii
Acknowledgements iv
List of Tables x
1 Introduction 1
1.1 Background of the study . . . . . . . . . . . . . . . . . . . . . . . . 1
1.1.1 UAE Exchange . . . . . . . . . . . . . . . . . . . . . . . . . 1
1.1.2 RBI Guidelines . . . . . . . . . . . . . . . . . . . . . . . . . 2
1.2 Customer Satisfaction . . . . . . . . . . . . . . . . . . . . . . . . . 6
1.3 Problem discussion . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
1.3.1 Statement of the problem . . . . . . . . . . . . . . . . . . . 9
1.3.2 The objectives of the study . . . . . . . . . . . . . . . . . . 9
2 Organization Profile 11
2.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
2.2 Vision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2.3 Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2.4 Values . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2.5 Knowledge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2.6 Integrity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
2.7 Commitment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
2.8 Quality Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
2.9 Community Service . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
2.10 Disaster relief efforts . . . . . . . . . . . . . . . . . . . . . . . . . . 15
2.11 Cultural contributions . . . . . . . . . . . . . . . . . . . . . . . . . 16
2.12 Promotion of Sports . . . . . . . . . . . . . . . . . . . . . . . . . . 16
v
Contents vi
2.13 Recognition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
2.14 Leadership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
2.15 Infrastructure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
2.16 Advantages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
2.17 Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
2.18 Products & Services . . . . . . . . . . . . . . . . . . . . . . . . . . 19
3 Review of Literature 29
3.1 Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
4 Research Methodology 35
4.1 Research Purpose . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
4.2 Research Approach . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
4.3 Research strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
4.4 Sample Selection . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
4.5 Data Collection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
4.6 Data Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
4.7 Validity and Reliability . . . . . . . . . . . . . . . . . . . . . . . . . 42
4.8 Tools For Data Analysis . . . . . . . . . . . . . . . . . . . . . . . . 42
5 Analysis 47
5.1 Overview of the sample . . . . . . . . . . . . . . . . . . . . . . . . . 47
5.2 Quantitative data presentation . . . . . . . . . . . . . . . . . . . . . 48
5.3 Descriptive statistics . . . . . . . . . . . . . . . . . . . . . . . . . . 48
5.3.1 Age of the respondents . . . . . . . . . . . . . . . . . . . . . 49
5.3.2 Gender of the Respondents . . . . . . . . . . . . . . . . . . . 53
5.3.3 Educational qualification of the respondents . . . . . . . . . 54
5.3.4 Occupation of the respondents . . . . . . . . . . . . . . . . . 55
5.3.5 Products normally used by customer . . . . . . . . . . . . . 56
5.3.6 Rottenly avail our services . . . . . . . . . . . . . . . . . . . 57
5.3.7 Factors influencing for Preferring UAE Exchange for trans-
actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
5.3.8 Time taken to conclude transaction . . . . . . . . . . . . . . 59
5.3.9 Waiting time acceptance by the customers . . . . . . . . . . 60
5.3.10 Courteousness and helpfulness of branch staff . . . . . . . . 61
5.3.11 Counter staffs product knowledge and ability to convey in-
formation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
5.3.12 Level of satisfaction while doing currency exchange . . . . . 63
5.3.13 Level of satisfaction with Xpress money . . . . . . . . . . . . 64
5.3.14 Level of satisfaction through western union money transfer . 65
5.3.15 Level of satisfaction through money gram services . . . . . . 66
5.3.16 Peculiarities of Moneygram Service . . . . . . . . . . . . . . 67
5.3.17 Type of travel by the respondents . . . . . . . . . . . . . . . 69
5.3.18 Purpose of travel . . . . . . . . . . . . . . . . . . . . . . . . 70
5.3.19 Number of flights travel during the year . . . . . . . . . . . 71
Contents vii
Bibliography 89
A Questionnaire 91
List of Figures
viii
List of Figures ix
x
List of Tables xi
Introduction
The background of the selected area is introduced in the first chapter. Then, the
problem area will be next discussed to provide a deeper understanding about the
research area for reader. The problem discussions end with a research problem
and a specific research question. In the end of this chapter the contribution of this
research is also presented.
The background of the research area is provided in this section. It contains the
general idea of financial services, UAE exchange and customer satisfaction. This
section explains reserve Bank of India norms. This section also describes the
importance of service quality and it’s relationship with customer satisfaction.
Financial services refer to services provided by the finance industry. The finance
industry encompasses a broad range of organizations that deal with the manage-
ment of money. Among these organizations are banks, credit card companies,
1
Chapter 1. Introduction 2
• All relevant reports of all Inward Remittance transactions and Money Ex-
change transactions has to be generated at day end at all the branches.
Branch Manager shall scrutinize this report on daily basis, duly sign for
having verified them and preserve this documentation for ten years from
date.
• Branch Head is appointed at every outlet. The Branch Head shall be re-
sponsible for the execution and implementation of the Regulations issued by
the Reserve Bank of India and our Anti Money Laundering policies & Pro-
cedures. These Officers shall also be responsible for reporting any suspicious
transactions directly to the Reporting Officer. They shall take instructions
from the Reporting Officer and shall report to
• The Concurrent Auditor of the company shall in their monthly audit report
mention on the efficacy of the implementation of the policy, procedures and
control.
Chapter 1. Introduction 4
Record Keeping
• The objective of record keeping is to ensure that we are able to provide the
basic information about customer and to reconstruct the individual trans-
actions undertaken at the request of the relevant authorities at any given
time.
• The record must contain the following information: (a) nature of Transac-
tion, (b) amount of the transaction and the currency in which it was denom-
inated (c) date on which the transaction was conducted and (d) parties to
the transaction.
• Transaction records should be kept for a minimum period of ten years and
made available to the relevant authorities as and when demanded.
• Registration documents should be kept at least for a period of ten years after
the last known transaction with the company.
• The KYC procedures shall also apply to our sub-agents and franchisees.
• AML Compliance Undertaking will be taken from each and every employee
of the Company which shall be witnessed by the Branch Head.
Training
• Training for all employees of UAE Exchange and Financial Services Ltd shall
be conducted periodically.
Chapter 1. Introduction 5
• The employee shall always be trained on the potential effect on the Company,
on its employees and customers if there is any breach of law or regulations.
Privacy Policy
UAE Exchange and Financial Services Ltd shall be committed to respect and pro-
tect the privacy of its customers. The personal information about our customers
provided on transaction forms and applications forms are for facilitating customers
transactions. Any such information collected from the customer shall be in pos-
session with the company and shall be kept confidential. It shall be passed on to
a statutory body only in accordance with the existing laws.
Compliance Organization
• The Branch Heads or the Branch In-charge shall be deemed as the Branch
Compliance Officer and s/he shall ensure that in the day to day operations,
all the compliance instructions shall be strictly adhered to. Any deviation
Chapter 1. Introduction 6
These facts; highlights the crucial role of satisfying customers which brings em-
ployee satisfaction; hence, the profit maximization of the company. Therefore,
organizations need to understand that to what extend their customers would be
satisfy. Customer satisfaction in marketing context has specific meanings: Anders
Gustafsson, Michael D. Johnson,& Inger Roos (2005) brought customer satisfac-
tion definition as customer’s overall evaluation of the date. This satisfaction has
positive influences on retaining customers among different variety of services and
products. In service based enterprises; service quality directly affects customer
satisfaction.
If satisfaction interprets as “not going wrong” the firm should decrease complaint
which by its own is not sufficient. In order to satisfy customers, company should
Chapter 1. Introduction 7
improve its services and products. Figure 1.1 illustrates correlation between cus-
tomers’ expectations and customer satisfaction. Customers with less expectation
are more satisfied: companies by adding innovative features would easily increase
customer satisfaction. In contrast, when customers are unaware of improvements
but critical of losses in existing quality are less satisfied and expect more.
One of the main ingredients of success in the market place is customer satisfaction.
profitability. Therefore, companies should measure their customers’ satisfaction to
fortify their strengths and improve their weaknesses. Jochen Wirtz (2003) listed
the results of customer satisfaction as follows : repeat purchase; loyalty; positive
word-of-mouth and Increased long term
Chapter 1. Introduction 8
Customer satisfaction is the key factor determining how successful the organization
will be in customer relationships (Reichheld, 1996), therefore it is very important
to measure it. Total quality management (TQM) is based on the idea of customer
satisfaction a management approach of an organization centered on quality, based
on the participation of all its members and aiming at long-term success through
customer satisfaction and benefits to all members of the organization and to soci-
ety (ISO 8402). The achievement of true customer satisfaction involves: customer
oriented culture; an organization that centers on the customer; employee empow-
erment; process ownership; team building; and Partnering with customers and
suppliers.
There are several benefits for quality to be found via market research, particularly
in measuring the satisfaction levels of current customers, determining customer
needs for product development, and analyzing customer retention and loyalty. To
better manage customer satisfaction, firms spend millions on effectively tracking
the methods that guarantee customer satisfaction, because the quantitative mea-
surement of customer satisfaction is a great help for comprehensively measuring
the effect of product quality on customer behavior.
Chapter 1. Introduction 9
A high competition in the financial sector needs to improve the services better.
The success of the firm is the customer satisfaction and relationship. To iden-
tify the customer problem is very important. Using customer information is of
course useful for the direct improvement of service and service delivery. However
these aspects are part of the overall improvement of an organisation, in all its
aspects. This organisational improvement or organisational development has been
translated into different quality management models.
The project work was conductedin UAE Exchange service users group and objec-
tives of the study are
Primary Objective
Secondary Objective
• Compare products and services of UAE Exchange with other financial isti-
tutes.
Chapter 1. Introduction 10
Hypothesis
There is no significant relatioship between age of the respondents and level of sat-
isfaction
The scope of the study is limited to exploring the perceptions of service users in
UAE Exchange.This study helps a great deal to familiarize with the practical side
of an organisations situation and customer satisfaction level. The finding of the
study is limited to the service users in Kulthupuzha, Kollam district only.
Limitations
• The study was conducted for a relatively short period. Which was too limited
for preparing a detailed report.
Chapter 2
Organization Profile
2.1 Introduction
The Company’s portfolio of services include Draft cheques, Swift transfers, Ex-
press transfers, Xpress Money transfers, Western Union money transfers, Travelex
money transfers, Credit card settlement services and cash advances, Inter-Emirates
money transfers, purchase and sale of foreign currency bank notes, and Travelers
Cheques in retail and wholesale.
11
Chapter 2. Organization Profile 12
UAE Exchange aim to maintain the highest standards to safeguard the interests of
there customers, regulators, shareholders, employees and the communities where
they operate
2.2 Vision
2.3 Mission
2.4 Values
Our work ethics are governed by our steadfast adherence to, and faith in, the core
values on which our company was founded. These enveloping values has empow-
ered us with world-wide brand recognition, wide spectrum of quality products and
services, vast registered customer base, efficient and talent-rich workforce, and a
major share of the world funds transfer market.
2.5 Knowledge
2.6 Integrity
2.7 Commitment
ISO 9001:2000 Certification for our efforts by KPMG in February, 2005, thus ac-
knowledging our successful efforts at improving our functioning. UAE Exchange
have one of the top-end technological and infrastructural facilities, manpower re-
sources, product and service offerings, and an efficient quality management system
which ensures that we keep abreast of the international standards all through our
corporate functioning, always.
Social responsibility forms one of the core values of the UAE Exchange work
philosophy. It values the fact that a responsible organization cannot stand inde-
pendent of the communities where it lives and works, and that it is its corporate
responsibility to help the communities in addressing their issues. UAE Exchange,
together with its parent group, NMC, has always been in the forefront to support
social, cultural and humanitarian efforts.
In the aftermath of the Tsunami which hit the world in December 2004, NMC
Group sent medical supplies and donations worth more than 1 Million Dirhams to
Indonesia, Thailand, Sri Lanka and India, the worst affected nations. 1.1 million
Dirhams worth of medicines and medical aid was contributed to relief activities
in the quake-hit areas of Pakistan in the aftermath of the South Asia Earthquake
of 2005. Medical aid was provided to the 2004 Typhoon victims in Philippines as
well.
Chapter 2. Organization Profile 16
UAE Exchange contributes too many social and cultural organizations of the world
engaged in community development, cultural integration, and the promotion of
arts. It patronizes social and cultural festivals in different parts of the world,
primarily focusing on the Middle East, where it gives tutelage to the introduction
and popularizing of fine and applied arts from other regions of the world.
UAE Exchange promotes sports and sporting events, and fields its own cricket
and basketball teams in major tournaments of the Middle East, which has come
out with flying colures on many occasions. NMC group organizes several major
tournaments in the region and patronizes annual events in other countries and
regions. UAE Exchange also promotes volleyball, throw ball, badminton, and
chess in UAE.
2.13 Recognition
Dr. B.R.Shetty, MD & CEO of NMC Group, was awarded the prestigious First
Order of Abu Dhabi on the 5th of December, 2005, award instated by the Govern-
ment of Abu Dhabi to recognize extraordinary individuals who have contributed
to the betterment of the Abu Dhabi community. This award recognized him as
a great philanthropist, and his contributions as those which help individuals and
the community at large to be better.
Chapter 2. Organization Profile 17
2.14 Leadership
UAE Exchange Centre LLC was founded by two great visionaries in the year
1980 - Abdulla Humaid Al Mazroei and B.R. Shetty, in Abu Dhabi, United Arab
Emirates.
Under their able leadership and mettle, UAE Exchange has scaled the great heights
that it has, in its 25 years of existence, attaining the status of a world brand.
The reins were further taken up by our able team of top-line managers, planning
and devising strategies for marketing our products across customer categories and
identifying the market for new products. This pro-active approach to customer-
satisfaction and innovation has elevated us to the status of a market leader in
the entire Middle East, with an ever expanding network and widening operations
across the world.
2.15 Infrastructure
UAE Exchange invests in the latest technologies that improve the quality of there
operations and add value to there customer relationship. Today, UAE Exchange
has one of the most advanced technological and infrastructural facilities in the
industry, which ensures that there businesses run in the most efficient manner.
There core team of IT professionals ensures the development of customized and
hyper-efficient hardware and software systems for our functioning. They pass on
the same technological advantage to our customers, through reliable fund trans-
fer mechanisms, simplified and friendly processes, and many other cross-industry
advantages.
2.16 Advantages
2.17 Awards
Dr. B.R. Shetty, MD & CEO of NMC, the parent group of UAE Exchange, has
been awarded the first ever Order of Abu Dhabi. This recognition, which has been
instated to preserve the legacy of H.H. Sheikh Zayed, the nation’s late father,
chooses compassionate individuals who have silently volunteered their time and
effort to build and support the community of Abu Dhabi.
Abu Dhabi Crown Prince & Dy. Supreme Commander of the UAE Armed Forces,
H.H. Sheikh Mohammed Bin Zayed Al Nahyan bestowed this award on Dr. B.R.
Shetty at a glittering ceremony at the Emirates Palace Hotel, Abu Dhabi on the
5th of December, 2005.
selves. It also shows how the untiring hard work and commitment exhibited by an
individual to bring smiles to the people around, fulfills itself, by achieving success.
Demand Drafts
We issue multiple currency demand drafts (cheques) payable across the world. A
vast correspondent bank network coupled with competitive service charges make
the UAE Exchange draft cheque a powerful, reliable and economical mode of
transferring your valuable funds to any region of the world.
Telex Transfers
Our Telex transfer services enable fast and reliable fund movement from the point
of remittance to your bank a/c within the span of a few hours. This promptness
and reliability is ensured by UAE Exchange’s prestigious S.W.I.F.T membership,
the industry standard for fast money transfers, which ensures swift and safe move-
ment of funds across distance to the leading banks of the world. This much popular
service is enjoyed by an ever- increasing number of customers, both individual and
corporate, in the Middle East. Express Transfers enable considerable savings in
time over the conventional method of sending money as demand draft to other
parts of the world. Here, drafts are generated in the country itself where the re-
mitter holds his bank account. Draft Cheques are remotely printed by the liaison
offices in the home country and forwarded directly to the beneficiary’s bank or
residence, within 24 to 72 hours. The lead-time of crediting the beneficiary bank
account is thus substantially reduced.
UAE Exchange Gold Card customers can also track the Express Transfer online
by logging onto www.uaeexchange.com .
Chapter 2. Organization Profile 20
Xpress Money
Xpress Money is the fastest mode of transferring money to any part of the world
in minutes. Registered in the UK, it is a unique offering, brought to you by UAE
Exchange Centre LLC.
Regulations
• The list of suspected names (Watch List) issued by various regulatory au-
thorities is being timely updated in the system.
As one of the most popular instant money transfer services of the world, Xpress
Money offers true value for your money with nominal charges, reliability ensured
with state-of-the-art technologies, simplified transaction procedures, and instant
payout to the beneficiary. It offers a one-stop solution to the customer who wants
to send money urgently across the world, realised by a world-wide network of over
5500 agent outlets. .Exchange offers credit card dues settlement facility to the
credit card holders of major local and international banks in the UAE, without
any service charges
Chapter 2. Organization Profile 21
Service covers
• Barclays Bank
• Citibank
• Dubai First
• Finance House
• HSBC Bank
• Mashreq Bank
• RAK Bank
• Dunia Finance
Further, cash withdrawals against all major credit cards are also made possible at
the UAE Exchange branch counters on nominal service charges.
Chapter 2. Organization Profile 22
Inter-Emirate Transfers
As an instant money transfer service enabling fund movements from any part of
the UAE to the other, it provides the customer the convenience of managing funds
for every-day purposes, whether it be business, or personal.
Currency Exchange
Travelers Cheques
UAE Exchange issues and enchases Traveller’s Cheques in all major currencies.
Customers can make use of our vast branch network and the ease of issuance
and encashment at the branch counters, unrivalled in the industry. The following
brands of Travelers Cheques are dealt:
In the year 1994, UAE Exchange became the first entity in the United Arab
Emirates to be offered the agency of Western Union Money Transfer, and has,
over the period of time, emerged as its leading agent in the country. Now, money
can be sent instantly to over 200,000 agent locations in over 190 countries of the
world from any of the UAE Exchange branches 7 days a week, 365 days an year.
Travelex
Cash Passport is a pre-paid card for instant cash withdrawal from any of the over
870,000 Visa ATMs worldwide. With 24-hour ATM access and enhanced security
with PIN feature, it is smart, convenient, and fast, and offers online transaction
tracking facility, round-the-clock toll free number access, and card replacement
provision. Travelex launches first ever Cash Passport Money Transfer from UAE
Dubai , UAE - November 18, 2003: The worlds largest foreign exchange specialist,
Travelex, in conjunction with Visa International, UAE Exchange and Al Ansari
Exchange, is launching its first ever global money transfer scheme using the UAE
market as a launch pad. The Cash Passport Money Transfer product stands to
offer a new level of competitiveness and security to UAE based expatriates that
regularly remit funds to dependents in their home country.
Cash Passport Money Transfer introduces a totally new way of sending money
home offering substantial time and cost savings over many other money transfer
products, said Rob Groombridge, General Manager Sales for Middle East. We
have chosen this as our first market to launch the product because we estimate
the value of the Middle East personal money transfer market to be over US $ 30
billion a year, with a growth rate of 20 percent to 30 percent annually. Travelex is
launching Cash Passport Money Transfer through local partners UAE Exchange
and Al Ansari Exchange. The scheme allows the remitter to deposit funds through
Chapter 2. Organization Profile 24
a local exchange branch, following which a Visa ATM card will be couriered free
of charge to the recipient who can obtain cash directly from any one of 800,000
ATMs worldwide displaying the Visa logo.
Given the speed of transactions, 24-hour convenience and security aspects of PIN
protection, we hope to retain significant customer loyalty to this new product. The
schemes Internet balance, toll free number and card replacement facilities will add
further functionality for technically savvy depositors, said Sudhir Kumar Shetty,
General Manager of UAE Exchange. The cost of initial registration inclusive of
courier charges is Dhs40. When depositing regular funds, the card is reloaded at a
cost of Dhs20 per deposit. The first two ATM withdrawals made by the recipient
are free of charge and thereafter cost US$2 each.
Card giant, Visa International, is a key Travelex partner in the scheme through
its unsurpassed global ATM network. The Visa ATM card accesses the account
using a Personal Identification Number (PIN). Funds that are deposited in the
UAE can be withdrawn by the recipient instantly, making this one of the fastest
transfer methods on the market.
Primarily aimed at the large Asian and Arab expatriate market, where UAE bread-
winners on monthly incomes of up to AED15,000 regularly send money to their
families, this product is expected to have significant impact on the growing mar-
ket for international money transfers, said Fuad Al Ansari, General Manager of
Al Ansari Exchange.
Jonathan Cabedo, Vice President Business Development for Visa in the Middle
East explained, The Cash Passport Money Transfer card is based on the anytime,
anywhere convenience that Visa ATMs offer. Families and friends, young and old
will now be able to enjoy the convenience of modern payments that Visa represents,
Chapter 2. Organization Profile 25
thereby helping extend the trend of electronic financial access to a wide range of
audiences.
Travelex brought another first to market recently with its Cash Passport, part of
the same family of products. When travelling, to avoid overspending, users can
simply load budgeted amounts of cash onto the card and then access it via Visa
ATMs while abroad.
Customers
Brand Promise
• Fast
• Safe
• Reliable
• Affordable
• Friendly
Chapter 2. Organization Profile 26
Product Benefits
• Convenient over 92,000 locations in more than 170 countries and territories
• Trust quality agents including banks, post offices, and key supermarket
chains.
Emotional Benefits
• With Money Gram you know your loved ones will receive your money safely
and within 10 minutes.
Transaction Processing
• 3 Options Available
Agent Management
• Dont give out this information unless you initiate the telephone call
Chapter 2. Organization Profile 28
Review of Literature
This chapter will give an overview of literature and models that are related to the
research problem presented in the previous chapter. This chapter will introduce
the concepts of customer satisfaction, service quality, relation between customer
satisfaction and service quality, traditional service quality dimensions, and service
quality models in order to give a clear idea about the research area.
3.1 Review
There are two principal interpretations of satisfaction within the literature of sat-
isfaction as a process and satisfaction as an outcome (Parker and Mathews, 2001).
Early concepts of satisfaction research have typically defined satisfaction as a post
choice evaluative judgment concerning a specific purchase decision (Oliver, 1980;
Churchill and Suprenant, 1992; Bearden and Teel, 1983; Oliver and DeSarbo,
1988).
People usually see what they expect to see and what they see is usually based on
familiarity, previous experience or preconditioned set(Leshie Lazer Kanuk). The
most widely accepted model, in which satisfaction is a function of disconfirmation,
which in turn is a function of both expectations and performance (Oliver, 1997).
29
Chapter 3. Review of Literature 30
Customers want a meeting between their values (needs and wants) and the object
of their evaluations (Paker and Mathews, 2001). More recently, renewed atten-
tion has been focused on the nature of satisfaction emotion, fulfillment and state
(Parker and Mathews, 2001). Consequently, recent literature adds to this per-
spective in two ways. First, although traditional models implicitly assume that
customer satisfaction is essentially the result of cognitive processes, new conceptual
developments suggest that affective processes may also contribute substantially to
the explanation and prediction of consumer satisfaction (Fornell and Wernerfelt,
1987; Westbrook, 1987; Westbrook and Oliver, 1991). Second, satisfaction should
be viewed as a judgment based on the cumulative experience made with a certain
product or service rather than a transaction-specific phenomenon (Wilton and
Nicosia, 1986).
The satisfaction judgment is related to all the experiences made with a certain
business concerning its given products, the sales process, and the after- sale ser-
vice. Whether the customer is satisfied after purchase also depends on the offers
performance in relation to the customers expectation. Customers form their expec-
tation from past buying experience, friends and associates advice, and marketers
and competitors information and promises (Kotler, 2000).
Factors which determine the extent of expectations are: customer needs, total
customer value and total customer cost. It is mentioned by researchers who study
customer choice that choosing a product or service is only one of the stages cus-
tomers go through. A purchase decision is influenced by the buyers characteristics.
These include cultural, social, personal and psychological factors. In addition to
the buyers characteristics, a purchase decision is influenced by the buyers decision
process. The typical buying process develops through five stages(Chaston, 2001):
• New recognition
Chapter 3. Review of Literature 31
• Information search
• Information evaluation
• Purchase decision
• Post-purchase evaluation
Although buyers may skip or reverse some stages, basically they pass sequentially
through all five stages in buying a product. Value reflects what customers do in
evaluating, obtaining, using and disposing of the product or service. Values can
be defined as principles or standards of an individual as a whole. They reflect an
individual judgment as to what is valuable or important in life. Customer delivered
value is a result of comparison of total customer value with total customer cost.
What the company thinks its customer wants Is not necessarily the same as What
the company thinks it has to offer is not necessarily the same as What the company
actually offers is not necessarily the same as How the customer experiences this is
not necessarily the same as What the customer really wants (Hubert Rampersad,
2001).
Mohamed Zairi (2000) developed figure 3.1 which shows in order to have a con-
tinuous improvement of customer satisfaction there should be a cycle which starts
with listening to voice of customers then analyzing their comments, developing
actions and at the end implementing. Figure 3.1 illustrates this cycle:
According to Rajan Saxena, The real strength of the company is how well he and
his products are perceived by target customers. If the customers perception are
Chapter 3. Review of Literature 33
negative and he feels that he has to buy the competitor product only because of
limited choice, then it is perhaps a very comfortable position for new entrant.
For evaluation of information, which we will achieve by pre-study, we can use the
histogram. The histogram shape shows how some questions in the questionnaire
were understood by respondents. For example: no-rectangular distribution means
misunderstanding a question, etc. After a simple pre-study the companies can
find support for their assumptions and simultaneously create a new, more effec-
tive, questionnaire. If we have a set of customer demands and expectations we can
translate them into technical product features by using, e.g. the QFD method-
ology. Very important also is determining the specific features, which mean a
limited number of critical measures in order to avoid information overload. There
are various methods (various approaches) for (to) the measurement of customer
satisfaction.
There are some problems with typical customer satisfaction measurement tech-
niques such as focus groups, survey methodologies and customer satisfaction soft-
ware. These include:
The factors that influence perception not only include price, quality and brand
but also promotion and dealers push is inevitable. The factors must be viewed for
both the ways opportunity as well as threat.” Rajiv Academy Technology and
Management.
Chapter 4
Research Methodology
This chapter will present detailed idea about the research will be conducted. This
includes the purpose of the research, research approach, research strategy, sample
selection methods, data collection methods and data analysis methods. At the
end of this methodology part validity and reliability issues will be discussed to
follow the quality standards of the research. Then frame of reference which brings
a thorough road map of study is provided next.
Early in any research study, one faces the task of selecting the specific design to
use. A number of different design approaches exist but, unfortunately, no simple
classification system defines all the various that must be considered
Exploratory research is useful when the research questions are vague or when
there is little theory available to guide predictions. At times, research may find it
impossible to formulate a basic statement of the research problem. Exploratory
research is used to develop a better understanding . Exploratory studies are a
valuable means of finding out what is happening, to seek new insight, to ask
questions and to assess phenomena in a new light. It is particularly useful if
researcher wish to clarify the understanding of a problem. There are three principle
ways of conducting exploratory research: a search of the literature, talking to
experts in the subject, conducting focus group interviews
The purpose of the research is descriptive. The data has been collected through
questionnaire, is aimed to understand the most important factors of service quality.
The knowledge claims, the strategies and the method all contribute to a research
approach that tends to be more quantitative, qualitative or mixed
Quantitative approach is one in which the investigator primarily uses post posi-
tivist claims for developing knowledge (i.e. cause and effect thinking, reduction
to specific variables and hypotheses and questions, use of instrument and observa-
tion, and the test of theories), employs strategies of inquiry such as experiments
Chapter 4. Research Methodology 37
and surveys and collects data on predetermined instruments that yield statistical
data.
Qualitative approach is one in which the inquirer often makes knowledge claims
based primarily on constructivists perspectives (i.e., the multiple meaning of indi-
vidual experiences, meaning socially and historically constructed, with an intent
of developing a theory or pattern) or advocacy/participatory perspectives (i.e.,
political, issue-oriented, collaborative or change oriented) or both. It also uses
strategies of inquiry such as narratives, phenomenology, ethnography, grounded
theory studies or case studies. The researcher collects open-ended, emerging data
with the primary intent of developing themes from the data.
Since the purpose is to understand the most important dimensions of service qual-
ity from the customers perspective, quantitative research is found to be more
appropriate for this study.
Chapter 4. Research Methodology 38
Research strategy will be a general plan of how researcher will go about answering
the research questions that has been set by researcher. It will contain clear objec-
tives, derived from research questions specify the sources from which researcher
intend to collect data and consider the constraints that researcher will inevitably
have such as access to data, time, location and money, ethical issues
Since question in this study is based on “what” question and this what question
is actually form a “how many” and investigator has no control over the actual
behavioral events, Survey is found to be a more appropriate approach in order to
gain a better understanding of the research area. Survey is more appropriate for
quantitative study.
Chapter 4. Research Methodology 39
Survey
The survey strategy is popular and common strategy in business research that
is usually associated with the deductive approach. Survey allows the collection
of large amount of data from a sizeable population in a highly economical way.
Questionnaire, structured observation and structures interviews are often falls into
this strategy. In this study a survey has been done.
The basic idea of sampling is that by selecting some of the elements in a population,
researcher may draw conclusions about the entire population. There are several
compelling reasons for sampling, including: lower cost, greater accuracy of result,
greater speed of data collection and availability of population selection
the elements in the sample. As a result the probability of any element of the
population being chosen is not known.
Researchers judgment is used to select sample element and it involves for a specific
purpose. Group of people who have knowledge about particular problem they can
be selected as sample element. Sometimes it referred as a purposive sample because
it involves a specific purpose. Judgment sampling is more convenience and low
cost involvement.
Purpose of this research is to classify the service quality and satisfaction dimensions
in UAE Xchange customers. For the study sample has been selected from the
customer groups; because this group has more experience of products and services.
Sample was selected by using judgment because some criteria were followed during
the sample selection
There are two major approaches to gathering information about a situation, per-
son, problem or phenomenon. Sometimes, information required is already available
and only need to be extracted. However there are times when the information must
be collected. Based upon these broad approaches to information gathering data
are categorized as: Secondary data and Primary data. Secondary data are col-
lected from secondary sources such as govt. publications, personal records, census
and primary data are collected through: observation, interviews and/or question-
naires. According to Creswell data collection procedure in qualitative research
involve four basic types: Observations, Interviews, documents and audio-visual
materials.
In this study quantitative survey is used as data collection method. Since the
aim of the study is classifying ervice quality and satisfaction dimensions in UAE
Xchange from the customers point of view, the main focus thus is customer. A
Chapter 4. Research Methodology 41
questionnaire was prepared to get idea about the customers experiences in various
products and services of UAE Exchange. About 100 persons replied.
A survey is a procedure used to collect primary data from individuals. The data
sought can range from beliefs, opinions, attitudes and lifestyles to general back-
ground information on individuals such as gender, age, education and income as
well as company characteristics like revenue and number of employees. Surveys
are used when the research involves collecting information from a large sample of
individuals .
The questionnaire was developed based on research question and frame of refer-
ence. The logical structure of questionnaire followed the order of service quality
dimension in the frame of reference.
After collecting all the data the process of analysis begins. To summarize and
rearrange the data several interrelated procedure are performed during the data
analysis stage
For quantitative data analysis, statistical tools of Openoffice spread sheet and
LaTeX are used for data input and analysis. The statistics results were presented
by graphical form with detail description.
In order to reducing the possibility of getting the answer wrong, attention need to
be paid to two particular on research design: reliability and validity
Validity is concerned with whether the findings are really about what they appear
to be about. Validity defined as the extent to which data collection method or
methods accurately measure what they were intended to measure .
Numbers of different steps were taken to ensure the validity of the study:
• Data was collected from the reliable sources, from respondents who are more
experienced.
• Survey question were made based on literature review and frame of reference
to ensure the validity of the result
• Data has been collected through two weeks, within this short period of time
no major event has been changed with the related topic.
Reliability refers to the degree to which data collection method or methods will
yield consistent findings, similar observations would be made or conclusions reached
by other researchers or there is transparency in how sense was made from the raw
data.
supporting decision making. Data analysis has multiple facets and approaches,
encompassing diverse techniques under a variety of names, in different business,
science, and social science domains. Questionnaire was used in this research to
obtain information on customer satisfaction. Questionnaire was divided into sec-
tions and the data obtained is analysed using different statistical tools.Percentage
analysis is used to describe the profile of the respondents, behavior, important
factors influencing the choice of UAE Exchange and the level of expectation and
satisfaction of customer.
Perecentage analysis
Graphical Techniques
Graphical tools are the shortest path to gaining insight into a data set in terms
of testing assumptions, model selection and statistical model validation, estima-
tor selection, relationship identification, factor effect determination, and outlier
detection. In addition, good statistical graphics can provide a convincing means
of communicating the underlying message that is present in the data to others.
Graphical statistical methods have four objectives
Chapter 4. Research Methodology 44
From the primary data and results obtained from the percentage analysis graphs
were generated. Graphs were generated using openoffice spreadsheet software.Graphs
include Pie diagram and Bar diagram.
Scaling Technique
CHI-SQUARE(χ2 ) TEST
This test evaluated wether the difference between the observed frequencies and
the expected frequiencies under the nul hypothesis can be attributed to chance or
actual population differences
Chapter 4. Research Methodology 45
X (f0 − fe )2
χ2 =
fe
where
Test Procedure
• Lay down the null hypothesis, i.e., the two attributes are independent or
they are not associated. The null hypothesis is denoted by Ho
X (f0 − fe )2
χ2 =
fe
• Decide the level of significances and the degree of freedom. Confidence with
which the null hypothesis is accepted or reject depends on what is called
significant level. The probability with which we may reject a null hypothesis
when it is true is called level of significance. When the level of significance
is 5% or 0.05, the probability of committing type I or type II error is 5%.
df = (r1)(c1)
where
Chapter 4. Research Methodology 46
r = number of rows
c = number of column.
• Obtain the table value of χ2 for the df and the level of significance.
• Take decision either to accept or to reject the null hypothesis. If the cal-
culated value is less than table value, Ho will be accepted and otherwise
rejected.
Chapter 5
Analysis
This chapter will present data that has been collected through quantitative sur-
vey. At first give an overview of the organisation where the questionnaires are
distributed that means the sample population and after that the data will be pre-
sented according to the research questions and the variables identified in the frame
of reference.
Purpose of this research is to classify the service quality and satisfaction dimensions
in UAE Xchange customers Main Purpose of this research is to classify the service
quality and satisfaction dimensions in UAE Xchange customers. Based on the
47
Chapter 5. Analysis 48
objectives of the study the sample should be familiar with UAE Exchange and
also it should have experience of using various financial products. So, the direct
customers were seemed to be the best sample for this study.
Direct customer survey has been conducted based on the structured questionnaire.
The questionnaire has been developed based on the variables that were identified
in the frame of reference. The purpose of the questionnaire survey was to develop
empirical evidence on the quality factors of products and services of UAE Exchange
that are important to people who are familiar with the financial products.
To find out significance relatioship between age and level of stisfaction chi-square
test is applied. Each results are explained with tables and diagrams.
Chapter 5. Analysis 49
From table 5.1, it can be seen that most 46 Percentage of the respondents are
between age group 31-40. 38 Percentage of the respondents belong to the age
group between-21-30, 8 Percentage belong to the age group between- 41-50 and
4 Percentage of the respondents belong to the age group below 20 and above.
Figure 5.1 expalains the demographic distribution of respondents on the basis of
age.
Hypothesis
Chi-square test
To find out wether there is any significant relatioship between age of the respondent
and level of satisfaction chi-square test has been applied
Level of satisfaction
Age Total
Highly Satsfied Satisfied Disatisfied Highly disatsfied
Below 20 3 1 0 0 4
20 - 30 19 16 3 0 38
30 - 40 10 29 7 0 46
40 - 50 1 1 1 5 8
Above 50 1 1 2 0 4
Total 34 48 13 5 100
In the above table many of the frequncies were below 5.It is not possible to apply
Yates correction in the same form itself. Therefore total rows (age) were grouped
into two(Below 30 and Above 30) and shown in table 5.3
Chapter 5. Analysis 51
Level of satisfaction
Age Total
Highly Satsfied Satisfied Disatisfied Highly disatsfied
Below 30 22 17 3 0 42
Above 30 12 31 10 5 58
Total 34 48 13 5 100
Yates correction
As one of the cell frequencies are below 5, to apply χ2 test Yates correction is
used. The revised table based on yates correction is given below.
Level of satisfaction
Age Total
Highly Satsfied Satisfied Disatisfied Highly disatsfied
Total 34 48 13 5 100
Chapter 5. Analysis 52
P P P
O = 100 E = 100 O − E = 100
(O − E)2 = 100 χ2 = (O − E)2 /E = 12.35
P P
The computed value of χ2 is much grester than the table value of 7.81. Therefore
the hypothesis“There is no significant relatioship between age of the respondents
and level of satisfaction” which is an unbiased one is rejected at 3 degree of freedom
at 5 % level of significance.
Inference
From table 5.6 it can be seen that majority (68%) of the respondents are male and
32% of the respondents are female. Pie chart in figure 5.2 shows this results
Chapter 5. Analysis 54
From table 5.7 it can be inferred that most 48 Percentage of the respondents
are under graduate, 42 Percentage of the respondents are post graduate and 10
Percentage of the respondents have school level education. This result is diagra-
matically represented in figure 5.3
Chapter 5. Analysis 55
From table 5.8 it can be seen that majority 62 Percentages of the respondents
are professionals. 32 Percentage of the respondents are doing Business and 6
Percentage of the respondents are unemployed.Occupation based distribution is
plotted in pie diagram in figure 5.4
Chapter 5. Analysis 56
From the table 5.9, most of the customer’s use air ticketing, money gram, express
money and western union money transfer. Other product are used rarely. 21.9
percentage of customers used money gram service, 21.4 percentage of customers
used air ticketing and 21.9 percentage used express money.
Chapter 5. Analysis 57
From table 5.10, 35 Percentage of the respondents have taken service ones in a
month, 38 Percentage of the respondents have taken service twice in a month,
12 Percentage of the respondents have taken once in two month, 5 Percentage of
the respondents have taken service once in three month and 10 percentage of the
respondents taken service on once in six month.Figure 5.5 explains this statistics.
Table 5.11 shows the reason of prefering UAE Exchanege for transactions. It
can be seen that 38 Percentage of the respondents prefer for its faster credit, 22
Percentage for reliability. This results shows in figure 5.6
From table 5.12 it can be seen that,55 Percentage of the respondents have taken
time to conclude there transition 10-20 minutes, 30 Percentage of the respondents
have taken time to conclude there transition 5-10 minutes,10 Percentage of the
respondents have taken-less than 5 minutes , 2 Percentage of the respondents have
taken More than 30 minutes. This results generate the graphical representation
in figure 5.7
Opinion Percentage
Acceptable 70
Not acceptable 30
From the table 5.13, and the pie diagram in figure 5.8 it can be seen that 30
percentages of respondents are acceptable the waiting time and 70 percentages are
not acceptable
Chapter 5. Analysis 61
From table 5.14 43 Percentage of the respondents report courteousness and help-
fulness of branch staff is very good. 40 Percentage of they respondents good, 15
Percentage is excellent and 2 percentage is moderated. Above result is represented
through figure 5.9
Chapter 5. Analysis 62
Table 5.15 shows 48 Percentage of the response about counter staffs product knowl-
edge and ability to convey information is good. 35 Percentage of they respondents
very good, 15 Percentage is excellent and 2 percentage is moderated.Figure 5.10
illustrate this result.
Chapter 5. Analysis 63
From table 5.16, 31.25 percentages of the respondents Level of satisfaction while
doing currency excbange is highly stisfactory and a majority of 56.25 percentages
show a satisfacory level. 12.5 percentage of the respondent population is not
satisfacory with current mode of exchange. Figure 5.11 shows this results.
Chapter 5. Analysis 64
From table 5.17 14.8 percentages of the respondents Level of satisfaction with
xpress money is highly stisfactory and a majority of 58.8 percentages show a satis-
facory level. 20.5 percentage of the respondent population is not satisfacory with
current mode and a small population of 5.9 percentage shows highly disatisfactory
level with xpress money . Figure 5.12 shows this results.
Chapter 5. Analysis 65
From table 5.19 35.71 percentages of the respondents Level of satisfaction through
moneygram is high and 61.9 percentages show a satisfacory level. A small portion
of 2.39 percentage of the respondent population is not satisfacory with current
mode. Figure 5.14 shows this results graphically.
Chapter 5. Analysis 67
UAE Exchange has provided many services to many customers. Moneygram sevice
is one of the most vital services among them. Here it has made an attempt to
assess moneygram service. Data analysed by assessing through a five point scale.
The five point scale is developed by awarding appropriate weightage. The outcome
of the analysis has been displaye in the table 5.20
Percentage
Responses
Ranks
Score
Factors 1 2 3 4 5
Mark 5 Mark 4 Mark 3 Mark 2 Mark 1
The table 5.20 exhibits that most of the respondents choose moneygram service as
it is fast with top score of 397 (26.47 percentage) followed by safety with score of
348 (23.20 percentage), Reliable with the score of 320 (21.33 percentage), Friendly
way to send and recieve money with a score of 246 (16.40 percentage) and afford-
able with the score of 189 (12.60 percentage).
It is clearly revealed that most of the respondents have a perception that, Money-
gram services is very fast with the score of 397(26.47 percentage)
Chapter 5. Analysis 68
The table below indicates the type of travel taken by the respondents.
From table 5.21 most 43.9 Percentage of the respondents have traveled domestic.
56.1 Percentage of respondents have traveled International.The pie diagram 5.17
shows this statistics
Chapter 5. Analysis 70
Interpretation
From the table 5.22 majority of the respondents are used the flight for business
trips. This results represented through figure 5.18
Chapter 5. Analysis 71
From table 5.23,most (63.4 Percentage) of the respondents have taken 1-3 flights
,24.4 Percentage of the respondents have taken 4 - 6 flights, and 7.3 Percentage
of the respondents have taken 7-10 flights, 4.9 Percentage of the respondents have
taken More than 10. The bar diagram in figure 5.19 shows this response.
Chapter 5. Analysis 72
From table 5.24,more than 60 Percentage of the respondents have taken tickets
through UAE X Change. 24.4 Percentage of the respondents has taken travel
agency for reservation of tickets. 9.8 Percentage of the respondents through In-
terline e-ticketing and 2.4 Percentage through Mobile ticketing This results shows
the influence of travel agencies towards the reservation of tickets. This responses
explained using bar diagram in figure 5.20
Chapter 5. Analysis 73
From table 5.26, 50 percentages of respondents agrees with the quality of service
provided in UAE Exchange, 42 percentages are strongly agrees. 8 percntage of
them have no opinion about the topic. Figure 5.22 shows this results.
Chapter 5. Analysis 75
From table 5.27 it can be seen that most of the rspondent responds in a positive
way about the total quality of sevice provided by UAE Exchange.34 Percentage
of them are highly stisfied and 48 percentage are satisfied. 13 percentage are not
satisfied. 5 percentage of the respondents are highky disatisfied with the sevice
quality.5.23 expains this statistics
Chapter 5. Analysis 76
From table 5.28 most 32 Percentage of the respondents grievance handling and
complaint good. 28 Percentage of they respondents good, 11 Percentage is excel-
lent, 25 percentages is moderated and 4 percentage is bad.This results represented
using the diagram in figure 5.24
Chapter 5. Analysis 77
Table 5.29: Distribution of respondents on the basis of avail the services again.
From table 5.29 it can be seen that 79 of respondents have definitely avail services
again, 20 of the respondents most likely avail the service and one percentage
respond definitely not. Figure 5.25 expalins this result
Chapter 5. Analysis 78
From the table 5.32,80 Percentage of the respondents responds the location and
timing of UAE Exchange is better than other exchange companies, 20 percentages
of respondents respond in the same topic as same and no one respond worse.
Results ploted in figure 5.28
Chapter 5. Analysis 81
From the table 5.33, 85 Percentage of the respondents rate UAE Exchange better
than other exchange companies with regard to rates and charges.15 percentages
of respondents respond as same and no one respond worse in the same topic .
Figure 5.29 shows the representation of the result.
Chapter 5. Analysis 82
From the table 5.34,50 Percentage of the respondents responds the faster credit
of UAE Exchange is better than other exchange companies, 50 percentages of
respondents respond in the same topic as same and no one respond worse. Results
ploted in figure 5.30
Chapter 5. Analysis 83
Collected quantitative data has been presented in the previous chapter. Chapter
5 brings the analyzed data according to the research question. Finally, we have
the conclusion and a discussion about possible implications.
6.2 Findings
Customers have access to a wide range of various financial institutions to buy with
variety of products by the emergence of globalisation and liberalisation. Hence,
it is not easy to gain and sustain competitive advantages based only on a cost
strategy in financial service market.
The new findings were discovered from quantitative empirical data and summerised
as,
84
Chapter 6. Findings Suggestions and Conclusion 85
• Most of the respondents have chosen money gram, express money and air
ticketing.
• Majority of the respondents are highly satisfied with western union money
transfer.
• Respondent choose moneygram service due to its peculiarities like fast, safe
and reliability.
• Most of the respondents have chosen UAE Exchnage and travel agency for
reservation of tickets.
χ2 Test
After doing the percentage analysis and ranking it can be clearly mention that var-
ious facors are influencing the UAE Exchange customers to choose this for their
needs. And the factors that satisfy various customer expectations are relatively
their basic needs. So here in this manner could compete withe other sevice ori-
ented financial inisistutes througout the location. Top five factors influencing the
customer to choose UAE Exchange are
• Fast
• Safe
• Reliable
• Affordable
• Friendly way
6.4 Suggestions
Knowing the needs and expectations of the customers, and meeting these, does
not only lead to more satisfied customers, but, very importantly, results in a more
efficient and effective provision of customer services. It helps by concentrating on
the most important elements of the service delivery and in managing the expec-
tations towards the services provided. Seeing these elements is clearly essential in
streamlining the processes and in translating them to the customers.
• Findings show that majority of the respondents are male and professionals,
UAE Exchange should also frame strategies to attract customers from other
segment. Efforts can be made to attract customer belonging to other age
group and income level by customizing UAE Exchange to suit their require-
ments.
• They should try to maintain good relationship with existing customers and
their effort must be there to maintain a good long term relationship.
• There is a little percentage of the customers who said that they faced problem
with the company. If we take the population as such it is a big number, they
should try to reduce these problems. And there should be a separate group
to take care of the service issues.
• They should provide some offers to their old customers who have been with
them for more than a particular period; this can help to increase the satis-
faction level.
• Through some factors are not so important but focus should be given to all
major factors.
6.5 Conclusion
This project study attempts to study the customer perception and promotional
strategies of UAE Exchange. In this competitive world each company wants to
taken an edge over the other to become the market leaders. Successful organisa-
tion can use customer needs and expectations as a starting point and developing
proposals around their custom- er’s needs and expectations, also meeting other
corporate imperatives. Managing satisfaction therefore has to do with managing
services and/or products, but also with managing expectations and perceptions of
the customer. Measuring satisfaction seems to be just one element in this overall
satisfaction management approach.
The real challenge is not the capability to use measurement and assessment tools,
but to be able to turn the information gathered through these methods into action.
• R.P Hooda ,2004, Statistics for bussiness and economics, Second edition,
McMillan Business Books
• Alomaim Nasser and Zihni Mustafa and Zairi Turkey Mohamed, 2003; Cus-
tomer satisfaction @ virtual organizations; Management Decision; 41/7, pp.
666- 670.
• Emerson Carol J. and Grimm Curtis M., 1999, Buyer-seller customer satis-
faction: the influence of the environment and customer service, Journal of
Business and Industrial Marketing; Vol. 14 NO. 5/6 1999, pp. 403-415.
89
Bibliography 90
• Gustafsson Anders, Johnson Michael D., & Roos Inger, 2005, The Effects of
Customer Satisfaction, Relationship Commitment Dimensions, and Triggers
on Customer Retention, American Marketing Association, ISSN:0022-2429
• Wirtz Jochen, 2003; Halo in customer satisfaction measures The role of pur-
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Journal of Service Industry Management, Vol. 14 No. 1, pp. 96-119.
Wesites:
www.uaeexchangetravel.com
www.xpressmoney.com
www.moneygram.com
Appendix A
Questionnaire
Personal Profile
1. Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2. Age:
Below 20 21 - 30 31 - 40
41 - 50 Above 50
3. Gender:
Male Female
4. Education:
School Graduation
Post Graduation
5. Occupation:
91
Appendix A. Questionnaire 92
Business Unemployed
Professional
Yes No
11. How do you rate the courteousness and helpfulness of branch staff?
12. How do you rate our counter staff in terms of product knowledge and ability
to convey information?
Level of satisfaction
Ranks
Factors
I II III IV V
Fast
Safe
Reliable
Affordable
Friendly
Domestic International
Business Economy
1-3 7 - 10
4-6 More than 10
1-3 7 - 10
4-6 More than 10
Business Leisure
Service Quality
26. How do yo rate overall satisfaction level towards quality of service rendered
by UAE Exchange?
Yes No
30. How do you rate UAE Exchange compared to other exchange companies
with regard to the following?
Ranks
Factors
Better Same worse
Reliable
Location& Timings
Rates & Charges
Faster Credit
Service at counter
31. What would you suggest to make our service better? (Please kindly write
down your suggestion) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .