4.0 Customer Satisfaction on Account Opening Procedure and Customer Service Department of IFIC Bank LTD. at Utara Branch.

In this part of the report, responses of customer on Account Opening Procedure and Customer Service Department of IFIC Bank Ltd. at Utara Branch are represented. The survey was conducted with 22 questions which is 5 point Likert scale set by 50 customers as sample size. The findings of questions are represented by Pie Charts.

4.1 Age
6% 22% 18% Below 20 years 20-30 years 30-40 years 40-50 years Above 50 years 28% 26%

Figure No # 01: Age Source: Field Work The above graph shows the age ranges of account holders at Utara Branch, IFIC Bank Ltd. There are 6% customers aging below 20 years, 18% from 20-30 years, 26% from 30-40 years, 28% from 40-50 years and 22% from above 50 years. As in our country the age of adult counts from 18 years, so the accessibility of customers below 20 years is only 6%. While the age ranges through 20-30 years, 30-40 years and 40-50 years people in Bangladesh has a tendency to having bank accounts, and people aging over 50 years are rely on govt. banks to hold their funds so, the percentage of this range is competitively lower.

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4.2. Educational Level

6% 10% SSC 40% 20% HSC Graduation Post-Graduation Other 24%

Figure No # 02: Educational Level Source: Field Work The above graph shows the education level of account holders at Utara Branch, IFIC Bank Ltd. There are 6% customers having SSC degree, 10% having HSC degree, 20% having their graduation, 24% having post-graduation and 40% are from other disciplines. In Bangladesh, generally people are agreeing to occupy bank accounts through the level of education. As a result, the chart is showing an increasing trend from lower to higher level of education. So it shows that, only 6% of customers are below/at SSC level and almost 64% customers are from post-graduation. 4.3. Gender

36% Male Female 64%

Figure No # 03: Gender Source: Field Work

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The above graph shows the gender diversification of account holders at Utara Branch, IFIC Bank Ltd. where 64% of them are male and 36% are female. In Bangladesh, as most business-persons are male so it triggers the leading customers according to their gender diversification. 4.4. Monthly Expenditure
24% 16%

Below Tk. 10,000 Tk. 10,000 - Tk. 20,000

20%

Tk. 20,000 - Tk. 30,000 Above Tk. 30,000

40%

Figure No # 04: Monthly Expenditure Source: Field Work

The above graph shows the range of monthly expenditure (in Taka) of account holders at Utara Branch, IFIC Bank Ltd. There are 16% of customers who spend below Tk. 10,000 per month, 20% are in the range of Tk. 10,000 - Tk. 20,000, 40% are in the range of Tk. 20,000 - Tk. 30,000 and 24% are in above Tk. 30,000.The monthly expenditure range varies by the customers nature activities and social class. A bank has customer including household, businesses and corporation.

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4.5. Occupation
14% 6% Professionals Service-holder 40% Business Housewife Other 30%

10%

Figure No # 05: Occupation Source: Field Work The above graph shows the occupational differentiation of account holders at Utara Branch, IFIC Bank Ltd. where 6% are professionals, 40% are service-holders, 30% are involved in business, 10% are housewives and 14% are engaged in other works. The nature of customers in a bank may differ by their occupation. As bank act as a lender and borrower of funds. On the other hand for a branch location is also an important variable to identify customer nature. As the location at Utara Branch is in residential area service holders and householders are the target customers group here and the other occupations are next to them. 4.6. Types of Account
20% Savings Account 50% 20% Current Account Short Term Deposit Fixed Deposit Receipt

10% 10% 24% 0-1 times 2-3 times

Figure No # 06: Types of Account 4-5 times Source: Field Work 6-9 times The above graph shows about the different type of accounts and above 10 times that customers want to open at Utara
10% Branch, IFIC Bank Ltd. 50% customers are willing to open Savings Account, 10% in Current 30%

26%

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Account, 20% in Short Term Deposit (STD) and 20% in Fixed Deposit Receipt (FDR).As the majority customers at Utara Branch is lender group of a bank; as half of the accounts are savings. Then there are second position of STD and FDR, while currents accounts are the least position. 4.7. Monthly Transaction

Figure No # 07: Monthly Transaction Source: Field Work The above graph shows the times of account holders monthly transactions at Utara Branch, IFIC Bank Ltd. There are 24% customers who transacts 0-1 time per month, 30% goes for monthly transaction of 2-3 times. As the majority customers are service holders and house wifes and they frequently do not transaction many times per month. So the survey shows that the majority clients not involve in transaction more than 3 times per month. 10%. 10% goes for monthly transaction of 4-5 times, 26% goes for monthly transaction of 6-9 times and 10 times or above is

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4.8. What type of account operating system is mostly agreed by the customers?
24%

Singly Jointly

76%

Figure No # 08: What type of account operating system is mostly agreed by the customers? Source: Field Work The above graph shows the customers preferences to choose account operating system of bank account at Utara Branch, IFIC Bank Ltd. There are about 76% customers who choose singly account operating system. Most of the customers choose to operate their accounts singly because the customers want a reliable process to keep their fund safe. This is also triggered by the values of customers of the branch. 24% are preferred to operate jointly. 4.9. How long do you enjoy the service form this branch?
16% 0-1 year 44% 10% 2-3 years 4-5 years 10% 6-7 years More than 7 years

20%

Figure No # 09: How long do you enjoy the service form this branch Source: Field Work

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The above graph shows the timeline that how long the account holders are taking services at Utara Branch, IFIC Bank Ltd. The survey indicates 16% customers are in the range of 0-1 year, 10% are in 2-3 years, 10% are in 4-5 years, 20% are in 6-7 years and 44% are in more than 7 years. As the majority clients are residential and they want to retain at the branch for longer period so, as the time range increase they are willing to stay for long, accept those who are business entities they choose to retain for short times. 4.10. Average amount of transactions per month in this branch.
12% 28% 16% Less than Tk. 5,000 Tk. 5,000 - Tk. 10,000 Tk.10,000 - Tk. 15,000 Tk. 15,000 - Tk. 20,000 Over than Tk. 20,000 20% 24%

Figure No # 10: Average amount of transactions per month in this branch Source: Field Work The above graph shows the average range of transactions (in Taka) per month by account holders at Utara Branch, IFIC Bank Ltd. There are 28% who are less than Tk. 5,000, 24% are in the range of Tk. 5,000 - Tk. 10,000, 20% are in between Tk.10,000 - Tk. 15,000, 16% are in Tk. 15,000 - Tk. 20,000 and 12% are in over than Tk. 20,000. As most of the customers are serviceholders and house-wife so, their trend at average amount of transactions per month decrease as the range of amount increases.

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4.11 What type of service do you receive from this branch?

30%

50% Pay Order/ Demand Draft 2% 12% 6% Term Loan Short Term Deposit (SOD) SMS Banking Inward Remittance

Figure No # 11: What type of Service do you receive from this branch? Source: Field Work The above graph shows the variation of services that customer receive at Utara Branch, IFIC Bank Ltd. There are 50% customers in Pay Order/ Demand Draft. As the average clients are residents to the branch and non-business entity they prefer to the general banking services like pay order/Demand Draft and Inward Remittance other than the loan schemes.6% in Term Loan, 12% in SOD, 2% in SMS Banking and 30% in Inward Remittance. 4.12 Account opening procedure is flexible.
0% 10% 0% Strongly Agree Agree 50% 40% Moderate Disagree Strongly Disagree

Figure No # 12: Account opening procedure is flexible. Source: Field Work

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The above graph shows the opinion of customers towards the statement that flexibility in account opening procedure at Utara Branch, IFIC Bank Ltd. The scale shows that 50% of the customers are Strongly Agree, The majority clients response that the account opening procedure is flexible in this bank, because, they think that IFIC Bank Ltd. disclose all the account opening procedures, the account opening from easy and clear. Again, 40% are Agree, 10% are Moderate with the statement. 4.13. Account opening documents are kept in well organized and systematic way
0% 16% 0% Strongly Agree Agree 24% Moderate 60% Disagree Strongly Disagree

Figure No # 13: Account opening documents are kept in well organized and systematic way Source: Field Work The above graph shows the opinion of customers towards the issue that account opening documents are kept in a systematic & organized way at IFIC Bank Ltd. The scale shows that 60% of the customers are Strongly Agree. The majority customers respond that the account opening documents are kept in a safe, systematic and organized way because IFIC bank Ltd. that the documents as asset of identification for each clients and give value and protection to preserve them.24% are Agree, 16% are Moderate s with the statement.

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4.14 Lot of formalities is followed before opening any account

10% 0% 20% Strongly Agree Agree 30% Moderate Disagree Strongly Disagree 40%

Figure No # 14: Lot of formalities is followed before opening any account Source: Field Work The above graph shows the opinion of customers towards statement that too many formalities are followed before opening any bank account by IFIC Bank Ltd. The scale shows that 20% of the customers are Strongly Agree, 40% are Agree, because customers think that there are some formalities maintained which should be revised according to the time frame. 10% are Moderate, 10% are Disagree with the statement. 4.15 The service providers possess professional knowledge for providing information to new account holders
0% 10% 0% 26% Strongly Agree Agree Moderate Disagree Strongly Disagree 64%

Figure No # 15: The service providers possess professional knowledge for providing information to new account holders Source: Field Work

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The above graph shows the opinion of customers towards the bankers ability to provide professional knowledge and information to new account holders at Utara Branch, IFIC Bank Ltd. The scale shows that 26% of the customers are Strongly Agree, 64% are Agree, because the branch employees provide honest professional knowledge and information to it new and potential customers. 10% are Moderate with the statement. 4.16. The service charge and fees are higher
4% 16% 16% Strongly Agree Agree 24% Moderate Disagree Strongly Disagree 40%

Figure No # 16: The service charge and fees are higher Source: Field Work

The above graph shows the opinion of customers towards the service charge & fees at Utara Branch, IFIC Bank Ltd. The scale shows that 16% of the customers are Strongly Agree, 24% are Agree, 40% are Moderate, the majorities respondents say that they are at a moderate position, because service charge and fees are more/less of a same range comparing to the other private banks beside this branch.16% are Disagree with the statement.

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4.17. IFIC Bank Ltd. shows sincere attention in solving your banking problems
0% 20% 0% Strongly Agree Agree Moderate 20% 60% Disagree Strongly Disagree

Figure No # 17: IFIC Bank Ltd. Shows sincere attention in solving your banking problems Source: Field Work The above graph shows the opinion of customers towards that, IFIC Bank Ltd. shows sincere attention in solving customers banking problems. The scale shows that 60% of the customers are Strongly Agree, 20% are Agree, because the bank officials pay their almost attention and time and discuss matter thoroughly with the customers to solve their problem and the maximum value. 20% are Moderate with the statement. 4.18. This branch is giving very quick services to the customers
6% 24% 0% 30% Strongly Agree Agree Moderate Disagree Strongly Disagree 40%

Figure No. 4.18 This branch is giving very quick services to the customers Source: Field Work

The above graph shows the opinion of customers towards the question of quick customer service at Utara Branch, IFIC Bank Ltd. The scale shows that 30% of the customers are Strongly Agree, 28

40% are Agree, because the bank officials pay their clients a higher value by providing quick and efficient services. 24% are Moderate, 6% are Disagree with the statement. 4.19. The environment of this branch is friendly
4% 6% 0% Strongly Agree Agree 30% 60% Moderate Disagree Strongly Disagree

Figure No # 19: The environment of this branch is friendly Source: Field Work

The above graph shows the opinion of customers towards the customer friendly environment at Utara Branch, IFIC Bank Ltd. The scale shows that 60% of the customers are Strongly Agree, 30% are Agree, because the branch officials conduct the customers with a professionally and friendly manner to build up a banking relationship and problem solving. 6% are Moderate, 4% are Disagree with the statement.

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4.20. Employees are highly skilled

0% 14% 0% 30% Strongly Agree Agree Moderate Disagree Strongly Disagree 56%

Figure No # 20: Employees are highly skilled Source: Field Work The above graph shows the opinion of customers towards the matter that the employees are highly skilled in account opening procedure at Utara Branch, IFIC Bank Ltd. The scale shows that 30% of the customers are Strongly Agree, 56% are Agree, because the employees of this branch are highly skilled with having a professional knowledge to clear the banking key terms, law and practices to the customers to understand properly.14% are Moderate with the statement. 4.21. How long this branch needs to issue cheque book to customer?
0% 0% 8% 12% Within 3 days Within 4 days Within 5 days Within 6 days Within 7 days 80%

Figure No # 21: How long this branch needs to issue cheque book to customer? Source: Field Work

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The above graph shows the opinion of customers toward a question that how long the cheque book need to issue to account holders at Utara Branch, IFIC Bank Ltd. always time 80% customers are give the cheque book within 7 days. Sometimes 12% customers are giving the cheque book within 6 days & any emergency situation 8% customers are give the cheque book within 5 days. 4.22. The bank's locker is highly secured
0% 14% 0% Strongly Agree Agree 30% 56% Moderate Disagree Strongly Disagree

Figure No # 22: The bank's locker is highly secured Source: Field Work The above graph shows the opinion of customers towards the issue that the banks lockers highly secured at Utara Branch, IFIC Bank Ltd. The scale shows that 56% of the customers are Strongly Agree, 30% are Agree, because customers especially the residents at Utara, thinks that precious things are secured to keep at the banks locker then their house,14% are Moderate with the statement.

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4.23 SWOT Analysis of the Utara Branch of IFIC Bank Ltd.

The overall evaluation of banks strength, weakness, opportunity and threat is called SWOT. S = Strength W =Weakness O =Opportunity T =Thereat SWOT is internal and external factor of the bank. Internal factors are controllable and external factor are not controllable. Internal factors are management related that is controllable by the bank. The impact of SWOT may negative or positive on the bank. Favorable impact of SWOT can create organizational progress and unfavorable SWOT creates lot of organizational problem.

Strengths:
In general banking department, there is a high performance activity with the customers. In general banking department, technological system is superior to satisfy customer. The working environment is very friendly, interactive and communicate provides as a great motivation factor among the potential customer in both section- general banking and loans& credit. Both the department have qualified and experienced human resource. Credit department maintains high commitment of customer. It has sophisticated automated banking system in most of its branches which foster the overall banking activity.

Weaknesses:
Lack of motivation among the workers of general banking department. Heavy dependency on Head Office in decision making sometimes slower the work process in the credit department. Absence of teamwork between General Banking department & Credit Department. There is only one computer in general banking department. So, its the reason for delaying in work. To open an account sometimes people give incomplete information which will become a very acute when any dispute arise. 32

Opportunities:
Other unexplored district where branches can be set up. High awareness among all level of people to deposit money in the banks. Increasing the demand of customer finance. Investment potential of Bangladesh. Relationship Management.

Threats:
Some commercial/ Foreign Bank as well as private bank are increasing Similar type of retail banking products, such as insurance company, stock exchange, financial institution etc. Frequent changes in rules and regulations from Bangladesh Bank. Customer awareness of pricing and service.

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