CUSTOMERS’ SWITCHING BEHAVIOR IN BANKING INDUSTRY-A STUDY IN CHITTOOR DISTRICT, ANDHRA PRADESH, INDIA By Hari Kishan Reddy

Abstract

The financial institutions play a significant role in the development of an economy. It is expected that the financial sector in the near future would witness increased competitiveness, dynamism, diversification, integration as well as the ability to provide world class services with the emergence of number of banks and financial institutions into the market. The footsteps towards financial progression are perceived as India had opened up the market for international entrants in the banking sector through Globalization, Liberalization and Privatization. Today India has more than 200 scheduled Commercial banks, and many Urban and rural co-operative banks each of them are offering competent services with customer satisfaction as the principal motive. However, banks are still facing issues with customers switching from one bank to another in search of either better service, low cost, convenience of access, international transaction services and many other unexplored factors. This research is therefore an attempt to identify the factors that are influencing customers’ Bank switching behavior in the study area. The outcome of this research may help banks with their strategic decisions, exploring their competitive advantage by attracting new customers, strengthening customer data-base and retaining customer confidence. The contributions from this research will assist in achieving their motto.

Keywords: Customers, Bank, Switching Behavior.

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