EMPIRICAL STUDY ON THE PERCEPTIONS OF CUSTOMERS ON RETAIL BANKING SERVICES IN COMMERCIAL BANKS OF ANDHRA PRADESH

Abstract

Retail banking in India has emerged as one of the key drivers of the overall banking industry and has witnessed enormous growth in the recent past.  The Retail Banking concept is not new to banks but is now turned as an important and attractive market segment that offers opportunities for growth and development.  All the needs of individual customers are taken care of in a well – integrated manner in retail banking. Retail banking is being considered as one of the most innovative financial services provided by the various commercial Public Sector Banks (PSBs), private sector and foreign banks in today’s competitive environment. Retail banking has a huge potential considering the growing demand for its products viz., term deposits, consumer durable loans, auto loans, debit card, credit cards, ATM facilities, online banking, etc. Increasing competition in the banking industry is forcing banks to pay much more attention towards satisfying customers by providing wide variety of quality products/services. As the level of awareness to customers increases, it leads to increase in customer preferences. Expectations of the customers for more services by the banks are increasing day by day and this has compelled banks to innovate and offer variety of products/ services.