A Study of Analyzing Customer Satisfaction in Using Business Correspondent Model & Its Role in Financial Inclusion

Abstract

Purpose of this research paper is to analyze customer experience & level satisfaction of bank customers who are utilizing business correspondent services offered by several banks in Lucknow & its role in financial inclusion. Under this model, Business Correspondents operate from remote locations away from the branches of the Banks as retail agents of the Banks,. In such a model, the customers visit the Business Correspondent in their area rather branch of the banks, which results in reduced cost and saving in time. 

To conduct this study authors have designed a questionnaire to collect the primary data on customer experience and satisfaction.  After conducting survey and further analyzing the data it was observed by them that the customers have a good experience in utilizing the services of Business Correspondents They also observed that a number of attributes contribute to the good customer experience in using BC model such as savings in time and cost, customers’ trust in BCs in the safety of their transactions, high level of comfort in dealing with a local BC. Customers are able to have a safe and formal Banking environment without the need to go to a Bank branch and it generates greater awareness about banking among the financially weaker section. It also induces savings habit amongst financially weaker section.