A Study on Millennials Expectation from Public and Private Sector Banks

Authors

  • Sagar Balu Gaikwad
  • Lata Swaminathan

Abstract

Banks plays a very important role in overall development of an economy. The main function of saving and investment of a country is majorly handled by banking sector. There is a stiff competition in banking sector where all banks are facing stiff competition at global level. Hence it is necessary to identify the factors which contributes towards satisfaction among customers. A present study is conducted to find out millennials or Generation Y expectation from public and private banks located in Mumbai. Present study is conducted to find out gap between banks offerings and millennials expectations. Exploratory Factor Analysis and Confirmatory Factor Analysis is used to validate the scale in public and private banks. A sample of 200 public millennial bank customers and 200 private millennial banks customer are considered under study to find out their customer satisfaction in banking sector. 50 public bank employees and 50 private bank employees were interviewed to find out banking offerings to millennials. After data collection from all respondent, researcher done Exploratory Factor Analysis (EFA), Confirmatory Factor Analysis (CFA) and Structural Equation Modelling (SEM) is performed on collected data using SPSS version 21 and SPSS Amos. Researcher used 21 item scale to identify customer satisfaction in public and private banks. After Exploratory Factor Analysis researcher identify only 17 items are contributes towards customer satisfaction in public and private banks. Research also found low correlation between millennial customer expectation and bank offerings which means there is gap between millennial customer expectation and bank offerings.

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Published

2020-04-12

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Section

Articles