Abstract
The conventional financial measures have always dominated the business performance evaluation in India. There is a need to augment the current approaches to evaluate the financial health of individual firms and industries. Customer Satisfaction Index (CSI) is one of the best solutions which is a customer-based satisfaction benchmarking system and serves as a standard metric, widely implemented in the United States and Europe. However, there is no such index in India and there is a need for a non-financial, customer-based satisfaction metric. This study is a pilot attempt to develop a Customer Satisfaction Index (CSI) model, specifically for the Indian banking industry. To achieve this, the focus group technique was employed to find the key determinants of customer satisfaction in the banking industry. The comprehensive thematic analysis revealed a total of six themes and nine sub-themes which have been proposed as the antecedents of customer satisfaction in the CSI model for the Indian banking industry. The future research intends to develop instrumentation based on the focus group results and validate the hypothesized CSI model proposed in this study.
Highlights
There is a rising criticism of the current performance evaluation system of Indian businesses based on financial measures which are focused on the past and lack a futuristic outlook (Anand, Sahay, & Saha, 2005)
There is no standardized customer satisfaction index for India that provided an impetus to this pilot research to construct an index for the banking industry
This study is successful in terms of laying the foundation towards building a Customer Satisfaction Index for consumer products and services in the Indian context
Summary
There is a rising criticism of the current performance evaluation system of Indian businesses based on financial measures which are focused on the past and lack a futuristic outlook (Anand, Sahay, & Saha, 2005). Customer Satisfaction Index (CSI) represents a uniform and a comparable measurement system for evaluating and enhancing customer satisfaction across firms and industries (Fornell et al, 1996) It provides an established system for systematic benchmarking over time across firms and a gauge of how well companies satisfy their customers (Fornell, 1992). The national CSIs such as American Customer Satisfaction Index (ACSI) and European Customer Satisfaction Index (ECSI) are widely accepted indices used to regularly monitor the health of the economy, industries and individual firms (Neely, 1999; EPSI Report, 2007). There is no such standard metric to measure customer satisfaction in India. There is a need for a similar index which provided an impetus to this study, a pilot attempt to develop a Customer Satisfaction Index (CSI) model, for the Indian banking industry
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