UploadedFile 130754829418453117

MAHATMA GANDHI UNIVERSITY
A STUDY ON CUSTOMER SATISFACTION

TOWARDS VARIOUS SERVICE OF UAE EXCHANGE,
KOLLAM DISTRICT, KERALA
by
RENJITH R
renjith08@yahoo.co.in
A Project Report submitted in partial
fulllment for the award of the degree of
Master of Business Administration

(Marketing & HRM)
CC406
under the guidence of
Mrs. Jincy K C
Department of Management Studies

Sree Nikethan College
Chathanoor
April 2010
Declaration
Authorship
A Customer is the mostof
important
visitor on our premises.
He is not dependent on us.
I, RENJITH, declare that this thesis
A Study on
on him.
Customer Satisfaction
Wetitled,
are dependent
Towards Various Service of
Kollam
Kerala and the work
HeUAE
is notExchange,
an interruption
onDistrict,
our work.
presented in it are my own. I conrm
Hethat:
is the purpose of it.
He is not an outsider on our business.
He is awhile
part ofinit.candidature for a masters
This work was done wholly or mainly
are not doing him a favour by serving him.
degree at this We
University.
He is doing us a favor by giving us an opportunity to do so.
Where any part of this thesis has previously been submitted for a degree or
any other qualication at this University or any other institution, this has
Mahathma Gandhi
been clearly stated.
Where I have consulted the published work of others, this is always clearly
attributed.
Where I have quoted from the work of others, the source is always given.
With the exception of such quotations, this project report is entirely my own
work.
I have acknowledged all main sources of help.
Signed:
Date:
MAHATMA GANDHI UNIVERSITY
A Study on Customer Satisfaction Towards Various Service

of UAE Exchange, Kollam District, Kerala
Abstract
RENJITH R
This research investigates the satissfaction level of customers towards various services oered by UAE Exchange Information was gathered using a customer survey
using a formulated questionnire. The literature provided discusses the various aspects of customer satisfaction. And the tools that can be used to measure level of
satisfaction. For the purpose of data analysis Percentage analysis, Graphical representationa, Scaling techniques and chi-square test were used.Knowing the needs
and expectations of the customers, and meeting these, does not only lead to more
satised customers, but, very importantly, results in a more ecient and eective
provision of customer services. Overall ndings from the study suggests various
feilds where much care to be put to get growth in the organisation.
Acknowledgements
I would like to thank my supervisor, Jincy K C for making this a meaningful
learning process. Her guidance and encouragement throughout the process of
formulating my ideas was invaluable. Her ability to view things pragmatically was
critical and priceless to the success of this study and needs to be commended.
I would like to thank Mr. Nainel S C, Head of the Department, Department of
Management studies for his valuable advices of conducting project work, which
form a part of the project and other lecturers of the department for the encouragement, guidance and other instructions provided for the preparation of this report.
I express my sincere thanks to Mr. CHANDRA BOSE .B (Branch Manager, UAE
Exchange, Kulathupuzha) for granting me with the opportunity for doing this
project work worthwhile.
I would like to thank all employees from UAE Exchange Kulathupuzha, without
them this research would not have been successful.
Finally, I express my sincere thanks to my parents, well-wishers and all my friends
who helped me directly and indirectly for their encouragement and support to
complete the work.
Renjith R
iv
Contents
Declaration of Authorship
Abstract
iii
Acknowledgements
iv
List of Figures
viii
List of Tables
1 Introduction
1.1 Background of the study . . . . . .
1.1.1 UAE Exchange . . . . . . .
1.1.2 RBI Guidelines . . . . . . .
1.2 Customer Satisfaction . . . . . . .
1.3 Problem discussion . . . . . . . . .
1.3.1 Statement of the problem .
1.3.2 The objectives of the study
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2 Organization Prole
2.1 Introduction . . . . . .
2.2 Vision . . . . . . . . .
2.3 Mission . . . . . . . .
2.4 Values . . . . . . . . .
2.5 Knowledge . . . . . . .
2.6 Integrity . . . . . . . .
2.7 Commitment . . . . .
2.8 Quality Standards . . .
2.9 Community Service . .
2.10 Disaster relief eorts .
2.11 Cultural contributions
2.12 Promotion of Sports .
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Contents
2.13
2.14
2.15
2.16
2.17
2.18
vi
Recognition . . . . .
Leadership . . . . . .
Infrastructure . . . .
Advantages . . . . .
Awards . . . . . . . .
Products & Services
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3 Review of Literature29
3.1 Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
4 Research Methodology
4.1 Research Purpose . . . .
4.2 Research Approach . . .
4.3 Research strategy . . . .
4.4 Sample Selection . . . .
4.5 Data Collection . . . . .
4.6 Data Analysis . . . . .
4.7 Validity and Reliability .
4.8 Tools For Data Analysis
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5 Analysis
5.1 Overview of the sample . . . . . . . . . . . . . . . . . . . . . . . .
5.2 Quantitative data presentation . . . . . . . . . . . . . . . . . . . .
5.3 Descriptive statistics . . . . . . . . . . . . . . . . . . . . . . . . .
5.3.1 Age of the respondents . . . . . . . . . . . . . . . . . . . .
5.3.2 Gender of the Respondents . . . . . . . . . . . . . . . . . .
5.3.3 Educational qualication of the respondents . . . . . . . .
5.3.4 Occupation of the respondents . . . . . . . . . . . . . . . .
5.3.5 Products normally used by customer . . . . . . . . . . . .
5.3.6 Rottenly avail our services . . . . . . . . . . . . . . . . . .
5.3.7 Factors inuencing for Preferring UAE Exchange for transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.3.8 Time taken to conclude transaction . . . . . . . . . . . . .
5.3.9 Waiting time acceptance by the customers . . . . . . . . .
5.3.10 Courteousness and helpfulness of branch sta . . . . . . .
5.3.11 Counter stas product knowledge and ability to convey information . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.3.12 Level of satisfaction while doing currency exchange . . . .
5.3.13 Level of satisfaction with Xpress money . . . . . . . . . . .
5.3.14 Level of satisfaction through western union money transfer
5.3.15 Level of satisfaction through money gram services . . . . .
5.3.16 Peculiarities of Moneygram Service . . . . . . . . . . . . .
5.3.17 Type of travel by the respondents . . . . . . . . . . . . . .
5.3.18 Purpose of travel . . . . . . . . . . . . . . . . . . . . . . .
5.3.19 Number of ights travel during the year . . . . . . . . . .
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Contents
vii
5.3.20
5.3.21
5.3.22
5.3.23
5.3.24
5.3.25
5.3.26
5.3.27
Mode of Reservation . . . . . . . . . . . . . . . . . . . . .
Level of satisfaction during reservation . . . . . . . . . . .
Quality of service provided in UAE EXCHANGE . . . . .
Rate the quality of service provided by UAE Exchange . .
Rate the grievance handling and complaint . . . . . . . . .
Availing the services again . . . . . . . . . . . . . . . . . .
Recommends UAE Exchange to others . . . . . . . . . . .
Comparison to other exchange companies with regard to the
reliability . . . . . . . . . . . . . . . . . . . . . . . . . . .
location & Timing . . . . . . . . . . . . . . . . . . . . . .
to other
exchangesatisfaction
companies. with
Customers
expectations
and customer
. . . . regard
. . . . . to the
5.3.28 Comparison
rates & Charges . . . . . . . . . . . . . . . . . . . . . . . .
Comparison
to other Growth
exchange
Money Gram
Agent Network
. .companies
. . . . . . . . .with
. . . . regard
. 26 to the
5.3.29 faster Credit . . . . . . . . . . . . . . . . . . . . . . . . . .
Money Transfer Transaction Growth . . . . . . . . . . . . . . . . . 27
service at counter . . . . . . . . . . . . . . . . . . . . . . .
5.3.30
Customer satisfaction continues improvement . . . . . . . . . . . . 32
The Principle of pre-study . . . . . . . . . . . . . . . . . . . . . . . 33
Measuring
customer satisfaction . . . . . . . . . . . . . . . . . . . . 34
5.3.31
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List of Figures
1.1
2.1
2.2
3.1
3.2
3.3
72
73
74
75
76
77
78
. 79
7
. 80
. 81
. 82
. 83
5.1 Age of the respondents . . . . . . . . . . . . . . . . . . . . . . . . .

6 Findings
Suggestions
Conclusion. . . . . . . . . . . . . . . . . . . . . . .
5.2 Gender
of theand
Respondents
6.15.3
Results
and
Discussion
. . . . . . of
. . .the
. . .respondents
....
Educational qualication
.............
. . .
6.25.4
Findings
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Occupation of the respondents . . . . . . . . . . . . . . . . . . .
. . .
6.35.5
FactorRottenly
inuencing
of the
availthe
ourchoice
services
. . .UAE
. . . . .Exchange
...............
. . .
6.45.6
Suggestions
. . . . . pre
. . .. erence
. . . . . .of. .UAE
. . . . Exchange . . . . . . . . . . . . . . . . .
Factors. cause
6.55.7
Conclusion
. . . . .to. .conclude
. . . . . . . .transaction
........ ..................
Time taken
. . .
5.8 Waiting time acceptance by the customers . . . . . . . . . . . . . .
5.9 Courteousness and helpfulness of our branch sta . . . . . . . . . .
5.10 Counter stas product knowledge and ability to convey information
Bibliography
5.11 Level of satisfaction while doing currency exchange . . . . . . . . .
5.12 Level of satisfaction with Xpress money . . . . . . . . . . . . . . . .
A Questionnaire
5.13 Level of satisfaction through western union money transfer . . . . .
5.14 Level of satisfaction through money gram services . . . . . . . . . .
5.15 Ranking of moneygram service based on scaling technique . . . . .
5.16 Ranking of moneygram service based on percentage analysis . . . .
5.17 Type of travel by the respondents . . . . . . . . . . . . . . . . . . .
5.18 Purpose of travel . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.19 Number of ights travel during the year . . . . . . . . . . . . . . .
5.20 Mode of reservation . . . . . . . . . . . . . . . . . . . . . . . . . .
5.21 Level of satisfaction during reservation . . . . . . . . . . . . . . . .
5.22 Quality of service provided in UAE EXCHANGE . . . . . . . . . .
5.23 Rate the quality of service provided by UAE Exchange . . . . . . .
5.24 Rate the grievance handling and complaint . . . . . . . . . . . . . .
5.25 Availing the services again. . . . . . . . . . . . . . . . . . . . . . . .
5.26 Recommends UAE Exchange to others . . . . . . . . . . . . . . . .
5.27 Comparison to other exchange companies with regard to the reliability
viii
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49
84
53
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54
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60
61
62
89
63
64
91
65
66
68
68
69
70
71
72
73
74
75
76
77
78
79
List of Figures
ix
5.28 Comparison to other exchange companies with regard to location

& timing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.29 Comparison to other exchange companies with regard to the rates
& Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.30 Comparison to other exchange companies with regard to the faster
Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.31 Comparison to other exchange companies with regard to the service
at counter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
List of Tables
. 80
. 81
. 82
. 83
4.1
Research strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
5.1
5.2
5.3
5.4
5.5
5.6
5.7
5.8
5.9
5.10
5.11
5.12
5.13
5.14
5.15
5.16
5.17
5.18
5.19
5.20
5.21
5.22
5.23
5.24
5.25
5.26
5.27
5.28
5.29
5.30
5.31
5.32
Age of the respondents . . . . . . . . . . . . . . . . . . . . . . . . .

Chi-square test-one . . . . . . . . . . . . . . . . . . . . . . . . . . .
Chi-square test-Two . . . . . . . . . . . . . . . . . . . . . . . . . .
Revised table based on yates correction . . . . . . . . . . . . . . . .
Chi square calculation-three . . . . . . . . . . . . . . . . . . . . . .
Gender of the Respondents . . . . . . . . . . . . . . . . . . . . . . .
Educational qualication of the respondents . . . . . . . . . . . . .
Occupation of the respondents . . . . . . . . . . . . . . . . . . . . .
Products normally used by the customer . . . . . . . . . . . . . . .
Rottenly avail our services . . . . . . . . . . . . . . . . . . . . . . .
Factors cause preerence of UAE Exchange . . . . . . . . . . . . . .
Time taken to conclude transaction . . . . . . . . . . . . . . . . . .
Waiting time acceptance by the customers . . . . . . . . . . . . . .
Courteousness and helpfulness of branch sta . . . . . . . . . . . .
Counter stas product knowledge and ability to convey information
Level of satisfaction while doing currency exchange . . . . . . . . .
Level of satisfaction with Xpress money . . . . . . . . . . . . . . . .
Level of satisfaction through western union money transfer . . . . .
Level of satisfaction through money gram services . . . . . . . . . .
Ranks given for the money gram service . . . . . . . . . . . . . . .
Type of travel by the respondents . . . . . . . . . . . . . . . . . . .
Purpose of travel . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Number of ights travel during the year . . . . . . . . . . . . . . .
Mode of Reservation . . . . . . . . . . . . . . . . . . . . . . . . . .
Level of satisfaction during reservation . . . . . . . . . . . . . . . .
Quality of service provided in UAE EXCHANGE . . . . . . . . . .
Rate the quality of service provided by UAE Exchange . . . . . . .
Rate the grievance handling and complaint . . . . . . . . . . . . . .
Availing the services again . . . . . . . . . . . . . . . . . . . . . . .
Recommends UAE Exchange to others . . . . . . . . . . . . . . . .
Comparison to other exchange companies with regard to the reliability
Comparison to other exchange companies with regard to the location & Timing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
49
50
51
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
69
70
71
72
73
74
75
76
77
78
79
80
x
List of Tables
xi
5.33 Comparison to other exchange companies with regard to the rates

& Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
5.34 Comparison to other exchange companies with regard to the faster
Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
5.35 Comparison to other exchange companies with regard to the service
at counter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83
Chapter 1
Introduction
The background of the selected area is introduced in the rst chapter. Then, the
problem area will be next discussed to provide a deeper understanding about the
research area for reader. The problem discussions end with a research problem
and a specic research question. In the end of this chapter the contribution of this
research is also presented.
1.1
Background of the study
The background of the research area is provided in this section. It contains the
general idea of nancial services, UAE exchange and customer satisfaction. This
section explains reserve Bank of India norms. This section also describes the
importance of service quality and its relationship with customer satisfaction.
1.1.1
UAE Exchange
Financial services refer to services provided by the nance industry. The nance
industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are banks, credit card companies,
Chapter 1. Introduction
insurance companies, consumer nance companies, stock brokerages, investment
funds and some government sponsored enterprises.
UAE Exchange is a service oriented nancial institute. It has to implement various social objectives as well as commercial objectives. It also increases the development of the economy of the country and creates runway for the free ow of
capital necessary for the growth of the economy. The electronics revolution has
made it possible to provide ease and exibility. Money laundering is the process
where by criminals attempt to hide and disguise the true origin and ownership of
the proceeds of their criminal activities thereby avoiding prosecution, conviction
and conscation of the criminal funds. The source of the proceeds may include
drug tracking terrorism, organized crime, fraud and many other crimes . UAE
Exchange invests in the latest technologies that improve the quality of there operations and add value to there customer relationship. Todaly, UAE Exchange
has one of the most advanced technological and infrastructural facilities in the
industry, which ensures that there businesses run in the most e cient manner.
There core team of IT professionals ensures the development of customized and
hyper-ecient hardware and software systems for our functioning. They pass on
the same technological advantage to our customers, through reliable fund transfer mechanisms, simplied and friendly processes, and many other cross-industry
advantages.
1.1.2
RBI Guidelines
These are RBI general anti-money laundering guidelines
Reporting of Suspicious Transactions

Suspicious transaction means a transaction whether or not made in cash
which, to a person acting in good faith:
It is the duty of all sta to report suspicious and unusual transactions to
the Reporting Ocer through Branch Manager under copy to the Regional
Manager.
Failure to report suspicious and unusual transaction to the Reporting Ocer,
as prescribed, shall attract legal and disciplinary action.
Reporting Ocer shall investigate and forward the STR(Suspicious Transaction Report) to relevant authorities in writing or by fax or electronic mail
within the stipulated period. A copy of the same shall be retained by the
Reporting Ocer for the purpose of ocial records.
Monitoring and Control

All relevant reports of all Inward Remittance transactions and Money Exchange transactions has to be generated at day end at all the branches.
Branch Manager shall scrutinize this report on daily basis, duly sign for
having veried them and preserve this documentation for ten years from
date.
Branch Head is appointed at every outlet. The Branch Head shall be responsible for the execution and implementation of the Regulations issued by
the Reserve Bank of India and our Anti Money Laundering policies & Procedures. These Ocers shall also be responsible for reporting any suspicious
transactions directly to the Reporting Ocer. They shall take instructions
from the Reporting Ocer and shall report to
The Concurrent Auditor of the company shall in their monthly audit report
mention on the ecacy of the implementation of the policy, procedures and
control.
Record Keeping
The objective of record keeping is to ensure that we are able to provide the
basic information about customer and to reconstruct the individual transactions undertaken at the request of the relevant authorities at any given
time.
The record must contain the following information: (a) nature of Transaction, (b) amount of the transaction and the currency in which it was denominated (c) date on which the transaction was conducted and (d) parties to
the transaction.
Transaction records should be kept for a minimum period of ten years and
made available to the relevant authorities as and when demanded.
Registration documents should be kept at least for a period of ten years after
the last known transaction with the company.
The documents may be retained in original or stored on microlm or in the
computer at the respective branches.
The KYC procedures shall also apply to our sub-agents and franchisees.
New Sta Recruitment Procedure

The H R Department will check the antecedences of all new employees by
checking their references. They will also perform background checks on all
past and present employees of UAE Exchange and Financial Services Ltd.
AML Compliance Undertaking will be taken from each and every employee
of the Company which shall be witnessed by the Branch Head.
Training
Training for all employees of UAE Exchange and Financial Services Ltd shall
be conducted periodically.
A meeting of Regional Heads shall be held once in a quarter to discuss
training methods, procedures, policies as well as compliance procedures.
During all trainings, the employees shall be communicated of their responsibility as per the law in force regarding obtaining sucient evidence of identity, recognizing and reporting knowledge or suspicion of money laundering
and terrorists nancing.
The employee shall always be trained on the potential eect on the Company,
on its employees and customers if there is any breach of law or regulations.
The Administrative Oce is also required to maintain records showing the
dates when Anti-Money Laundering training has been given, the nature of
the training and the names of the sta who have received the training.
An intranet website on AML to share ideas, experiences and case studies is
in place. MoneyGram Compliance Manual and Xpress Money AML Policy
have also been hosted. All members of sta are required to frequently browse
the website and update their knowledge and skills.
Privacy Policy
UAE Exchange and Financial Services Ltd shall be committed to respect and protect the privacy of its customers. The personal information about our customers
provided on transaction forms and applications forms are for facilitating customers
transactions. Any such information collected from the customer shall be in possession with the company and shall be kept condential. It shall be passed on to
a statutory body only in accordance with the existing laws.
Compliance Organization
The Branch Heads or the Branch In-charge shall be deemed as the Branch
Compliance Ocer and s/he shall ensure that in the day to day operations,
all the compliance instructions shall be strictly adhered to. Any deviation
shall be brought to the attention of the Compliance Ocer at the Administrative Oce.
There shall be an independent compliance ocer to monitor and coordinate
the compliance issues of the Company at Administrative Oce.
1.2
Customer Satisfaction
To understand the importance of customer satisfaction, consider these facts: customers with problems usually dont react and only 4% of them complain; normally
a person with problem tells 9 other people about it; while satised customers tell 5
other people about their good experiment; keeping a current customer costs about
1/7 of the cost of acquiring a new customer; retaining a current employee costs
one tenth of hiring and training a new one.
These facts; highlights the crucial role of satisfying customers which brings employee satisfaction; hence, the prot maximization of the company. Therefore,
organizations need to understand that to what extend their customers would be
satisfy. Customer satisfaction in marketing context has specic meanings: Anders
Gustafsson, Michael D. Johnson,& Inger Roos (2005) brought customer satisfaction denition as customers overall evaluation of the date. This satisfaction has
positive inuences on retaining customers among dierent variety of services and
products. In service based enterprises; service quality directly a ects customer
satisfaction.
Ingrid Fecikova, (2004) interpreted satisfaction as a feeling which results from
a process of evaluating what was received against that expected, the purchase
decision itself and/or the fulllment of needs/want. Satisfaction refers to achieving
the things we want.
If satisfaction interprets as not going wrong the rm should decrease complaint
which by its own is not sucient. In order to satisfy customers, company should
improve its services and products. Figure 1.1 illustrates correlation between customers expectations and customer satisfaction. Customers with less expectation
are more satised: companies by adding innovative features would easily increase
customer satisfaction. In contrast, when customers are unaware of improvements
but critical of losses in existing quality are less satised and expect more.
Satisfaction refers to achieving the things we want. If satisfaction interprets as not
going wrong the rm should decrease complaint which by its own is not su cient.
In order to satisfy customers, company should improve its services and products.
Figure 1.1 illustrates correlation between customers expectations and customer
satisfaction. Customers with less expectation are more satised: companies by
adding innovative features would easily increase customer satisfaction. In contrast,
when customers are unaware of improvements but critical of losses in existing
quality are less satised and expect more.
Figure 1.1: Correlation between customers expectations and customer satisfaction Source: Ingrid Fecikova, 2004.
One of the main ingredients of success in the market place is customer satisfaction.
protability. Therefore, companies should measure their customers satisfaction to
fortify their strengths and improve their weaknesses. Jochen Wirtz (2003) listed
the results of customer satisfaction as follows : repeat purchase; loyalty; positive
word-of-mouth and Increased long term
1.3
Problem discussion
In a competitive market place understanding customers needs become crucial.

Therefore, companies have moved from a product-centric to a customer-centric
position. Customer retention is directly inuenced by customer satisfaction. Retention is a major challenge particularly in service oriented rms, as customers can
easily switch from one service provider to another at low cost (Khalifa and Liu,
2003). Considering the high costs of acquiring new customers and the apparently
high customer turn over of many nancial services, it is very important to study
the determinants of customer satisfaction (Van Rie, Lijander & Jurriens 2001).
Customer satisfaction is the key factor determining how successful the organization
will be in customer relationships (Reichheld, 1996), therefore it is very important
to measure it. Total quality management (TQM) is based on the idea of customer
satisfaction a management approach of an organization centered on quality, based
on the participation of all its members and aiming at long-term success through
customer satisfaction and benets to all members of the organization and to society (ISO 8402). The achievement of true customer satisfaction involves: customer
oriented culture; an organization that centers on the customer; employee empowerment; process ownership; team building; and Partnering with customers and
suppliers.
There are several benets for quality to be found via market research, particularly
in measuring the satisfaction levels of current customers, determining customer
needs for product development, and analyzing customer retention and loyalty. To
better manage customer satisfaction, rms spend millions on eectively tracking
the methods that guarantee customer satisfaction, because the quantitative measurement of customer satisfaction is a great help for comprehensively measuring
the eect of product quality on customer behavior.
1.3.1
Statement of the problem
A high competition in the nancial sector needs to improve the services better.
The success of the rm is the customer satisfaction and relationship. To identify the customer problem is very important. Using customer information is of
course useful for the direct improvement of service and service delivery. However
these aspects are part of the overall improvement of an organisation, in all its
aspects. This organisational improvement or organisational development has been
translated into dierent quality management models.
1.3.2
The objectives of the study
The project work was conductedin UAE Exchange service users group and objectives of the study are
Primary Objective
To identify the customer satisfaction level towards various services of UAE
Exchange.
Secondary Objective
To identify the advantage of select UAE Exchange.
To identify grievanance handling of customers.
To identify the customer expectation and satisfaction with regard to UAE
Exchange.
Compare products and services of UAE Exchange with other nancial istitutes.
10
Hypothesis
There is no signicant relatioship between age of the respondents and level of satisfaction
Chapter
Scope of the study2
The scope of the study is limited to exploring the perceptions of service users in
UAE Exchange.This study helps a great deal to familiarize with the practical side
Organization Prole
of an organisations situation and customer satisfaction level. The nding of the

study is limited to the service users in Kulthupuzha, Kollam district only.
This chapter explains a clear view of organisation through dierent aspects.
Limitations
The limitations for the study as follows
2.1
Introduction
The study is carried out only in Kulthupuzha, Kollam district only.

UAE Exchange Centre LLC, an ISO 9001:2000 Company, is positioned as one
Due
to time
constraints
only
100Middle
respondents
have beenfocusing
covered on money
of the
leading
exchange
houses
in the
East, primarily
transfers and money exchange, and is part of the NMC Group, one of the biggest
The study was conducted for a relatively short period. Which was too limited
and the most prestigious business conglomerates in the UAE. UAE Exchange have
for preparing a detailed report.
pioneered new standards in fund transfer services since our establishment in 1980,
ever staying ahead of competition with advanced and slick enhancements in the
technology, operations and customer service spheres.
The Companys portfolio of services include Draft cheques, Swift transfers, Express transfers, Xpress Money transfers, Western Union money transfers, Travelex
money transfers, Credit card settlement services and cash advances, Inter-Emirates
money transfers, purchase and sale of foreign currency bank notes, and Travelers
Cheques in retail and wholesale.
UAE Exchange celebrates 25 progressively successful years of commitment to quality products and an unblemished image, which has empowered it to become an
11
Chapter 2. Organization Prole

acknowledged force in the world remittance market. UAE Exchange an organization which believes in fair management and operational practices, continually
motivated to perform the regulators, customers and societys high expectations
and standards. The ght against money laundering and terrorist nancing is a
priority for UAE Exchange. At UAE Exchange, they maintain a sound regulatory
environment and ample resources have been earmarked for ensuring responsible
corporate governance. They have inculcated the local AML laws and regulations
and worlds best AML practices into our AML policies and procedures, which have
been rigorously, implemented at all our locations. UAE Exchange has also taken
strong initiatives to streamline its operations perfectly with the requirements of
Know Your Customers principles.
UAE Exchange aim to maintain the highest standards to safeguard the interests of
there customers, regulators, shareholders, employees and the communities where
they operate
Streamlined internal policies and procedures

Compliance with the local laws, regulations and best practices
Services of a specialized Compliance Ocer in each of there branches for
proper monitoring of transactions
Advanced AML software to detect split, frequent and unusual transactions.
Systematic record-keeping, maintenance and updating.
Specialized training imparted to sta on compliance procedures
Regular monitoring of OFAC/ Central Bank blocked list
Prompt reporting of suspicious transactions to the Central Bank of the UAE
12
2.2
Vision
To be an ever-dependable friend, the link that emotionally connects people across

the globe through technology-driven, professional, dedicated and timely services
delivered with a personal touch.
2.3
Mission
To stay ahead of the times in providing customer-friendly, value-added services

with warmth; fulll the aspirations of the employees; create sustained growth
in revenue and protability; serve the society and ourish in an environment of
mutual trust and transparency.
2.4
Values
Our work ethics are governed by our steadfast adherence to, and faith in, the core
values on which our company was founded. These enveloping values has empowered us with world-wide brand recognition, wide spectrum of quality products and
services, vast registered customer base, ecient and talent-rich workforce, and a
major share of the world funds transfer market.
2.5
Knowledge
Our quest for knowledge is multi pronged. Well-thought-out strategies and an

eective planning are needed to deal with the opportunities and challenges in
the environs in order to continue improving performance. We operate with a
clear understanding of the funds transfer business, thus producing some of the
industrys best results over time. We eectively apply this knowledge to improve
our all-round eciency and to add value to our customer relationship.
13
2.6
Integrity
We are an organization which believes in fair management practices, with unbolting adherence to operational integrity. We are focused on developing a culture
based on integrity, respect, excellence, and innovation, where diversity and dierences are recognized and valued. The sentiments of our regulators and customers
mean a lot to us, and we are continually motivated to perform to their expectations.
2.7
Commitment
As a neo-global business house, we are committed to adopt the most e cient of

technologies and follow the most ethical of practices to ensure complete satisfaction
to our customers. Our customer-rst philosophy is at the core of every decision
we make. We build on a close and trusted relationship with our customers, which
have helped register a strong and steady growth in our client and asset bases over
time.
2.8
Quality Standards
Standardization is the means to organizational growth in todays business world

where Quality is the corporate watch-word. Well laid-out corporate goals and
streamlined operational procedures to achieve them are the key to all-round success. UAE Exchange has identied this need, charted out its corporate goals
into well-thought-out strategies, and has pro-actively ensured continual adherence
to the procedures and standards to achieve and sustainThey have conrmed the
functions of all of our departments and the quality of our products and services
to international standards and recommendations, with the idea of bringing the
best in the most ecient manner to the customer. UAE Exchange was given the
14

ISO 9001:2000 Certication for our eorts by KPMG in February, 2005, thus acknowledging our successful eorts at improving our functioning. UAE Exchange
have one of the top-end technological and infrastructural facilities, manpower resources, product and service oerings, and an ecient quality management system
which ensures that we keep abreast of the international standards all through our
corporate functioning, always.
2.9
Community Service
Social responsibility forms one of the core values of the UAE Exchange work
philosophy. It values the fact that a responsible organization cannot stand independent of the communities where it lives and works, and that it is its corporate
responsibility to help the communities in addressing their issues. UAE Exchange,
together with its parent group, NMC, has always been in the forefront to support
social, cultural and humanitarian eorts.
2.10
Disaster relief eorts
In the aftermath of the Tsunami which hit the world in December 2004, NMC
Group sent medical supplies and donations worth more than 1 Million Dirhams to
Indonesia, Thailand, Sri Lanka and India, the worst aected nations. 1.1 million
Dirhams worth of medicines and medical aid was contributed to relief activities
in the quake-hit areas of Pakistan in the aftermath of the South Asia Earthquake
of 2005. Medical aid was provided to the 2004 Typhoon victims in Philippines as
well.
15
2.11
Cultural contributions
UAE Exchange contributes too many social and cultural organizations of the world
engaged in community development, cultural integration, and the promotion of
arts. It patronizes social and cultural festivals in dierent parts of the world,
primarily focusing on the Middle East, where it gives tutelage to the introduction
and popularizing of ne and applied arts from other regions of the world.
2.12
Promotion of Sports
UAE Exchange promotes sports and sporting events, and elds its own cricket
and basketball teams in major tournaments of the Middle East, which has come
out with ying colures on many occasions. NMC group organizes several major
tournaments in the region and patronizes annual events in other countries and
regions. UAE Exchange also promotes volleyball, throw ball, badminton, and
chess in UAE.
In addition to these eorts, UAE Exchange continues to contribute to relief and
disaster control eorts by waiving o service charges for transactions sent to affected regions, and to recognized aid funds.
2.13
Recognition
Dr. B.R.Shetty, MD & CEO of NMC Group, was awarded the prestigious First
Order of Abu Dhabi on the 5th of December, 2005, award instated by the Government of Abu Dhabi to recognize extraordinary individuals who have contributed
to the betterment of the Abu Dhabi community. This award recognized him as
a great philanthropist, and his contributions as those which help individuals and
the community at large to be better.
16
2.14
Leadership
UAE Exchange Centre LLC was founded by two great visionaries in the year
1980 - Abdulla Humaid Al Mazroei and B.R. Shetty, in Abu Dhabi, United Arab
Emirates.
Under their able leadership and mettle, UAE Exchange has scaled the great heights
that it has, in its 25 years of existence, attaining the status of a world brand.
The reins were further taken up by our able team of top-line managers, planning
and devising strategies for marketing our products across customer categories and
identifying the market for new products. This pro-active approach to customersatisfaction and innovation has elevated us to the status of a market leader in
the entire Middle East, with an ever expanding network and widening operations
across the world.
2.15
Infrastructure
UAE Exchange invests in the latest technologies that improve the quality of there
operations and add value to there customer relationship. Today, UAE Exchange
has one of the most advanced technological and infrastructural facilities in the
industry, which ensures that there businesses run in the most e cient manner.
There core team of IT professionals ensures the development of customized and
hyper-ecient hardware and software systems for our functioning. They pass on
the same technological advantage to our customers, through reliable fund transfer mechanisms, simplied and friendly processes, and many other cross-industry
advantages.
2.16
Advantages
Fully automated operations
17

Multilingual and courteous sta
Innovative services and quality products
Competitive rates and charges
Promptness, safety and condentiality of transactions
7 days a week, round-the-year operations
Spacious, comfortable and strategically-located branches
Personalised customer care
Full-functioning customer-service department
Convenient mobile money transfers
Prompt and Secure Wire Transfer facility via SWIFT
World-wide Correspondent network consisting of over 95 major banks
2.17
Awards
Dr. B.R. Shetty, MD & CEO of NMC, the parent group of UAE Exchange, has
been awarded the rst ever Order of Abu Dhabi. This recognition, which has been
instated to preserve the legacy of H.H. Sheikh Zayed, the nations late father,
chooses compassionate individuals who have silently volunteered their time and
eort to build and support the community of Abu Dhabi.
Abu Dhabi Crown Prince & Dy. Supreme Commander of the UAE Armed Forces,
H.H. Sheikh Mohammed Bin Zayed Al Nahyan bestowed this award on Dr. B.R.
Shetty at a glittering ceremony at the Emirates Palace Hotel, Abu Dhabi on the
5th of December, 2005.
This award recognizes him as a great philanthropist, and his contributions as
those which have helped individuals and the community at large to better them
18

selves. It also shows how the untiring hard work and commitment exhibited by an
individual to bring smiles to the people around, fullls itself, by achieving success.
2.18
Products & Services
Demand Drafts
We issue multiple currency demand drafts (cheques) payable across the world. A
vast correspondent bank network coupled with competitive service charges make
the UAE Exchange draft cheque a powerful, reliable and economical mode of
transferring your valuable funds to any region of the world.
Telex Transfers
Our Telex transfer services enable fast and reliable fund movement from the point
of remittance to your bank a/c within the span of a few hours. This promptness
and reliability is ensured by UAE Exchanges prestigious S.W.I.F.T membership,
the industry standard for fast money transfers, which ensures swift and safe movement of funds across distance to the leading banks of the world. This much popular
service is enjoyed by an ever- increasing number of customers, both individual and
corporate, in the Middle East. Express Transfers enable considerable savings in
time over the conventional method of sending money as demand draft to other
parts of the world. Here, drafts are generated in the country itself where the remitter holds his bank account. Draft Cheques are remotely printed by the liaison
oces in the home country and forwarded directly to the beneciarys bank or
residence, within 24 to 72 hours. The lead-time of crediting the beneciary bank
account is thus substantially reduced.
UAE Exchange Gold Card customers can also track the Express Transfer online
by logging onto www.uaeexchange.com .
19
Xpress Money
Xpress Money is the fastest mode of transferring money to any part of the world
in minutes. Registered in the UK, it is a unique oering, brought to you by UAE
Exchange Centre LLC.
Xpress Money Policy Statement

Only Individual to Individual transfers are allowed under X-press Money.
Due diligence is carried out prior to appointment of X- press Money Agents.
Regulations
X-press Money prohibits remittances to Charitable and Religious Organizations.
X-press Money gives special attention to transactions with or originating
from countries identied by the FATF as being non-co-operative combating
money laundering & terrorist nancing.
The list of suspected names (Watch List) issued by various regulatory authorities is being timely updated in the system.
X- Press Money Transfer Transaction is limited to USD 5,000 worldwide.
As one of the most popular instant money transfer services of the world, Xpress
Money oers true value for your money with nominal charges, reliability ensured
with state-of-the-art technologies, simplied transaction procedures, and instant
payout to the beneciary. It oers a one-stop solution to the customer who wants
to send money urgently across the world, realised by a world-wide network of over
5500 agent outlets. .Exchange oers credit card dues settlement facility to the
credit card holders of major local and international banks in the UAE, without
any service charges
20

Service covers
ABN AMRO Bank
Abu Dhabi Commercial Bank
Barclays Bank
Citibank
Dubai First
Finance House
First Gulf Bank
HSBC Bank
Mashreq Bank
National Bank of Dubai
National Bank of Umm Al Quwain
RAK Bank
Standard Chartered Bank
Union National Bank
United Bank Limited
Dunia Finance
Further, cash withdrawals against all major credit cards are also made possible at
the UAE Exchange branch counters on nominal service charges.
21
Inter-Emirate Transfers
As an instant money transfer service enabling fund movements from any part of
the UAE to the other, it provides the customer the convenience of managing funds
for every-day purposes, whether it be business, or personal.
This convenience is further enhanced by a vast branch network ideally located at
all residential, business, and commercial hubs in the UAE, functioning seven days
a week, and the ease of transference of funds made by simplied procedures at
the branch counters. This cardinal service is much enjoyed by our individual and
corporate customers.
Currency Exchange
We started foreign currency retailing in 1980 and subsequently ventured into
wholesale business by buying currencies in bulk from the market. Today, both
segments perform exceedingly well in all the regional markets of the world where
we operate, with a highly encouraging growth rate. We enjoy substantial increase
in retail sales turnover at our branch counters and our wholesale dealings register
consistent growth with worldwide arrangements for regular import & export of
currency.
Travelers Cheques
UAE Exchange issues and enchases Travellers Cheques in all major currencies.
Customers can make use of our vast branch network and the ease of issuance
and encashment at the branch counters, unrivalled in the industry. The following
brands of Travelers Cheques are dealt:
American Express in US Dollar, GB Pound and Euro

Visa Inter payment in US Dollar and GB Pound
22

Thomas Cook in US Dollar, GB Pound and Canadian Dollar
Western Union Money Transfers

In the year 1994, UAE Exchange became the rst entity in the United Arab
Emirates to be oered the agency of Western Union Money Transfer, and has,
over the period of time, emerged as its leading agent in the country. Now, money
can be sent instantly to over 200,000 agent locations in over 190 countries of the
world from any of the UAE Exchange branches 7 days a week, 365 days an year.
Travelex
Cash Passport is a pre-paid card for instant cash withdrawal from any of the over
870,000 Visa ATMs worldwide. With 24-hour ATM access and enhanced security
with PIN feature, it is smart, convenient, and fast, and oers online transaction
tracking facility, round-the-clock toll free number access, and card replacement
provision. Travelex launches rst ever Cash Passport Money Transfer from UAE
Dubai , UAE - November 18, 2003: The worlds largest foreign exchange specialist,
Travelex, in conjunction with Visa International, UAE Exchange and Al Ansari
Exchange, is launching its rst ever global money transfer scheme using the UAE
market as a launch pad. The Cash Passport Money Transfer product stands to
oer a new level of competitiveness and security to UAE based expatriates that
regularly remit funds to dependents in their home country.
Cash Passport Money Transfer introduces a totally new way of sending money
home oering substantial time and cost savings over many other money transfer
products, said Rob Groombridge, General Manager Sales for Middle East. We
have chosen this as our rst market to launch the product because we estimate
the value of the Middle East personal money transfer market to be over US $ 30
billion a year, with a growth rate of 20 percent to 30 percent annually. Travelex is
launching Cash Passport Money Transfer through local partners UAE Exchange
and Al Ansari Exchange. The scheme allows the remitter to deposit funds through
23

a local exchange branch, following which a Visa ATM card will be couriered free
of charge to the recipient who can obtain cash directly from any one of 800,000
ATMs worldwide displaying the Visa logo.
Given the speed of transactions, 24-hour convenience and security aspects of PIN
protection, we hope to retain signicant customer loyalty to this new product. The
schemes Internet balance, toll free number and card replacement facilities will add
further functionality for technically savvy depositors, said Sudhir Kumar Shetty,
General Manager of UAE Exchange. The cost of initial registration inclusive of
courier charges is Dhs40. When depositing regular funds, the card is reloaded at a
cost of Dhs20 per deposit. The rst two ATM withdrawals made by the recipient
are free of charge and thereafter cost US$2 each.
Card giant, Visa International, is a key Travelex partner in the scheme through
its unsurpassed global ATM network. The Visa ATM card accesses the account
using a Personal Identication Number (PIN). Funds that are deposited in the
UAE can be withdrawn by the recipient instantly, making this one of the fastest
transfer methods on the market.
Primarily aimed at the large Asian and Arab expatriate market, where UAE breadwinners on monthly incomes of up to AED15,000 regularly send money to their
families, this product is expected to have signicant impact on the growing market for international money transfers, said Fuad Al Ansari, General Manager of
Al Ansari Exchange.
The existing market is dominated by proprietary money transfer systems, drafts
and bank transfers and provides an essential service, demand for which is growing
rapidly for people working abroad and for those without formal banking facilities.
Jonathan Cabedo, Vice President Business Development for Visa in the Middle
East explained, The Cash Passport Money Transfer card is based on the anytime,
anywhere convenience that Visa ATMs oer. Families and friends, young and old
will now be able to enjoy the convenience of modern payments that Visa represents,
24

thereby helping extend the trend of electronic nancial access to a wide range of
audiences.
Travelex brought another rst to market recently with its Cash Passport, part of
the same family of products. When travelling, to avoid overspending, users can
simply load budgeted amounts of cash onto the card and then access it via Visa
ATMs while abroad.
Money Gram Services Oer

Money Gram is a person-to-person money transfer service that allows consumers
to send or receive money around the world in minutes.
Customers
Overseas workers and Immigrants who need to provide nancial support to
their families abroad.
Students who need pocket money or pay tuition fees
Travellers who need urgent cash
Business people who need travel expenses
Brand Promise
Fast
Safe
Reliable
Aordable
Friendly
25

Product Benets
Fast only 10 minutes
Convenient over 92,000 locations in more than 170 countries and territories
Reliable long company history in the industry
Simple only need to ll in a form, no bank account is required.
Trust quality agents including banks, post oces, and key supermarket
chains.
Emotional Benets
With Money Gram you know your loved ones will receive your money safely
and within 10 minutes.
Free 10 word message for every transaction
Figure 2.1: Money Gram Agent Network Growth
26
Figure 2.2: Money Transfer Transaction Growth
Transaction Processing
3 Options Available
Delta Works System at your location
Contact your head oce or processing center
Voice processing through Money Grams Call Center (Exceptional cases)
Agent Management
Agent ID & PIN Number will be assigned to each of your branches
Agent ID & PIN is required to process a transaction
ONLY Authorized Personnel should be given this information
Request to change the PIN if necessary
Dont give out this information unless you initiate the telephone call
27
28
Branch Operator Management

Two levels of users: operator & administrator
Each user with personal User ID/Password
Administrator can create, modify or delete user when appropriate
Chapter
3
Administrator can reset user password
Review of Literature
US Dollar VS Local Currency
Transaction in local currency

Ability to give validated receive amount
This chapter will give an overview of literature and models that are related to the
research problem presented in the previous chapter. This chapter will introduce
the concepts of customer satisfaction, service quality, relation between customer
satisfaction and service quality, traditional service quality dimensions, and service
quality models in order to give a clear idea about the research area.
3.1
Review
There are two principal interpretations of satisfaction within the literature of satisfaction as a process and satisfaction as an outcome (Parker and Mathews, 2001).
Early concepts of satisfaction research have typically dened satisfaction as a post
choice evaluative judgment concerning a specic purchase decision (Oliver, 1980;
Churchill and Suprenant, 1992; Bearden and Teel, 1983; Oliver and DeSarbo,
1988).
People usually see what they expect to see and what they see is usually based on
familiarity, previous experience or preconditioned set(Leshie Lazer Kanuk). The
most widely accepted model, in which satisfaction is a function of disconrmation,
which in turn is a function of both expectations and performance (Oliver, 1997).
29
Chapter 3. Review of Literature

According to B.N. Murthy, Companies to stay competitive will focus on customer
driven quality which in turn aects consumer perception. Each customer must be
treated as an individual not a mere number in the statistics of buyers.
Customers want a meeting between their values (needs and wants) and the object
of their evaluations (Paker and Mathews, 2001). More recently, renewed attention has been focused on the nature of satisfaction emotion, fulllment and state
(Parker and Mathews, 2001). Consequently, recent literature adds to this perspective in two ways. First, although traditional models implicitly assume that
customer satisfaction is essentially the result of cognitive processes, new conceptual
developments suggest that aective processes may also contribute substantially to
the explanation and prediction of consumer satisfaction (Fornell and Wernerfelt,
1987; Westbrook, 1987; Westbrook and Oliver, 1991). Second, satisfaction should
be viewed as a judgment based on the cumulative experience made with a certain
product or service rather than a transaction-specic phenomenon (Wilton and
Nicosia, 1986).
The satisfaction judgment is related to all the experiences made with a certain
business concerning its given products, the sales process, and the after- sale service. Whether the customer is satised after purchase also depends on the oers
performance in relation to the customers expectation. Customers form their expectation from past buying experience, friends and associates advice, and marketers
and competitors information and promises (Kotler, 2000).
Factors which determine the extent of expectations are: customer needs, total
customer value and total customer cost. It is mentioned by researchers who study
customer choice that choosing a product or service is only one of the stages customers go through. A purchase decision is inuenced by the buyers characteristics.
These include cultural, social, personal and psychological factors. In addition to
the buyers characteristics, a purchase decision is inuenced by the buyers decision
process. The typical buying process develops through ve stages(Chaston, 2001):
New recognition
30

Information search
Information evaluation
Purchase decision
Post-purchase evaluation
Although buyers may skip or reverse some stages, basically they pass sequentially
through all ve stages in buying a product. Value reects what customers do in
evaluating, obtaining, using and disposing of the product or service. Values can
be dened as principles or standards of an individual as a whole. They reect an
individual judgment as to what is valuable or important in life. Customer delivered
value is a result of comparison of total customer value with total customer cost.
Information about the opinion of the customer regarding a product or service is
of essential importance, and can be obtained in several ways, such as customer
surveys, phone interviews, and customer panel discussions. It is also important to
measure customer orientation continuously. (Rampersad, 2001).
What the company thinks its customer wants Is not necessarily the same as What
the company thinks it has to oer is not necessarily the same as What the company
actually oers is not necessarily the same as How the customer experiences this is
not necessarily the same as What the customer really wants (Hubert Rampersad,
2001).
Mohamed Zairi (2000) developed gure 3.1 which shows in order to have a continuous improvement of customer satisfaction there should be a cycle which starts
with listening to voice of customers then analyzing their comments, developing
actions and at the end implementing. Figure 3.1 illustrates this cycle:
It is somehow the measurement of customer dissatisfaction (no satisfaction) and
oers a possibility for the elimination of falls, not a possibility for product development and product innovation. Companies should gather and analyze the
suitable data, which will provide relevant information to real customer satisfaction. It is important to measure the right things, i.e. what is really important for
31

the customers. There is the possibility of wrong specications or misinterpretations of what a customer actually wants (Kekale, 2001) It is the gap between what
companies think customers probably want and what customers really want.
Figure 3.1: Customer satisfaction continues improvement Source: Zairi, 2000
Criteria for the measurement of customer satisfaction must be dened by the

customer. Many organizations determine the criteria for measurement internally,
but suppliers rarely have an accurate understanding of customer priorities (Hill,
1996). It is a problem with measuring the performance dimensions that are not
critical drivers of value to the customers (value in the eye of customers, not in the
eye of organizations). The solution for this problem, to provide real insight into
the market needs, is to lter out irrelevant information and concentrate on the few
dimensions that really matter.
According to Rajan Saxena, The real strength of the company is how well he and
his products are perceived by target customers. If the customers perception are
32

negative and he feels that he has to buy the competitor product only because of
limited choice, then it is perhaps a very comfortable position for new entrant.
For evaluation of information, which we will achieve by pre-study, we can use the
histogram. The histogram shape shows how some questions in the questionnaire
were understood by respondents. For example: no-rectangular distribution means
misunderstanding a question, etc. After a simple pre-study the companies can
nd support for their assumptions and simultaneously create a new, more eective, questionnaire. If we have a set of customer demands and expectations we can
translate them into technical product features by using, e.g. the QFD methodology. Very important also is determining the specic features, which mean a
limited number of critical measures in order to avoid information overload. There
are various methods (various approaches) for (to) the measurement of customer
satisfaction.
Figure 3.2: The Principle of pre-study
Figure 3.3 illustrates some dierent kind of customer satisfaction measurement.
Techniques to measure customer satisfaction

Market research techniques to measure customer satisfaction which are:
customer satisfaction survey methodologies;

focus groups to study customer satisfaction issues;
33
34
Chapter 4
Figure 3.3: Measuring customer satisfaction
Research
Methodology
standardized packages for monitoring customer satisfaction; and
various computer software.
This chapter will present detailed idea about the research will be conducted. This
There are some problems with typical customer satisfaction measurement techincludes the purpose of the research, research approach, research strategy, sample
niques such as focus groups, survey methodologies and customer satisfaction softselection methods, data collection methods and data analysis methods. At the
ware. These include:
end of this methodology part validity and reliability issues will be discussed to
follow the quality standards of the research. Then frame of reference which brings
Analytical - concerned with techniques, formal procedures, systems, and so
a thorough road map of study is provided next.
on;
behavioral - concerned with the attitudes, beliefs, perceptions, motivation,
4.1
Research
Purpose
commitment
and resulting
behavior of the people involved in the process;
and
Early in any research study, one faces the task of selecting the specic design to
Organizational - concerned with the organizational structure, information
use. A number of dierent design approaches exist but, unfortunately, no simple
ows, management style and corporate culture, i.e. the context in which the
classication system denes all the various that must be considered
process is conducted (Piercy, 1996). (Ingrid Fecikova, 2004)
Research can be classied in terms of their purpose. Accordingly, Saunders, Lewis
The
factors (2003)
that inuence
perception
notare
only
include
quality
and brandde&
Thornhil
mentioned
that they
most
often price,
classied
exploratory,
but also promotion
and dealers
push isand
inevitable.
The(2003)
factorscategorized
must be viewed
for
scriptive
or explanatory
while Cooper
Schindler
in descripbothand
the causal.
ways opportunity
as well
as threat.
Rajivbetween
Academy
Technology
tive
This way the
essential
dierence
descriptive
andand
causal
Management.
studies
lies in their objectives. If the research is concerned with nding out who,
what, where, when, or how much, then the study is descriptive. In a causal study,
we try to explain relationships among variables.
35
Chapter 4. Research Methodology

Exploratory research is useful when the research questions are vague or when
there is little theory available to guide predictions. At times, research may nd it
impossible to formulate a basic statement of the research problem. Exploratory
research is used to develop a better understanding . Exploratory studies are a
valuable means of nding out what is happening, to seek new insight, to ask
questions and to assess phenomena in a new light. It is particularly useful if
researcher wish to clarify the understanding of a problem. There are three principle
ways of conducting exploratory research: a search of the literature, talking to
experts in the subject, conducting focus group interviews
In contrast to exploratory studies more formalized studies are typically structures
with clearly stated hypotheses or investigative questions. Formal studies serve a
variety of research objectives:
Descriptions of phenomena or characteristics associated with subject population (the who, what, when, where, and how of a topic) .
Estimates of the proportions of a population that have these characteristics.
Discovery of associations among dierent variables
The purpose of the research is descriptive. The data has been collected through
questionnaire, is aimed to understand the most important factors of service quality.
4.2
Research Approach
The knowledge claims, the strategies and the method all contribute to a research
approach that tends to be more quantitative, qualitative or mixed
Quantitative approach is one in which the investigator primarily uses post positivist claims for developing knowledge (i.e. cause and eect thinking, reduction
to specic variables and hypotheses and questions, use of instrument and observation, and the test of theories), employs strategies of inquiry such as experiments
36

and surveys and collects data on predetermined instruments that yield statistical
data.
Quantitative research is frequently referred to as hypothesis-testing research. Characteristically, studies begin with statements of theory from which research hypotheses are derived. Then an experimental design is established in which the
variables in question (the dependent variables) are measured while controlling for
the eects of selected independent variables. Subject included in the study are
selected at random is desirable to reduce error and to cancel bias. The sample of
subjects is drawn to reect the population.
Qualitative research is multi method in focus, involving an interpretive, naturalistic approach to its subject matter. This means that qualitative researchers
study things in their natural settings, attempting to make sense of, or interpret,
phenomena in terms of the meanings people bring to them
Qualitative approach is one in which the inquirer often makes knowledge claims
based primarily on constructivists perspectives (i.e., the multiple meaning of individual experiences, meaning socially and historically constructed, with an intent
of developing a theory or pattern) or advocacy/participatory perspectives (i.e.,
political, issue-oriented, collaborative or change oriented) or both. It also uses
strategies of inquiry such as narratives, phenomenology, ethnography, grounded
theory studies or case studies. The researcher collects open-ended, emerging data
with the primary intent of developing themes from the data.
Since the purpose is to understand the most important dimensions of service quality from the customers perspective, quantitative research is found to be more
appropriate for this study.
37
4.3
38
Research strategy
Research strategy will be a general plan of how researcher will go about answering
the research questions that has been set by researcher. It will contain clear objectives, derived from research questions specify the sources from which researcher
intend to collect data and consider the constraints that researcher will inevitably
have such as access to data, time, location and money, ethical issues
Table 4.1: Research strategy
Strategy
Form of research Requires control Focuses contemquestion
over
behavioral porary events?
events?
Experiment
How, why
Survey
Who, what, where, No

how
many,
Yes
Yes
Yes
how
much
Archival analysis
Who, what, where, No

how
many,
Yes/No
how
much
History
How, why
No
No
Case study
How, why
No
Yes
Since question in this study is based on what question and this what question
is actually form a how many and investigator has no control over the actual
behavioral events, Survey is found to be a more appropriate approach in order to
gain a better understanding of the research area. Survey is more appropriate for
quantitative study.
Survey
The survey strategy is popular and common strategy in business research that
is usually associated with the deductive approach. Survey allows the collection
of large amount of data from a sizeable population in a highly economical way.
Questionnaire, structured observation and structures interviews are often falls into
this strategy. In this study a survey has been done.
4.4
Sample Selection
The basic idea of sampling is that by selecting some of the elements in a population,
researcher may draw conclusions about the entire population. There are several
compelling reasons for sampling, including: lower cost, greater accuracy of result,
greater speed of data collection and availability of population selection
Selection of the sampling method to use in a study depends on a number of related
theoretical and practical issues. These include considering the nature of the study,
the objectives of the study and the time and budget available. Traditional sampling method can be divided into two categories: probability and non- probability
sampling
Probability sampling is most commonly associated with survey-based research
where researcher needs to make inferences from the sample about a population
to answer the research questions or to meet research objectives. In probability
sampling, sampling elements are selected randomly and the probability of being
selected is determined ahead of time by the researcher. If done properly, probability sampling ensures that the sample is representative.
Non-probability sampling provides a range of alternative techniques based on researcher subjective judgment. In non-probability sampling the selection of elements for the sample is not necessarily made with the aim of being statistically
representative of the population. Rather the researcher uses the subjective methods such as personal experience, convenience, expert judgment and so on to select
39

the elements in the sample. As a result the probability of any element of the
population being chosen is not known.
Researchers judgment is used to select sample element and it involves for a specic
purpose. Group of people who have knowledge about particular problem they can
be selected as sample element. Sometimes it referred as a purposive sample because
it involves a specic purpose. Judgment sampling is more convenience and low
cost involvement.
Purpose of this research is to classify the service quality and satisfaction dimensions
in UAE Xchange customers. For the study sample has been selected from the
customer groups; because this group has more experience of products and services.
Sample was selected by using judgment because some criteria were followed during
the sample selection
4.5
Data Collection
There are two major approaches to gathering information about a situation, person, problem or phenomenon. Sometimes, information required is already available
and only need to be extracted. However there are times when the information must
be collected. Based upon these broad approaches to information gathering data
are categorized as: Secondary data and Primary data. Secondary data are collected from secondary sources such as govt. publications, personal records, census
and primary data are collected through: observation, interviews and/or questionnaires. According to Creswell data collection procedure in qualitative research
involve four basic types: Observations, Interviews, documents and audio-visual
materials.
In this study quantitative survey is used as data collection method. Since the
aim of the study is classifying ervice quality and satisfaction dimensions in UAE
Xchange from the customers point of view, the main focus thus is customer. A
40

questionnaire was prepared to get idea about the customers experiences in various
products and services of UAE Exchange. About 100 persons replied.
A survey is a procedure used to collect primary data from individuals. The data
sought can range from beliefs, opinions, attitudes and lifestyles to general background information on individuals such as gender, age, education and income as
well as company characteristics like revenue and number of employees. Surveys
are used when the research involves collecting information from a large sample of
individuals .
One of the criticisms of quantitative techniques is that in attempting to measure
and compare attitudes and behaviours, much of the depth of understanding and
meaning is lost. Survey questionnaires are a widely used tool and whilst they allow
for relatively simple administration of some form of feedback, they often fail to
address the issues of concern, or support the development of a real understanding
of the diversity of experience. They rely on the ability to articulate or write
responses to questions in the way that they are presented within the survey.
The questionnaire was developed based on research question and frame of reference. The logical structure of questionnaire followed the order of service quality
dimension in the frame of reference.
4.6
Data Analysis
After collecting all the data the process of analysis begins. To summarize and
rearrange the data several interrelated procedure are performed during the data
analysis stage
Percentage analysis is used to describe the prole of the respondents, behavior,
important factors inuencing the choice of UAE Exchange and the level of expectation and satisfaction of customer, ranking are also used
41

For quantitative data analysis, statistical tools of Openoce spread sheet and
LaTeX are used for data input and analysis. The statistics results were presented
by graphical form with detail description.
4.7
Validity and Reliability
In order to reducing the possibility of getting the answer wrong, attention need to
be paid to two particular on research design: reliability and validity
Validity is concerned with whether the ndings are really about what they appear
to be about. Validity dened as the extent to which data collection method or
methods accurately measure what they were intended to measure .
Numbers of dierent steps were taken to ensure the validity of the study:
Data was collected from the reliable sources, from respondents who are more
experienced.
Survey question were made based on literature review and frame of reference
to ensure the validity of the result
Data has been collected through two weeks, within this short period of time
no major event has been changed with the related topic.
Reliability refers to the degree to which data collection method or methods will
yield consistent ndings, similar observations would be made or conclusions reached
by other researchers or there is transparency in how sense was made from the raw
data.
4.8
Tools For Data Analysis
Analysis of data is a process of inspecting, cleaning, transforming, and modeling

data with the goal of highlighting useful information, suggesting conclusions, and
42

supporting decision making. Data analysis has multiple facets and approaches,
encompassing diverse techniques under a variety of names, in dierent business,
science, and social science domains. Questionnaire was used in this research to
obtain information on customer satisfaction. Questionnaire was divided into sections and the data obtained is analysed using dierent statistical tools.Percentage
analysis is used to describe the prole of the respondents, behavior, important
factors inuencing the choice of UAE Exchange and the level of expectation and
satisfaction of customer.
Graphs were generated using openoce spread sheet software. In addition to
generating the graph spreadsheet software was widely used to calculate percentage
for the analysis. Chi-square results are also tested using this software using the
2 template(open source named CHIsquare.xls) created for kings college Hospital
by Kewin Rowman.
Perecentage analysis
percentage analysis is the method to represent raw streams of data as a percentage

(a part in 100 - percent) for better understanding of collected data. Percentage
analysis is a simple and most widely use tool for the purpose of presenting statistical data. Here from the primary data obtained through the questionnire is
converted to percentage for each parameter. And this data presented using tables.
Graphical Techniques
Graphical tools are the shortest path to gaining insight into a data set in terms
of testing assumptions, model selection and statistical model validation, estimator selection, relationship identication, factor eect determination, and outlier
detection. In addition, good statistical graphics can provide a convincing means
of communicating the underlying message that is present in the data to others.
Graphical statistical methods have four objectives
43

The exploration of the content of a data set
The use to nd structure in data
Checking assumptions in statistical models
Communicate the results of an analysis.
From the primary data and results obtained from the percentage analysis graphs
were generated. Graphs were generated using openoce spreadsheet software.Graphs
include Pie diagram and Bar diagram.
Scaling Technique
Scaling is the process of measuring or ordering entities with respect to quantitative attributes or traits. For example, a scaling technique might involve estimating
individuals levels of extraversion, or the perceived quality of products. Certain
methods of scaling permit estimation of magnitudes on a continuum, while other
methods provide only for relative ordering of the entities. In this technique weightage is given as per the rank. And from the rank percentage analysis is conducted
and results presents as percentage. Here from the primary data ve point ranking
was used.
CHI-SQUARE(2 ) TEST
Chi-square is a non parametric test statistic invented by Kart Pearson to know
whether two or more attributes are independent or not. The quantity 2 describes
the magnitude of the discrepancy between theory and observation. It describes
the magnitude of the discrepancy between observed frequencies and expected frequencies.
This test evaluated wether the dierence between the observed frequencies and
the expected frequiencies under the nul hypothesis can be attributed to chance or
actual population dierences
44
45
A chi-square value is obtained by the formula
(f0 fe )2
fe
=
where
f0
: the obseved frequency
fe
: the expected frequency
Test Procedure
Lay down the null hypothesis, i.e., the two attributes are independent or
they are not associated. The null hypothesis is denoted by Ho
Find the value of 2 by using formula
(f0 fe )2
fe
Decide the level of signicances and the degree of freedom. Condence with
which the null hypothesis is accepted or reject depends on what is called
signicant level. The probability with which we may reject a null hypothesis
when it is true is called level of signicance. When the level of signicance
is 5% or 0.05, the probability of committing type I or type II error is 5%.
The level of signicance is denoted by .
= Probability of rejecting Ho when it is true.
The level of signicance is usually determined before conducting the test of
hypothesis. Degree of freedom (df ) is dened as the number of independent observations. i.e., total number of observations minus of number of
constraints When the observed frequencies can be listed along a column,
df = (r1)(c1)
where
46
r = number of rows
c = number of column.
Obtain the table value of 2 for the df and the level of signicance.
Take decision either to accept or to reject the null hypothesis. If the cal-
Chapter
5 is less than table value, H will be accepted and otherwise
culated value
o
rejected.
Analysis
This chapter will present data that has been collected through quantitative survey. At rst give an overview of the organisation where the questionnaires are
distributed that means the sample population and after that the data will be presented according to the research questions and the variables identied in the frame
of reference.
5.1
Overview of the sample
UAE Exchange Centre LLC, an ISO 9001:2000 Company, is positioned as one

of the leading exchange houses in the Middle East, primarily focusing on money
transfers and money exchange, and is part of the NMC Group, one of the biggest
and the most prestigious business conglomerates in the UAE. UAE Exchange have
pioneered new standards in fund transfer services since our establishment in 1980,
ever staying ahead of competition with advanced and slick enhancements in the
technology, operations and customer service spheres. Its most customers are aware
of various products and services oered by UAE Exchange.
Purpose of this research is to classify the service quality and satisfaction dimensions
in UAE Xchange customers Main Purpose of this research is to classify the service
quality and satisfaction dimensions in UAE Xchange customers. Based on the
47
Chapter 5. Analysis
objectives of the study the sample should be familiar with UAE Exchange and
also it should have experience of using various nancial products. So, the direct
customers were seemed to be the best sample for this study.
5.2
Quantitative data presentation
Direct customer survey has been conducted based on the structured questionnaire.
The questionnaire has been developed based on the variables that were identied
in the frame of reference. The purpose of the questionnaire survey was to develop
empirical evidence on the quality factors of products and services of UAE Exchange
that are important to people who are familiar with the nancial products.
The survey comprised the following questions:
Personal information (gender, age, education);

Rospondents level of satisfaction with various products and services
Comparison with other nancial similar service providers
5.3
Descriptive statistics
Here it is trying to give weight through customer perspective, as was mentioned

before our sample expected to be UAE Exchange user and familiar with various products. The demographic statistics are provided within this chapter which
describe gender, education, and age.
To nd out signicance relatioship between age and level of stisfaction chi-square
test is applied. Each results are explained with tables and diagrams.
48
Chapter 5. Analysis
5.3.1
49
Age of the respondents
Table 5.1: Distribution of Respondents on the basis of age
Age
Number
Percentage
Below 20
21 - 30
38
38
31-40
46
46
41-50
Above 50
From table 5.1, it can be seen that most 46 Percentage of the respondents are
between age group 31-40. 38 Percentage of the respondents belong to the age
group between-21-30, 8 Percentage belong to the age group between- 41-50 and
4 Percentage of the respondents belong to the age group below 20 and above.
Figure 5.1 expalains the demographic distribution of respondents on the basis of
age.
Figure 5.1: Distribution of Respondents on the basis of age
Chapter 5. Analysis
50
Hypothesis
There is no signicant relatioship between age of the respondents and level of
satisfaction
Chi-square test
To nd out wether there is any signicant relatioship between age of the respondent
and level of satisfaction chi-square test has been applied
Table 5.2: Chi-square test-one
Age
Level of satisfaction
Highly Satsed
Satised
Disatised
Highly disatsed
Total
Below 20
20 - 30
19
16
38
30 - 40
10
29
46
40 - 50
Above 50
Total
34
48
13
100
Source: Primary data

In the above table many of the frequncies were below 5.It is not possible to apply
Yates correction in the same form itself. Therefore total rows (age) were grouped
into two(Below 30 and Above 30) and shown in table 5.3
Chapter 5. Analysis
51
Table 5.3: Chi-square test-Two
Age
Highly Satsed
Satised
Disatised
Highly disatsed
Total
Below 30
22
17
42
Above 30
12
31
10
58
Total
34
48
13
100
Yates correction
As one of the cell frequencies are below 5, to apply 2 test Yates correction is
used. The revised table based on yates correction is given below.
Table 5.4: Revised table based on yates correction
Age
Highly Satsed
Satised
Disatised
Highly disatsed
Total
Below 30
22
16.5
0.5
42
Above 30
12
31.5
10
4.5
58
Total
34
48
13
100
Chapter 5. Analysis
52
Table 5.5: Chi square calculation-three
(O)
(O E) (O E)2
(E)
(O E)2 /E
22
14.28
7.72
59.6
4.17
12
19.72
-7.72
59.6
3.02
16.5
20.16
-3.66
13.4
0.66
31.5
27.84
3.66
13.4
0.48
5.46
-2.46
6.05
1.11
10
7.54
2.46
6.05
0.8
0.5
2.1
-1.6
2.56
1.22
4.5
2.9
1.6
2.56
0.88
O-Observed value ; E-Expected value
O = 100
E = 100
(O E)2 = 100
O E = 100
2 =
(O E)2 /E = 12.35
Calculated value of Chi-square(2 )= 12.35

Degree of freedom = (r 1)(c 1)
= (2 1)(4 1) = 1 3 = 3
Table value for 3 degree of freedom at 5 % level of signicance= 7.81
The computed value of 2 is much grester than the table value of 7.81. Therefore
the hypothesisThere is no signicant relatioship between age of the respondents
and level of satisfaction which is an unbiased one is rejected at 3 degree of freedom
at 5 % level of signicance.
Inference
There is a signicant relationship between age of the respondent and satisfaction

level
Chapter 5. Analysis
5.3.2
53
Gender of the Respondents
Table 5.6: Distribution of respondents on the basis of gender
Sex
Number
Percentage
Male
68
68
Female
32
32
Total
100
100
Figure 5.2: Distribution of Respondents on the basis of gender
From table 5.6 it can be seen that majority (68%) of the respondents are male and
32% of the respondents are female. Pie chart in gure 5.2 shows this results
Chapter 5. Analysis
5.3.3
54
Educational qualication of the respondents
Table 5.7: Distribution of respondents on the basis of Educational qualication
Sex
Number
Percentage
School level
10
10
Undergraduate
48
48
Post graduate
42
42
Total
100
100
Figure 5.3: Distribution of respondents on the basis of Educational qualication
From table 5.7 it can be inferred that most 48 Percentage of the respondents
are under graduate, 42 Percentage of the respondents are post graduate and 10
Percentage of the respondents have school level education. This result is diagramatically represented in gure 5.3
Chapter 5. Analysis
5.3.4
55
Occupation of the respondents
Table 5.8: Distribution of respondents on the basis of occupation
Occupation Number
Percentage(%)
Bussiness
32
32
Professionals
62
62
Unemployed
Figure 5.4: Distribution of respondents on the basis of occupation
From table 5.8 it can be seen that majority 62 Percentages of the respondents
are professionals. 32 Percentage of the respondents are doing Business and 6
Percentage of the respondents are unemployed.Occupation based distribution is
plotted in pie diagram in gure 5.4
Chapter 5. Analysis
5.3.5
56
Products normally used by customer
Table 5.9: Products normally used by the customer
Product
Total
Percentage
Travelex Money Transfer
1.0
Draft
2.1
Electronic Transfer
0.5
Telegraphic Transfer
0.5
Xpress Money
34
17.7
Western Union
25
13.0
0.0
41
21.4
1.0
32
16.7
Travelers Cheques
1.6
Credit Card Payments
2.6
42
21.9
Other bill payments

Air ticketing
Associate Branch Transfer
Foreign Currency
money gram
From the table 5.9, most of the customers use air ticketing, money gram, express
money and western union money transfer. Other product are used rarely. 21.9
percentage of customers used money gram service, 21.4 percentage of customers
used air ticketing and 21.9 percentage used express money.
Chapter 5. Analysis
5.3.6
57
Rottenly avail our services
Table 5.10: Rottenly avail our services
Services
Total
Percentage
Ones in a month
35
35
Twice in a month
38
38
Once in two month
12
12
Once in three month
Once in six months
10
10
Total
100
100
From table 5.10, 35 Percentage of the respondents have taken service ones in a
month, 38 Percentage of the respondents have taken service twice in a month,
12 Percentage of the respondents have taken once in two month, 5 Percentage of
the respondents have taken service once in three month and 10 percentage of the
respondents taken service on once in six month.Figure 5.5 explains this statistics.
Figure 5.5: Rottenly avail our services
Chapter 5. Analysis
5.3.7
58
Factors inuencing for Preferring UAE Exchange for

transactions
Table 5.11: Distribution of respondents on the basis of Preferring UAE Exchange transactions
Preference
Reliability
Location & Timing
Rates & Charges
Service at the counter
Faster Credit
Total
No. of Respondents
22
15
11
14
38
100
Percentage
22
15
11
14
38
100
Table 5.11 shows the reason of prefering UAE Exchanege for transactions. It
can be seen that 38 Percentage of the respondents prefer for its faster credit, 22
Percentage for reliability. This results shows in gure 5.6
Figure 5.6: Distribution of respondents on the basis of Preferring UAE Exchange transactions
Chapter 5. Analysis
5.3.8
59
Time taken to conclude transaction

Table 5.12: Time taken to conclude transaction
Time for transaction(minutes) Total Percentage

less than 51010
5 to 103030
10 to 205555
20 to 3033
more than 3022
Total100100
From table 5.12 it can be seen that,55 Percentage of the respondents have taken
time to conclude there transition 10-20 minutes, 30 Percentage of the respondents
have taken time to conclude there transition 5-10 minutes,10 Percentage of the
respondents have taken-less than 5 minutes , 2 Percentage of the respondents have
taken More than 30 minutes. This results generate the graphical representation
in gure 5.7
Figure 5.7: Time taken to conclude transaction
Chapter 5. Analysis
5.3.9
60
Waiting time acceptance by the customers
Table 5.13: Waiting time acceptance by the customers
Opinion
Acceptable
Not acceptable
Percentage
70
30
Figure 5.8: Waiting time acceptance by the customers
From the table 5.13, and the pie diagram in gure 5.8 it can be seen that 30
percentages of respondents are acceptable the waiting time and 70 percentages are
not acceptable
Chapter 5. Analysis
5.3.10
61
Courteousness and helpfulness of branch sta
Table 5.14: Distribution of respondents on the basis of courteousness and

helpfulness of branch sta
Rates
Excellent
V. Good
Good
Moderate
Bad
Total
No. of Respondents
15
43
40
2
0
100
Percentage
15
43
40
2
0
100
Figure 5.9: Distribution of respondents on the basis of courteousness and

helpfulness of branch sta
From table 5.14 43 Percentage of the respondents report courteousness and helpfulness of branch sta is very good. 40 Percentage of they respondents good, 15
Percentage is excellent and 2 percentage is moderated. Above result is represented
through gure 5.9
Chapter 5. Analysis
5.3.11
62
Counter stas product knowledge and ability to

convey information
Table 5.15: Distribution of respondents on the basis of Counter stas product

knowledge and ability to convey information
Rates
Excellent
V. Good
Good
Moderate
Bad
Total
No. of Respondents
15
35
48
2
0
100
Percentage
15
35
40
2
0
100
Figure 5.10: Distribution of respondents on the basis of Counter stas product

knowledge and ability to convey information
Table 5.15 shows 48 Percentage of the response about counter sta s product knowledge and ability to convey information is good. 35 Percentage of they respondents
very good, 15 Percentage is excellent and 2 percentage is moderated.Figure 5.10
illustrate this result.
Chapter 5. Analysis
5.3.12
63
Level of satisfaction while doing currency exchange
Table 5.16: Distribution of respondents on the basis of Level of satisfaction

while doing currency exchange
Level
Total
Percentage
Highly satised
10
31.25
Satised
18
56.25
Disatised
12.5
Highly disatised
Total
32
100
Figure 5.11: Distribution of respondents on the basis of Respondents on the

basis of Level of satisfaction while doing currency exchange
From table 5.16, 31.25 percentages of the respondents Level of satisfaction while
doing currency excbange is highly stisfactory and a majority of 56.25 percentages
show a satisfacory level. 12.5 percentage of the respondent population is not
satisfacory with current mode of exchange. Figure 5.11 shows this results.
Chapter 5. Analysis
5.3.13
64
Level of satisfaction with Xpress money

with Xpress money
Level
Total
Percentage
Highly satised
14.8
Satised
20
58.8
Disatised
20.5
Highly disatised
5.9
Total
34
100

basis of Level of satisfaction with Xpress money
From table 5.17 14.8 percentages of the respondents Level of satisfaction with
xpress money is highly stisfactory and a majority of 58.8 percentages show a satisfacory level. 20.5 percentage of the respondent population is not satisfacory with
current mode and a small population of 5.9 percentage shows highly disatisfactory
level with xpress money . Figure 5.12 shows this results.
Chapter 5. Analysis
5.3.14
65
Level of satisfaction through western union money

transfer

through western union money transfer
Level
Total
Percentage
Highly satised
15
60
Satised
28
Disatised
12
Highly disatised
Total
25
100

basis of Level of satisfaction through western union money transfer
From table 5.18 60 percentages of the respondents Level of satisfaction through

western union money transfer is high and 28 percentages show a satisfacory level.
12 percentage of the respondent population is not satisfacory with current mode.
Figure 5.13 shows this results graphically.
Chapter 5. Analysis
5.3.15
66
Level of satisfaction through money gram services

through money gram services
Level
Total
Percentage
Highly satised
15
35.71
Satised
26
61.9
Disatised
2.39
Highly disatised
Total
42
100

basis of Level of satisfaction through money gram services
From table 5.19 35.71 percentages of the respondents Level of satisfaction through
moneygram is high and 61.9 percentages show a satisfacory level. A small portion
of 2.39 percentage of the respondent population is not satisfacory with current
mode. Figure 5.14 shows this results graphically.
Chapter 5. Analysis
5.3.16
67
Peculiarities of Moneygram Service
UAE Exchange has provided many services to many customers. Moneygram sevice
is one of the most vital services among them. Here it has made an attempt to
assess moneygram service. Data analysed by assessing through a ve point scale.
The ve point scale is developed by awarding appropriate weightage. The outcome
of the analysis has been displaye in the table 5.20
Table 5.20: Ranks given for the money gram service
Responses
Score
Ranks
Factors
Percentage
Mark 5
Mark 4
Mark 3
Mark 2
Mark 1
Fast
55
15
12
10
100
397
26.47
Safe
23
35
17
17
100
348
23.2
Reliable
12
25
43
11
100
320
21.33
Aordable
12
23
55
100
189
12.6
Friendly
13
23
41
18
100
246
16.4
100
100
100
100
100
500
1500
100
Responses
Source: Primary data

The table 5.20 exhibits that most of the respondents choose moneygram service as
it is fast with top score of 397 (26.47 percentage) followed by safety with score of
348 (23.20 percentage), Reliable with the score of 320 (21.33 percentage), Friendly
way to send and recieve money with a score of 246 (16.40 percentage) and aordable with the score of 189 (12.60 percentage).
It is clearly revealed that most of the respondents have a perception that, Moneygram services is very fast with the score of 397(26.47 percentage)
Chapter 5. Analysis
Figure 5.15: Ranking of moneygram service based on scaling technique
Figure 5.16: Ranking of moneygram service based on percentage analysis
68
Chapter 5. Analysis
5.3.17
69
Type of travel by the respondents
The table below indicates the type of travel taken by the respondents.
Table 5.21: Distribution of respondents on the basis of type of travel
Type of Travel
Number
Percentage
International
23
56.1
Domestic
18
43.9
Total
41
100
Figure 5.17: Distribution of respondents on the basis of type of travel
From table 5.21 most 43.9 Percentage of the respondents have traveled domestic.
56.1 Percentage of respondents have traveled International.The pie diagram 5.17
shows this statistics
Chapter 5. Analysis
5.3.18
70
Purpose of travel
The table below indicates the purpose of travel of the respondents.

Table 5.22: Distribution of respondents on the basis of purpose of travel
Purpose of Travel
Number
Percentage
Business
30
73.2
Leisure
11
26.8
Total
41
100
Figure 5.18: Distribution of respondents on the basis of purpose of travel
Interpretation
From the table 5.22 majority of the respondents are used the ight for business
trips. This results represented through gure 5.18
Chapter 5. Analysis
5.3.19
71
Number of ights travel during the year
Table 5.23: Distribution of respondents on the basis of number of ights

during the year.
Number of ights
Total
Percentage
1 - 3 Flights
26
63.4
4 - 6 Flights
10
24.4
7 - 10 Flights
7.3
More than 10
4.9
Total
41
100
Figure 5.19: Distribution of respondents on the basis of number of ights

during the year
From table 5.23,most (63.4 Percentage) of the respondents have taken 1-3 ights
,24.4 Percentage of the respondents have taken 4 - 6 ights, and 7.3 Percentage
of the respondents have taken 7-10 ights, 4.9 Percentage of the respondents have
taken More than 10. The bar diagram in gure 5.19 shows this response.
Chapter 5. Analysis
5.3.20
72
Mode of Reservation
Table 5.24: Distribution of respondents on the basis of mode of reservation
Mode
Total
Percentage
Mobile ticketing
2.4
Interline e-ticketing
9.8
Travel agencies
10
24.4
UAE ExChange
26
63.4
Total
41
100
Figure 5.20: Distribution of respondents on the basis of mode of reservation
From table 5.24,more than 60 Percentage of the respondents have taken tickets
through UAE X Change. 24.4 Percentage of the respondents has taken travel
agency for reservation of tickets. 9.8 Percentage of the respondents through Interline e-ticketing and 2.4 Percentage through Mobile ticketing This results shows
the inuence of travel agencies towards the reservation of tickets. This responses
explained using bar diagram in gure 5.20
Chapter 5. Analysis
5.3.21
73
Level of satisfaction during reservation
Table 5.25: Distribution of Respondents on the basis of Level of satisfaction

during reservation
Level
Total
Percentage
High
12
29.2
Medium
25
61
Low
9.8
Total
41
100
Figure 5.21: Distribution of Respondents on the basis of Level of satisfaction

during reservation
From table 5.25, 61 percentage of the respondents level of satisfaction Is medium,

29.2 percentages are high and 20 percentages are low.This results shows that a
huge group of customers are satised with UAE Exchange This results is plotted
with the help of pie diagram in gure 5.21
Chapter 5. Analysis
5.3.22
74
Quality of service provided in UAE EXCHANGE
Table 5.26: Quality of service provided in UAE EXCHANGE
Opinion
Total
Percentage
Strongly agree
42
42
Agree
50
50
Neither agree nor disagree
Disagree
Strongly disagree
100
100
Total
Figure 5.22: Quality of service provided in UAE EXCHANGE
From table 5.26, 50 percentages of respondents agrees with the quality of service
provided in UAE Exchange, 42 percentages are strongly agrees. 8 percntage of
them have no opinion about the topic. Figure 5.22 shows this results.
Chapter 5. Analysis
5.3.23
75
Rate the quality of service provided by UAE Exchange
Table 5.27: Rate the quality of service provided by UAE Exchange
Level
Total
Percentage
Highly satised
34
34
Satised
48
48
Disatised
13
13
Highly disatised
100
100
Total
Figure 5.23: Rate the quality of service provided by UAE Exchange
From table 5.27 it can be seen that most of the rspondent responds in a positive
way about the total quality of sevice provided by UAE Exchange.34 Percentage
of them are highly stised and 48 percentage are satised. 13 percentage are not
satised. 5 percentage of the respondents are highky disatised with the sevice
quality.5.23 expains this statistics
Chapter 5. Analysis
5.3.24
76
Rate the grievance handling and complaint
Table 5.28: Rate the grievance handling and complaint
Rates
Excellent
V. Good
Good
Moderate
Bad
Total
No. of Respondents
11
28
32
25
4
100
Percentage
11
28
32
25
4
100
Figure 5.24: Rate the grievance handling and complaint
From table 5.28 most 32 Percentage of the respondents grievance handling and
complaint good. 28 Percentage of they respondents good, 11 Percentage is excellent, 25 percentages is moderated and 4 percentage is bad.This results represented
using the diagram in gure 5.24
Chapter 5. Analysis
5.3.25
77
Availing the services again
Table 5.29: Distribution of respondents on the basis of avail the services again.
Likely
Denitely
Most likely
Most unlikely
Denitely not
Total
No. of Respondents
79
20
0
1
100
Percentage
79
20
0
1
100
Figure 5.25: Distribution of respondents on the basis of avail the services

again.
From table 5.29 it can be seen that 79 of respondents have denitely avail services
again, 20 of the respondents most likely avail the service and one percentage
respond denitely not. Figure 5.25 expalins this result
Chapter 5. Analysis
5.3.26
78
Recommends UAE Exchange to others
Table 5.30: Distribution of respondents on the basis of recommends UAE

Exchange to others
Recommends
Yes
No
Total
No. of Respondents
99
1
100
Percentage
99
1
100
Figure 5.26: Distribution of respondents on the basis of recommends UAE

Exchange to others
From table 5.30 99 percentage of respondents recommends UAE Exchange to

other and only one percentage respond negatively.Figure 5.26 shows graphical
representation of this result
Chapter 5. Analysis
5.3.27
79
Comparison to other exchange companies with regard to the reliability
Table 5.31: Distribution of respondents on the basis of comparison to other

exchange companies with regard to the reliability
Reliability
Better
Same
Worse
Total
No. of Respondents
75
24
1
100
Percentage
75
24
1
100
Figure 5.27: Distribution of respondents on the basis of comparison to other

exchange companies with regard to the reliability
From table 5.31, 75 Percentage of the respondents responds as UAE Exchange

is better reliable compared to other exchange companies with ,24 percentages of
respondents respond as same reliability and one percentage respond worse. This
results shows in gure 5.27
Chapter 5. Analysis
5.3.28
80
Comparison to other exchange companies with regard to the location & Timing

exchange companies with regard to the location & Timing
Location & Timing

Better
Same
Worse
Total
No. of Respondents Percentage

8080
2020
00
100100

exchange companies with regard to location & timing
From the table 5.32,80 Percentage of the respondents responds the location and
timing of UAE Exchange is better than other exchange companies, 20 percentages
of respondents respond in the same topic as same and no one respond worse.
Results ploted in gure 5.28
Chapter 5. Analysis
5.3.29
81
Comparison to other exchange companies with regard to the rates & Charges

exchange companies with regard to the rates & Charges
Rates & Charges

Better
Same
Worse
No. of Respondents
85
15
0
Percentage
85
15
0

exchange companies with regard to the rates & Charges
From the table 5.33, 85 Percentage of the respondents rate UAE Exchange better
than other exchange companies with regard to rates and charges.15 percentages
of respondents respond as same and no one respond worse in the same topic .
Figure 5.29 shows the representation of the result.
Chapter 5. Analysis
5.3.30
82
Comparison to other exchange companies with regard to the faster Credit

exchange companies with regard to the faster Credit
Faster Credit
Better
Same
Worse
Total
No. of Respondents Percentage

5050
5050
00
100100

exchange companies with regard to the faster credit
From the table 5.34,50 Percentage of the respondents responds the faster credit
of UAE Exchange is better than other exchange companies, 50 percentages of
respondents respond in the same topic as same and no one respond worse. Results
ploted in gure 5.30
Chapter 5. Analysis
5.3.31
83
Comparison to other exchange companies with regard to the service at counter

exchange companies with regard to the service at counter
Chapter
6
Service at counter
Better
Same
Worse
Total
No. of Respondents
60
40
0
100
Findings Suggestions and
Percentage
60
40
0
100
Conclusion
6.1
Results and Discussion
Collected quantitative data has been presented in the previous chapter. Chapter
5 brings the analyzed data according to the research question. Finally, we have
the conclusion and a discussion about possible implications.
6.2
Findings
Customers have access to a wide range of various nancial institutions to buy with
variety
of products
by the emergence
of globalisation
liberalisation.
Figure
5.31: Distribution
of respondents
on the basis ofand
comparison
to otherHence,
exchange companies with regard to the service at counter
it is not easy to gain and sustain competitive advantages based only on a cost
strategy in nancial service market.
From table 5.35 60 Percentage of the respondents responds service at counter in
The new ndings were discovered from quantitative empirical data and summerised
UAE Exchange is better compared to other exchange companies with, 40 percentas,
ages of respondents respond as same and no one respond worse.
Majority of the respondents are male.
84
Chapter 6. Findings Suggestions and Conclusion

Most of the respondents belong to the age group 31 40 years.
Most of the respondents are graduates.
Majority of the respondents are professionals.
Most of the respondents have chosen money gram, express money and air
ticketing.
Majority of the respondents have often avail services twice a month.
Majority of the respondents have acceptable the waiting time
Courteousness helpfulness and product knowledge of branch sta is rated in
upper positive side
Majority of respondents are satised with currency exchange service, Moneygram and Xpressmoney
Majority of the respondents are highly satised with western union money
transfer.
Respondent choose moneygram service due to its peculiarities like fast, safe
and reliability.
Majority of the respondents prefer economy class.
Most of the respondents have traveled short haul (domestic)
Most of the respondents have taken 1-4 ights
Majority of the respondents have traveled for business purpose.
Most of the respondents have chosen UAE Exchnage and travel agency for
reservation of tickets.
2 Test
The null hypothesis is rejected. That is there is a signicant relationship between

age and level of satisfaction.
85
6.3
Factor inuencing the choice of the UAE Exchange
After doing the percentage analysis and ranking it can be clearly mention that various facors are inuencing the UAE Exchange customers to choose this for their
needs. And the factors that satisfy various customer expectations are relatively
their basic needs. So here in this manner could compete withe other sevice oriented nancial inisistutes througout the location. Top ve factors inuencing the
customer to choose UAE Exchange are
Fast
Safe
Reliable
Aordable
Friendly way
6.4
Suggestions
Knowing the needs and expectations of the customers, and meeting these, does
not only lead to more satised customers, but, very importantly, results in a more
ecient and eective provision of customer services. It helps by concentrating on
the most important elements of the service delivery and in managing the expectations towards the services provided. Seeing these elements is clearly essential in
streamlining the processes and in translating them to the customers.
Identication and ranking of customers expectations and level of satisfaction of
the UAE Exchange provide a frame of reference for ranking customers preferences
of service quality.
86

Findings show that majority of the respondents are male and professionals,
UAE Exchange should also frame strategies to attract customers from other
segment. Eorts can be made to attract customer belonging to other age
group and income level by customizing UAE Exchange to suit their requirements.
Promotional activities have to be undertaken intensely by the company.
More advertisements have to be needed to the entire product so that more
oers are reached to the customers.
Quality of service should be improved to a great extent.
Customer care should be improved to a great extent.
They should try to maintain good relationship with existing customers and
their eort must be there to maintain a good long term relationship.
There is a little percentage of the customers who said that they faced problem
with the company. If we take the population as such it is a big number, they
should try to reduce these problems. And there should be a separate group
to take care of the service issues.
They should provide some oers to their old customers who have been with
them for more than a particular period; this can help to increase the satisfaction level.
They should provide some unique package to attract new customer.
Through some factors are not so important but focus should be given to all
major factors.
Perception of customer favorably towards in respect of the UAE Exchange
above mentioned criteria.
These ndings can be utilized by the marketing strategist in designing the
strategies to reframe and enhance the customer.
87

It is important to place the management in a wider perspective of customeroriented service delivery.
6.5
Conclusion
Bibliography
This project study attempts to study the customer perception and promotional
strategies of UAE Exchange. In this competitive world each company wants to
taken an edge over the other to become the market leaders. Successful organisa Krishna Swamy O.R, 2003, Methodology of Research in Social Science, Hition can use customer needs and expectations as a starting point and developing
malaya publishing House, Bombay ,ISBN: 81-8318-740-4
proposals around their customers needs and expectations, also meeting other
Cooper Donald R. and Schindler Pamela S.; 2003,Business Research Methcorporate imperatives. Managing satisfaction therefore has to do with managing
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ISBN:
0- 07-249870-6
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Education;.
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Delhi.
The real
is notStatistics
the capability
to use measurement
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tools,
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Hooda ,2004,
for bussiness
and economics,
edition,
but to be
able to turn
the information
gathered through these methods into action.
McMillan
Business
Books
OneofEuropean
the key elements
a successful
marketing
strategyEuropean
is development
of of
prodPrimer onofcustomer
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administration
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Alomaim Nasser and Zihni Mustafa and Zairi Turkey Mohamed, 2003; Cusstrategies of UAE Exchange. Since the customer is the king of the market today,
tomer satisfaction @ virtual organizations; Management Decision; 41/7, pp.
the company should analyze the needs and wants of customers. Company should
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H. Nagaprasad, B. Yogesha, Enrichment Of Customer Satisfaction
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Fecikova Ingrid;. 2004, An index method for measurement of customer satisfaction; The TQM Magazine; Vol 16 . No. 1 . pp. 57-66 .
Gustafsson Anders, Johnson Michael D., & Roos Inger, 2005, The Eects of
Customer Satisfaction, Relationship Commitment Dimensions, and Triggers
on Customer Retention, American Marketing Association, ISSN:0022-2429
Hallowell Roger, June 1995; The relationships of customer satisfaction, customer loyalty, and protability: an empirical study, Satisfaction, loyalty and
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Wirtz Jochen, 2003; Halo in customer satisfaction measures The role of purpose of rating, number of attributes and customer involvement; International
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Wesites:
www.uaeexchangetravel.com
www.xpressmoney.com
www.moneygram.com
90
Appendix A
Questionnaire
A study on customer satisfaction towards various service
of UAE EXCHANGE
Personal Prole
1. Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2. Age:
Below 20
21 - 30
41 - 50
Above 50
3. Gender:
Male
Female
4. Education:
School
Graduation
Post Graduation
5. Occupation:
91
31 - 40
Appendix A. Questionnaire
Business
92
Unemployed
Professional
Products & Services

6. Which product do you normally use?
Draft
Foreign Currency
Electronic Transfer
Travelers Cheques
Telegraphic Transfer
Credit Card Payments
Xpress Money
Other bill payments
Western Union
Air ticketing
Travelex Money Transfer
Associate Branch Transfer
Other (please specify): . . . . . . . . . . . . .
7. How often do you avail our services?

Once in a month
Once in 3 months
Twice a month
Once in 6 months
Once in 2 months
8. Why do you prefer UAE Exchange for your transactions?

Reliability
Faster Credit
Location & Timing
Service at the counter
Rates & Charges
9. What according to you is the time taken to conclude your transaction?

Less than 5 minutes
20-30 minutes
5-10 minutes
More than 30 minutes
10-20 minutes
10. Is the waiting time acceptable to you?
Yes
93
No
11. How do you rate the courteousness and helpfulness of branch sta?
Excellent
Good
V. Good
Moderate
Bad
12. How do you rate our counter sta in terms of product knowledge and ability
to convey information?
Excellent
Good
V. Good
Moderate
Bad
13. Level of satisfaction while doing currency exchange
Highly satisfacted
Highly disatised
Satisfactied
Disatised
14. Level of satisfaction with Xpress money

Highly satisfacted
Highly disatised
Satisfactied
Disatised
15. Level of satisfaction with Western union money transfer

Highly satisfacted
Satisfactied
Disatised
16. Level of satisfaction through money gram services
Highly disatised
94
Highly satisfacted
Highly disatised
Satisfactied
Disatised
17. Rank the money gram service
Ranks
Factors
II
III
Fast
Safe
Reliable
Aordable
Friendly
Air Ticket Booking

18. What type of travel do you mostly take?
Domestic
International
19. Which Class of travel

Business
Economy
20. How many times you travel in airline

1-3
7 - 10
4-6
More than 10
21. How many times you made reservation by UAE X Change

1-3
7 - 10
4-6
More than 10
22. Purpose of travel
IV
Business
Yes
95
96
Leisure
No
23. How
Reservation
through
30.
do you made
rate UAE
Exchange compared to other exchange companies
with regard to the following?
Mobile ticketing
Interline e-ticketing
Travel agencies
UAE EXCHANGE
24. Level of satisfaction Factors

during reservation
High
Ranks
Better
Medium
Reliable
Same
worse
Low
Location& Timings
Service Quality
Rates & Charges
25. Quality of service provided
in UAE EXCHANGE
Faster Credit
Strongly Agree
Service at counter
Agree
Disagree
Strongly Disagree
Neither agree nor disagree

31. What would you suggest to make our service better? (Please kindly write
down your suggestion) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26. How do yo rate overall satisfaction level towards quality of service rendered
by UAE Exchange?
Highly satisfacted
Highly disatised
Satisfactied
Disatised
27. How do you rate our grievance handling and complaint?
Excellent
Good
V. Good
Moderate
28. How likely are you to avail our services again?

Denitely
Most Unlikely
Most likely
Denitely not
29. Would you recommend UAE Exchange to others?
Bad

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MAHATMA GANDHI UNIVERSITY

A STUDY ON CUSTOMER SATISFACTION

Master of Business Administration

Department of Management Studies

MAHATMA GANDHI UNIVERSITY

A Study on Customer Satisfaction Towards Various Service

5.1 Age of the respondents . . . . . . . . . . . . . . . . . . . . . . . . .

5.28 Comparison to other exchange companies with regard to location

Age of the respondents . . . . . . . . . . . . . . . . . . . . . . . . .

5.33 Comparison to other exchange companies with regard to the rates

Background of the study

These are RBI general anti-money laundering guidelines

Reporting of Suspicious Transactions

Monitoring and Control

New Sta Recruitment Procedure

In a competitive market place understanding customers needs become crucial.

Statement of the problem

The objectives of the study

of an organisations situation and customer satisfaction level. The nding of the

The limitations for the study as follows

The study is carried out only in Kulthupuzha, Kollam district only.

Chapter 2. Organization Prole

Streamlined internal policies and procedures

Chapter 2. Organization Prole

To be an ever-dependable friend, the link that emotionally connects people across

To stay ahead of the times in providing customer-friendly, value-added services

Our quest for knowledge is multi pronged. Well-thought-out strategies and an

Chapter 2. Organization Prole

As a neo-global business house, we are committed to adopt the most e cient of

Standardization is the means to organizational growth in todays business world

Chapter 2. Organization Prole

Disaster relief eorts

Chapter 2. Organization Prole

Chapter 2. Organization Prole

Fully automated operations

Chapter 2. Organization Prole

Chapter 2. Organization Prole

Products & Services

Chapter 2. Organization Prole

Xpress Money Policy Statement

Chapter 2. Organization Prole

Chapter 2. Organization Prole

American Express in US Dollar, GB Pound and Euro

Chapter 2. Organization Prole

Western Union Money Transfers

Chapter 2. Organization Prole

Chapter 2. Organization Prole

Money Gram Services Oer

Chapter 2. Organization Prole

Figure 2.1: Money Gram Agent Network Growth

Chapter 2. Organization Prole

Figure 2.2: Money Transfer Transaction Growth

Chapter 2. Organization Prole

Branch Operator Management

Transaction in local currency

Chapter 3. Review of Literature

Chapter 3. Review of Literature

Chapter 3. Review of Literature

Figure 3.1: Customer satisfaction continues improvement Source: Zairi, 2000

Criteria for the measurement of customer satisfaction must be dened by the

Chapter 3. Review of Literature

Figure 3.2: The Principle of pre-study

Figure 3.3 illustrates some dierent kind of customer satisfaction measurement.