Comparison of Customer Satisfaction in SBI and ICICI- Application of Mann-Whitney Rank Sum U-Test

Customers have become the lifeblood of any organization. Without customers, organizations would not exist let alone survive in this competitive global environment. Banks depend on sufficient and sustaining profitability to survive in the global business world. Customers are the source of banks’ profitability. By satisfying the customer, the bank is able to retain the customer and reap maximum benefits from the relationship which ultimately leads to higher profitability. Customer satisfaction has therefore evolved as a strategic business initiative which banks cannot ignore and retention of the bank customer has become one of the most important objectives of the overall marketing strategy of any bank. Customer satisfaction has been one of the main concerns of banks of late. This has been necessitated by the stiff competition in the banking industry. Banks are striving hard to offer quality services and products in a bid to maintain existing customers and woo new ones as well. Customers on the hand want the best value for their money so they are always coming around to get the best services.