PROJECT WORK

A STUDY ON CUSTOMER SATISFACTION IN ONLINE TRADING PROVIDED BY ICICI DIRECT.COM

PROJECT REPORT
(A Report submitted in Partial fulfillment of the requirements for the Degree of MASTER OF BUSINESS ADMINISTRATION in Pondicherry University)
Submitted by

Name

: PANKAJ SURANA.S

Enrolment No MBA

: 0702370298 : FINANCE

DIRECTORATE OF DISTANCE EDUCATION PONDICHERRY UNIVERSITY PONDICHERRY 605 014

(YEAR OF SUBMISSION 2009)

CERTIFICATE OF THE GUIDE

This is to certify that the Project Work titled A STUDY ON CUSTOMER SATISFACTION IN ONLINE TRADING PROVIDE BY ICICI DIRECT.COM with regards to Apollo international limited is a bonafied work of Mr. PANKAJ SURANA. Enrolment No: 0702370298 carried out in partial fulfillment for the award of degree of MBA FINANCE (Branch) of Pondicherry University under my guidance. This project work is original and not submitted earlier for the award of any degree / diploma or associateship of any other University / Institution.

Signature of the Guide Name & Official Address of the Guide Dr. D.VENKATRAMA RAJU
MBA, M.Com, M.A, M.Ed, M.Phill, PhD, ACS Inter

Reader in Commerce Pachaiyappas College Chennai 600 030. Place: Chennai Date: 03/05/09
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STUDENTS DECLARATION
I, Mr. PANKAJ SURANA , hereby declares that the Project Work titled A STUDY ON CUSTOMER SATISFACTION IN ONLINE TRADING PROVIDE BY ICICI DIRECT.COM is the original work done by me and submitted to the Pondicherry University in partial fulfillment of requirements for the award of Master of Business Administration in FINANCE (Area of Specialisation) is a record of original work done by me under the supervision of Dr. D.VENKATRAMA RAJU of Pachaiyappas College (Organization of the Guide).

Enroll No : 0702370298 Date :03/05/09

(PANKAJ SURANA.S) Signature of the Student

ACKNOWLEDGEMENT
The successful completion of the task is incomplete without the mention of people, who made it possible, and so with immense gratitude, I acknowledge all those whose guidance and encouragement serves my effort with success. I feel privileged to place on record my warm salutations to Pondicherry University and Loyola College for giving me the opportunity to work on this project. I sincerely thank Dr. D.Venkatrama raju (Professor and Mentor) for constant support. I also acknowledge my friends for always encouraging me to take on new endeavors and for being supportive. Finally, I thank all those who have either directly or indirectly helped me in the completion of this project.

CONTENT CHAPTER I TITLES INTRODUCTION 1.1 Industry Profile 1.2 Company Profile 1.3 Need For the Study 1.4 Limitation II OBJECTIVES 2.1 Scope III IV V RESEARCH METHODOLOGY ANALYSIS & INTERPRETATION FINDINGS SUGGESTION CONCLUSION VI BIBLIOGRAPHY ANNEXURE PAGE NO: 1 4 15 29 30 31 32 33 48 86 89 91 93 94

LIST OF TABLES

S/NO 1 2 3 4 5 6 7 8

TABLE CONTENT Awareness of the companies that offer similar services other than icici direct Awareness of services provided for online clients The way of contacting customer service Reason for contacting customer service Time taken to wait before speaking to a customer care representative Time taken to get the problem resolved No of times the respondents contact customer service before the problem was resolved Rating of satisfaction level of service regarding the item

PAGE NO: 48 50 52 54 56 58 60 62

9 10 11 12 13

Table showing whether service provided is better then the other available service providers Grading the website on the overall content / look About the trends & rates are updated immediately Amount of modification required for icici direct.com Effectiveness of tips & call provided

64 66
8

68 70 72

LIST OF CHART

S/NO 1 2 3 4 5 6 7 8 9 10 11 12 13

TABLE CONTENT Awareness of the companies that offer similar services other than icici direct Awareness of services provided for online clients The way of contacting customer service Reason for contacting customer service Time taken to wait before speaking to a customer care representative Time taken to get the problem resolved No of times the respondents contact customer service before the problem was resolved Rating of satisfaction level of service regarding the item Chart showing whether service provided is better then the other available service providers Grading the website on the overall content / look About the trends & rates are updated immediately Amount of modification required for icici direct.com Effectiveness of tips & call provided

PAGE NO: 49 51 53 55 57 59 61 63 65 67 69 71 73

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INTRODUCTION
The gulf between satisfied customers and completely satisfied customers can swallow a business."

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Harvard Business Review, November/December 2008 Defining customer satisfaction Because the concept of customer satisfaction is new to many companies, it's important to be clear on exactly what's meant by the term.

Customer satisfaction is the state of mind that customers have about a company when their expectations have been met or exceeded over the lifetime of the product or service. The achievement of customer satisfaction leads to company loyalty and product repurchase. There are some important implications of this definition:

Because customer satisfaction is a subjective, no quantitative state, measurement won't be exact and will require sampling and statistical analysis.

Customer satisfaction measurement must be undertaken with an understanding of the gap between customer expectations and attribute performance perceptions.

There should be some connection between customer satisfaction measurement and bottom-line results.

"Satisfaction" itself can refer to a number of different facts of the relationship with a customer. For example, it can refer to any or all of the following:

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Satisfaction with the quality of a particular product or service

Satisfaction with an ongoing business relationship

Satisfaction with the price-performance ratio of a product or service

Satisfaction because a product/service met or exceeded the customer's expectations

As markets shrink, companies are scrambling to boost customer satisfaction and keep their current customers rather than devoting additional resources to chase potential new customers. The claim that it costs five to eight times as much to get new customers than to hold on to old ones is key to understanding the drive toward benchmarking and tracking customer satisfaction.

Measuring customer satisfaction is a relatively new concept to many companies that have been focused exclusively on income statements and balance sheets. Companies now recognize that the new global economy has changed things forever. Increased competition, crowded markets with little product differentiation and years of continual sales growth followed by two decades of flattened sales curves have indicated to today's sharp competitors that their focus must change. Objectives of a customer satisfaction-survey program

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In addition to a clear statement defining customer satisfaction, any successful surveying program must have a clear set of objectives that, once met, will lead to improved performance. The most basic objectives that should be met by any surveying program include the following:

Understanding the expectations and requirements of all your customers Determining how well your company and its competitors are satisfying these expectations and requirements

Developing service and/or product standards based on your findings Examining trends over time in order to take action on a timely basis Establishing priorities and standards to judge how well you've met these goals

Customer Satisfaction Measurement Facts

A 5-percent increase in loyalty can increase profits by 25%-85%. A very satisfied customer is nearly six times more likely to be loyal and to repurchase and/or recommend your product than is a customer who is just satisfied.

Only 4 percent of dissatisfied customers will complain. The average customer with a problem eventually tells nine other people. Satisfied customers tell five other people about their good treatment

1.1 INDUSTRY PROFILE

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STOCK BROKER Stock exchanges are like market places where stockbrokers buy and sell securities of individuals or institutions. Stock prices fluctuate form minute to minute, with the price of a stock at any given time being determined by the demand for it. Stock markets have gone through tremendous improvements to match the expectations of the growing industry. The introduction of norms for greater transparency in operations and the international trading and investments exposure as well as support of professional analysis have brought about tremendous improvements in this sector.

The Securities and Exchange Board of India (SEBI) oversees the operations of banks and financial institutions as watchdog. It is the regulatory body in charge of the country's capital markets. In every way possible, professionalism has come into the stock market business.

The best stock broking houses have already redefined themselves and have introduced the compilation of a database to identify avenues of investments in industries. Some of Indian finance service companies have already made some progress in setting up equity research for identifying growth scrips for portfolio investment and have taken up stock broking earnestly

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NATURE OF WORK The work of stockbrokers has become a challenging one as it incorporates specialized knowledge as well as professional acumen. Stock market and related functioning has become computerized which obviously demands information management skills. Stockbrokers commonly divide their operations between private clients and instructional work. Alternatively some brokers act only as dealers while others are principally advisors. In large firms stockbrokers deal with and advise smaller firms or work for both individual and institutional clients. Stockbrokers are generally of the following types

Securities sales representatives

Securities Traders

Securities Brokers

Securities Analyst

ONLINE TRADING INDUSTRY - INDIA

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With an online trading account, you can buy and sell shares in an instant! Anytime you like and from anywhere you like. You can choose the online trading account that suits your trading habits and preferences

In Online trading the orders are sent to the exchange, the confirmation is immediately conveyed through e-mail and the proceeds or shares are credited (or debited) to the bank and demat accounts.

Globally, today, every second trade that goes through in the stock market is an online trade. We, in India, have a long way to go, but we sure are catching up at a good speed.

Companies offer a fast online share dealing service using real time quotes, free up-to-the-minute advice, information and tips. Trades may be made both in NSE & BSE. Some online companies offer investment in mutual funds and IPOs online

The Indian problem Some other structural aspects need to be kept in mind while analyzing the ebroking scenario in India. The breadth of participation in the stock market in India is significantly lower as compared to Western markets with only 12.1 million equity-owning households and three million depository accounts. Brokerage rates in India are significantly lower than US rates, with Indian brokers charging commissions of 0.50 per cent to 1.25 percent per trade. For any player, the pricing strategy for e-broking for the retail segment is as follows: for the cash segment, the brokerage charged varies from 0.40 percent to 0.85 percent based

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on the volume of trade done per quarter while for the margin segment, the brokerage charged varies from 0.05 percent to 0.15 percent based on the volume of trade done per quarter. The above charges are inclusive of depository charges and all other statutory charges. MARKET PLAYERS There are currently close to 50 online brokerages in India with ICICI Direct, Home Trade, Kotak Securities, Share khan, Motilal Oswal, India Bulls and 5Paisa being some major players. However, due to limited volumes, no online brokerage is currently making money and a shakeout is imminent in the near future. The going is expected to get tougher with the advent of capital account convertibility. Players such as TD Waterhouse have already entered the Indian market, while others such as Schwab are expected shortly. On an average, Rs 40 crores perday is likely to be the threshold breakeven for online .

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Market Share Based on Turn Over

14% 8% 5% 62% 7% 4%

ICICI Direct Kotak Share Khan India Bulls Motilal Oswal Others

Others include : Geojit, 5 paise, Karvy, HDFC Securities, Fortis, HomeTrade, Etc SOURCE : ICICI DIRECT.COM

SECURITIES EXCHANGE BOARD OF INDIA

In 1988 the Securities and Exchange Board of India (SEBI) was established by the Government of India through an executive resolution, and was subsequently upgraded as a fully autonomous body (a statutory Board) in the year 1992 with the passing of the Securities and Exchange Board of India Act (SEBI Act) on 30th January 1992. In place of Government Control, a statutory and autonomous regulatory board with defined responsibilities, to cover both development & regulation of the market, and independent powers have been set up. Paradoxically this is a positive outcome of the Securities Scam of 1990-91.

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The basic objectives of the Board were identified as:

To protect the interests of investors in securities;

To promote the development of Securities Market;

To regulate the securities market and

For matters connected therewith or incidental thereto.

Since its inception SEBI has been working targeting the securities and is attending to the fulfillment of its objectives with commendable zeal and dexterity. The improvements in the securities markets like capitalization requirements, margining, establishment of clearing corporations etc. reduced the risk of credit and also reduced the market. SEBI has introduced the comprehensive regulatory measures, prescribed registration norms, the eligibility criteria, the code of obligations and the code of conduct for different intermediaries like, bankers to issue, merchant bankers, brokers and sub-brokers, registrars, portfolio managers, credit rating agencies, underwriters and others. It has framed bye-laws, risk identification and risk management systems for Clearing houses of stock exchanges, surveillance

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system etc. which has made dealing in securities both safe and transparent to the end investor. Another significant event is the approval of trading in stock indices (like S&P CNX Nifty & Sensex) in 2000. A market Index is a convenient and effective product because of the following reasons: It acts as a barometer for market behavior; It is used to benchmark portfolio performance; It is used in derivative instruments like index futures and index options; It can be used for passive fund management as in case of Index Funds.

Two broad approaches of SEBI is to integrate the securities market at the national level, and also to diversify the trading products, so that there is an increase in number of traders including banks, financial institutions, insurance companies, mutual funds, primary dealers etc. to transact through the Exchanges. In this context the introduction of derivatives trading through Indian Stock Exchanges permitted by SEBI in 2000 AD is a real landmark.

STOCK MARKET Stock Market is a market where the trading of company stock, both listed securities and unlisted takes place. It is different from stock exchange because it includes all the national stock exchanges of the country.

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Stock Exchanges In India Bombay Stock Exchange National Stock Exchange Regional Stock Exchanges Ahmedabad Stock Exchange Bangalore Stock Exchange Bhubaneshwar Stock Exchange Calcutta Stock Exchange Cochin Stock Exchange Coimbatore Stock Exchange Delhi Stock Exchange Guwahati Stock Exchange Hyderabad Stock Exchange Jaipur Stock Exchange Ludhiana Stock Exchange Madhya Pradesh Stock Exchange Madras Stock Exchange Magadh Stock Exchange Mangalore Stock Exchange Meerut Stock Exchange OTC Exchange Of India Pune Stock Exchange Saurashtra Kutoh Stock Exchange

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Uttar Pradesh Stock Exchange Vadodara Stock Exchange

Stock Exchanges are an organized marketplace, either corporation or mutual organization, where members of the organization gather to trade company stocks or other securities. The members may act either as agents for their customers, or as principals for their own accounts. BOMBAY STOCK EXCHANGE Bombay Stock Exchange Limited is the oldest stock exchange in Asia with a rich Heritage. Popularly known as "BSE", it was established as "The Native Share & Stock Brokers Association" in 1875. It is the first stock exchange in the country to obtain permanent recognition in 1956 from the Government of India under the Securities Contracts (Regulation) Act, 1956.The Exchange's pivotal and preeminent role in the development of the Indian capital market is widely recognized and its index, SENSEX, is tracked worldwide. Earlier an Association of Persons (AOP), the Exchange is now a demutualised and corporative entity incorporated under the provisions of the Companies Act, 1956, pursuant to the BSE (Corporatisation and Demutualisation) Scheme, 2005 notified by the Securities and Exchange Board of India (SEBI). With demutualisation, the trading rights and ownership rights have been delinked effectively addressing concerns regarding perceived and real conflicts of interest. The Exchange is professionally managed under the overall direction of the Board of Directors. The Board comprises eminent professionals,

representatives of Trading Members and the Managing Director of the Exchange.

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The Board is inclusive and is designed to benefit from the participation of market intermediaries. In terms of organization structure, the Board formulates larger policy issues and exercises over-all control. The committees constituted by the Board are broadbased. The Managing Director and a management team of professionals manage the day-to-day operations of the Exchange. The Exchange has a nation-wide reach with a presence in 417 cities and towns of India. The systems and processes of the Exchange are designed to safeguard market integrity and enhance transparency in operations. During the year 20042005, the trading volumes on the Exchange showed robust growth.

The Exchange provides an efficient and transparent market for trading in equity, debt instruments and derivatives. The BSE's On Line Trading System (BOLT) is a proprietary system of the Exchange and is BS 7799-2-2002 certified. The surveillance and clearing & settlement functions of the Exchange are ISO 9001:2000 certified. NATIONAL STOCK EXCHANGE The National Stock Exchange of India Limited has genesis in the report of the High Powered Study Group on Establishment of New Stock Exchanges, which recommended promotion of a National Stock Exchange by financial institutions (FIs) to provide access to investors from all across the country on an equal footing. Based on the recommendations, NSE was promoted by leading Financial Institutions at the behest of the Government of India and was incorporated in

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November 1992 as a tax-paying company unlike other stock exchanges in the country. On its recognition as a stock exchange under the Securities Contracts (Regulation) Act, 1956 in April 1993, NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. The Capital Market (Equities) segment commenced operations in November 1994 and operations in Derivatives segment commenced in June 2000.

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1.2 COMPANY PROFILE

ICICI DIRECT.COM GROUP ICICI direct.com is one of the leading and fastest growing financial institutions in India, offering complete range of financial solutions that encompasses every sphere of life. From corporate and retail financing, stock broking, mutual funds and life insurance, to investment banking, the Group truly understands the financial needs of individuals as well as corporate giants. With over two decades of presence in the industry, the ICICI direct.com Group has acquired a wealth of experience in offering financial solutions that not only add value to life, but also help make life easier and better to live.

ICICI Securities Indias Leading Investment Bank

ICICI Securities Limited is Indias leading full service investment bank with a dominant position in all segments of its operations - Corporate Finance, Fixed Income and Equities. It is a subsidiary of ICICI Bank, the largest private sector bank in India and operates out of Mumbai with offices in New Delhi, Chennai, Kolkata, New York, London and Singapore. Under the able leadership of Mr.S Mukherji, Managing Director and CEO, ICICI Securities continues to grow as reflected in its performance over the past couple of years.

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The Corporate Finance team has consistently been among the top players in M&As and fund raising from domestic and international capital markets. The Equities team is a major Indian brokerage house and its research covers over 90% of Sensex market capitalisation. The bond research of the Fixed Income team is a benchmark for the industry.

The eminent position of ICICI Securities is reflected in the number of awards that our teams in the Fixed Income, M&A and Equity Capital Markets win. Our Fixed Income team for the last two years (CY04 and CY05) has been adjudged as the Best Bond House in India by both Asiamoney and Finance Asia. The Equities team was adjudged as the Best Indian Brokerage House-2003 by Asiamoney. The Corporate Finance team tops the M&A/Capital markets league tables regularly.

Our wholly owned subsidiary, ICICI Brokerage Services Limited (IBSL), buys and sells equities for our institutional clients. ICICI Securities has a U.S. subsidiary, ICICI Securities Inc., which is a member of the National Association of Securities Dealers, Inc. (NASD). As a result of this membership, ICICI Securities Inc. can engage in permitted activities in the U.S. securities markets. These activities include dealing in securities markets transactions in the United States and providing research and investment advice to US investors.

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BOARD OF DIRECTORS Board of Directors of ICICI Securities Limited Mr. K. V. Kamath Chairman Ms. Lalita D. Gupte Ms. Kalpana Morparia Dr. Nachiket Mor Mr. Uday Chitale Mr. S. Mukherji, Managing Director & CEO

Board of Directors of ICICI Brokerage Services Limited Mr. S. Mukherji Chairman Mr. Nitin Jain Mr. Devesh Kumar Mr. Paresh Shah Mr. Anil Kaul Mr. Uday Chitale Mr. Anup Bagchi Mr. Subir Saha

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ICICI ADVANTAGE

A Unique 3-in-1 account that gives you: Convenience: The 3-in-1 account integrates your banking, investment and demat accounts. When you invest, the system checks for the funds in your account and then executes your request online. The bank and the demat account is automatically debited or credited. This enables you to invest without going through the hassles of filling up long forms, writing cheques, following up with different brokers for different investments etc.

Speed: Your investment reduces to choosing the investment option and a few clicks and your investment request is placed online instantly!

Control: A comprehensive account for all your investment needs thereby giving you control over your investments!

Rich Content: ICICIdirect.com offers rich content on mutual funds, bonds etc and helps you take informed decisions

Trust: ICICIdirect.com comes to you from ICICI, the organization trusted by millions of Indians.

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PRODUCT PROFILE

A product for every need: ICICIdirect.com is the most comprehensive

website, which allows you to invest in Shares, Mutual funds, Derivatives (Futures and Options) and other financial products. Simply put we offer you a product for every investment need of yours. Trading in shares:

ICICIdirect.com offers you various options while trading in shares. Cash Trading : This is a delivery based trading system, which is

generally done with the intention of taking delivery of shares or monies. Margin Trading : You can also do an intra-settlement trading upto 3

to 4 times your available funds, wherein you take long buy/ short sell positions in stocks with the intention of squaring off the position within the same day settlement cycle. Margin PLUS Trading : Through Margin PLUS you can do an intra-

settlement trading up to 25 times your available funds, wherein you take long buy/ short sell positions in stocks with the intention of squaring off the position within the same day settlement cycle. Margin PLUS will give a much higher leverage in your account against your limits. Spot Trading : This facility can be used only for selling your demat

stocks which are already existing in your demat account. When you are looking at an immediate liquidity option, 'Cash on Spot' may work the best 30

for you, On selling shares through "cash on spot", money is credited to your bank a/c the same evening & not on the exchange payout date. This money can then be withdrawn from any of the ICICIBank ATMs. BTST : Buy Today Sell Tomorrow (BTST) is a facility that allows you

to sell shares even on 1st and 2nd day after the buy order date, without you having to wait for the receipt of shares into your demat account. Call N Trade : Call N Trade allows you to call on a local number

in your city & trade on the telephone through our Customer Service Executives. This facility is currently available in over 11 major states across India. Trading on NSE/BSE: Through ICICIdirect.com, you can trade on

NSE as well as BSE. Market Order: You could trade by placing market orders during

market hours that allows you to trade at the best obtainable price in the market at the time of execution of the order. Limit Order: Allows you to place a buy/sell order at a price defined

by you. The execution can happen at a price more favorable than the price, which is defined by you, limit orders can be placed by you during holidays & non market hours too.

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TRADE IN DERIVATIVES FUTURES Through ICICIdirect.com, you can now trade in index and stock

futures on the NSE. In futures trading, you take buy/sell positions in index or stock(s) contracts having a longer contract period of up to 3 months. Trading in FUTURES is simple! If, during the course of the contract

life, the price moves in your favour (i.e. rises in case you have a buy position or falls in case you have a sell position), you make a profit. Presently only selected stocks, which meet the criteria on liquidity

and volume, have been enabled for futures trading. Calculate Index and Know your Margin are tools to help you in

calculating your margin requirements and also the index & stock price movements. The ICICIDIRECT UNIVERSITY on the HOME page is a comprehensive guide on futures and options trading. OPTIONS An option is a contract, which gives the buyer the right to buy or sell

shares at a specific price, on or before a specific date. For this, the buyer has to pay to the seller some money, which is called premium. There is no

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obligation on the buyer to complete the transaction if the price is not favorable to him. To take the buy/sell position on index/stock options, you have to

place certain % of order value as margin. With options trading, you can leverage on your trading limit by taking buy/sell positions much more than what you could have taken in cash segment. The Buyer of a Call Option has the Right but not the Obligation to

Purchase the Underlying Asset at the specified strike price by paying a premium whereas the Seller of the Call has the obligation of selling the Underlying Asset at the specified Strike price. The Buyer of a Put Option has the Right but not the Obligation to

Sell the Underlying Asset at the specified strike price by paying a premium whereas the Seller of the Put has the obligation of Buying the Underlying Asset at the specified Strike price. By paying lesser amount of premium, you can create positions under

OPTIONS and take advantage of more trading opportunities.

Investing in Mutual funds ICICIdirect.com brings you the same convenience while investing in

Mutual funds also - Hassle free and Paperless Investing.

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With the inclusion of Fidelity MF, you can now invest on-line in 19

mutual Funds through ICICIdirect.com. Prudential ICICI MF, JM MF, Alliance MF, Franklin Templeton MF, Sundaram MF, Birla Sun Life MF, HDFC MF, Principal MF, UTI MF,Reliance MF,Kotak MF,Tata MF,DSP Merrill Lynch MF, ING Vysya MF,CHOLA MF,Deutsche MF,HSBC MF and Standard Chartered MF are the Mutual Funds available for investment. You can invest in mutual funds without the hassles of filling application forms or any other paperwork. You need no signatures or proof of identity for investing. Once you place a request for investing in a particular fund, there are

no manual processes involved. Your bank funds are automatically debited or credited while simultaneously crediting or debiting your unit holdings. You also get control over your investments with online order

confirmations and order status tracking. Get to know the performance of your investments through online updation of MF portfolio with current NAV.

ICICIdirect.com offers you various options while investing in

Mutual Funds Purchase: You may invest/purchase Prudential ICICI MF, JM MF,

Alliance MF, Franklin Templeton MF, Sundaram MF, Birla Sun Life MF, HDFC MF, Principal MF, UTI MF ,Standard Chartered MF ,Reliance

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MF,Kotak MF, Tata MF,DSP merrill lynch MF,ING Vysya MF,CHOLA MF,Deutsche MF,HSBC MF and Fidelity MF without the hassles of filling application forms.

Redemption: In addition to giving hassle-free paperless redemption, ICICIdirect.com offers faster liquidity. You can redeem the mutual fund units through ICICIdirect.com. The money will be credited to your bank account automatically 3 days after the order placement date.

Switch: To suit your changing needs you may wish to shift monies between different schemes. You can switch your monies online from one scheme to another in the same fund family without any hassles.

Systematic Investment plans (SIP): SIP allows you to invest a certain sum of money over a period of time periodically. Just fill in the investment amount, the period of investment and the frequency of investing and submit Systematic withdrawal plan: This allows you to withdraw a certain sum of money over a period of time periodically.

Transfer-in: You can convert your existing Mutual funds into electronic mode through a transfer-in request.

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IPOs and Bonds Online You could also invest in Initial Public Offers (IPOs) and Bonds online

without going through the hassles of filling ANY application form/ paperwork. Get in-depth analyses of new IPOs issues (Initial Public Offerings)

which are about to hit the market and analysis on these. IPO calendar, recent IPO listings, prospectus/offer documents, and IPO analysis are few of the features, which help you, keep on top of the IPO markets. Content Features There are a host of features on ICICIdirect.com that shall help you make informed investment decisions. We provide you with the indices of major world markets, nifty

futures and ADR prices of Indian scrips. Get daily share prices of all scrips, monthly and yearly high/lows etc through Market Watch. Get breaking news from CNBC and Reuters. Catch a glimpse of

News Headlines through our scrolling Direct News Headlines. Get a snapshot of the latest developments in the markets through the

day using Market Commentary. You can get weekly snapshots also. Use Pick of the week which focuses on fundamental stocks with sound prospects.

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Catch interviews, reactions and comments from industry leaders with

CEO Call. Track the movement of leading scripts within a sector across 12 sectors using Market@Desktop. Equip yourself with our barometers. Market Barometer gives you in-

depth information of the weightages of shares on Nifty and Sensex. Get a glimpse of the performance of various industry sectors through Industry Barometer. Direct Technical Charts offer interactive charting with advanced

indicators. Gets a birds eye view of over 5000 companies at a single click using Company Snapshot. Glance through analyst recommendations using Multex Global Estimates.

In case, you are not too comfortable with share trading, try our Learning Centre, which is a tutorial on investments and My Research that helps you to research a stock better. Personal Finance Use our Personal Finance section and get hold of tools that can help

you plan your investments, retirement, tax etc. Analyze your risk profile through the Risk Analyzer and get a suitable investment portfolio plan using Asset Allocator.

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CUSTOMER SERVICE FEATURES

with 'ICICIdirect Customer Tools & Updates' you can trouble shoot all your problems online.

Address your trading queries on-line through "Easy Mail". You can view and change your profile or password on-line through General Profile option.

Get details of ICICI Centers, our sales and service offices, across India through branch locator.

View your Account Statement and Bill Summary of your transactions online using bills & accounts.

View your Digital Contract Notes instantly. View various charges through the Fee Schedule option Give your feedback or viewpoint through the Viewpoint online.

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Enroll yourself for various ICICIdirect Workshops through Register

for Customer Sessions. CUSTOMER TOOLS Easy mail Know your account status Unlock trading account or Issue new password Activate your account Document Status Transaction queries Request For Duplicate Trading Statements Request For Duplicate Mutual Funds Statements Subscription for Mailers Digital contract note My Messages

1.3 NEED FOR THE STUDY

ICICI direct.com is one of the leading company in the Indian online brokers with the company image to its strength, it has achieved unattainable success. It is obvious that there is neck-to-neck competition in the field. To over come this a study on customer satisfaction for online trading in ICICI direct.com was needed, 39

as without understanding the customer requirements and satisfaction level no company will be able to increase their sales and attain their ultimate objective.

The study was to find out the customer satisfaction for online trading with ICICI direct.com. This study is a sincere attempt to understand the need and

satisfaction level of the customer.

1.4 LIMITATIONS OF THE STUDY

Since this study was conducted in Chennai city the findings are

applicable only to the city. This study has been limited by cost factor

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Since analysis has been made from the information given by the

respondents, the accuracy of the findings is dependent on the quality of the respondent. Some of the respondents were not able to give complete

information so the respondents had to proceed with incomplete data.

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2. OBJECTIVES OF THE STUDY

A STUDY ON CUSTOMER SATISFACTION IN ONLINE TRADING PROVIDED BY ICICI direct.com OBJECTIVES PRIMARY OBJECTIVE: To study customer satisfaction of services provided by ICICI direct.com SECONDARY OBJECTIVE: To study the effectiveness of online trading facility. To study the effectiveness of website. To study the effectiveness of research service provided by ICICI direct.com in investment decision making. To study effectiveness of customer care service provided by ICICI direct.com

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2.1 SCOPE OF THE STUDY

The study covered 300 Respondents in Chennai city. The survey for 300 respondents was conducted from the clients of

ICICI direct.com. With suitable modification the study can be used for analyzing the

customer satisfaction for ICICI direct.com in various places in India. The study can be used as the base for understanding the customer

expectation and the satisfaction level for ICICI direct.com service in Chennai.

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3. RESEARCH METHODOLOGY

Type Of Research: The type of research used in this project is Descriptive in nature. Sampling Plan: Sampling is a unique technique used to collect data about a pertinent problem under study. It is conducted when the population is very large and census study could not be conducted. Universe: In this research the definition of universe are the Online Customers of the ICICI direct.com. In Chennai. Sampling Unit: The sample size of this project is 300 customers. Sampling Frame: List of customer dealing with ICICI direct.com Sampling technique: Simple convenience sampling techniques were used to select the Samples From the whole population. Data collection method: Both primary data and secondary data were collected for the study.

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Primary data: was collected by survey method. A structured questionnaire was used for Collecting primary data. Secondary data: were collected from 1. Company journals, company broachers, company reports. 2. Library and magazines. 3. Websites. Data collection instruments: The instrument used for the data collection was the questionnaire. The

Questionnaire was structured and self administered, consisting of open-ended & multiple choices.

Meaning of Research

Research is an art of scientific investigation to Redman & Moory research is a Systematized effort to gain new knowledge. Research is an original contribution to the existing stock of knowledge meaning for its advancement.

The purpose of research is to discover answers to questions through the applications of scientific procedures. The main aim of research is to find out the truth which is hidden in which has not been discovered as yet.

45

Research Design

A research design is the arrangement of conditions for collection and analysis of data in a manner that aims to combine relevance to the research purpose with economical procedure.

Research Design is need because it facilitates the smooth sailing of the various research operations, there by making research as efficient possible yielding maximal information with minimal expenditure of effort time and money.

Descriptive Research

Descriptive Research is used in surveys and fact-finding enquiries of different kinds. The major purpose of descriptive research is description of the state of affairs, as it in which at present. The main characteristic of this method is the researcher has no control over the variables. He can only report where has happened or what is happening.

46

Data Collection

Primary data was collected by the means of administering a questionnaire to the respondents.

Questionnaire

In order to collect the primary data questionnaire is used as the research instrument. Questions are arranged in a logical manner. The types of questions used in questionnaire are Closed Ended Questions Multiple Choice Questions

Sampling Technique

The sampling technique adopted for the purpose of the study was convenience sampling.

47

TOOLS USED FOR ANALYSIS

ONE SAMPLE RUN TEST (ANNOVA) TO DETERMINE THE RANDOMNESS OF THE SELECTED SAMPLES H0: Samples are randomly chosen H1: Samples are not randomly chosen TABLE SHOWING WHETHER THEY WILL RECOMMEND THE SERVICE TO OTHERS S.NO 1. 2. YES NO TOTAL CHOICE NO OF RESPONDENTS 205 95 300 PERCENTAGE (%) 68.3 31.7 100

SOURCE: PRIMARY DATA No of runs r n1 n2 r = 150 = 205 = 95 = = 2 = = = (2n1n2 / n1 + n2 ) + 1 130.8 2n1n2 (2n1n2 n1 n2) / (n1 + n2) 2 (n1 + n2 1) 55.94 55.94

48

= Upper Limit =

7.48

+ 2.58 = 150.09 - 2.58 111.5

Lower Limit

= =

Inference: Since the no of runs (= 150) is inside the curve, H0 is accepted. i.e. samples are chosen randomly

49

WEIGHTED AVERAGE METHOD RATING OF SATISFACTION LEVEL OF SERVICE REGARDING THE FOLLOWING ITEM NO OF RESPONDENTS 1 78 90 69 33 60 33 2 150 138 177 120 144 120 3 33 48 36 90 69 90 4 27 15 12 36 15 36 5 12 9 6 21 12 21

FACTORS OVERALL QUALITY VALUE PURCHASE EXPERIENCE DEMO USAGE EXPERIENCE AFTER PURCHASE SERVICE

AVERAGE 77 79 79.4 67.2 75 67.2

RANK III II I V IV V

SOURCE: PRIMARY DATA INFERENCE: From the weighted average method, it is seen that ratings of the satisfaction level of service regarding the following item is given below: FACTORS OVERALL QUALITY VALUE PURCHASE EXPERIENCE DEMO USAGE EXPERIENCE AFTER PURCHASE SERVICE RANK III II I V IV V

50

CHI SQUARE TEST Chis Square is an importance non parametric test and as such no test are necessary in respect of the type of population. We require only the degree of freedom (implicitly of course the size of the sample) for using this test. As a non parametric test, Chi square can be used (i) as a test of goodness of fit and (ii) as a test of independence. Since the researcher used test of independence only the details about test of independence is given below. TEST OF INDEPENDENCE 2 test enables us to explain whether or not two attributes are associated. In order that we may apply the chi square test either as a test to judge the significance of association between attributes, it is necessary that the observed as well as theoretical or expected frequencies must be grouped in the same way and theoretical distribution must be adjusted to give the same total frequency as we find in case of observed distribution. Karl Pearson developed a test for testing the significance of discrepancy between experimental values and the theoretical values obtained under some theory or hypothesis. This test is known as 2 test of goodness of fit. Karl Pearson proved that the statistic 2 = (O E) 2 / E O Observed Frequency E Expected Frequency

51

2 is used to test whether difference between observed & expected frequencies are frequent. To find 2 table value degree of freedom should be calculated. Degree of freedom is calculated using the formula (r 1)(c 1). The table value for this degree of freedom is seen using 5% or 1% of significant level. If 2 table value is greater than 2 calculated value, Null Hypothesis is accepted or Null Hypothesis is rejected.

52

To determine whether there is significant difference between occupation and whether they would recommend the services of ICICI direct.com to others Ho: There is no significant difference between occupation and whether they would recommend the services of ICICI direct.com to others H1: There is significant difference between occupation and whether they would recommend the services of ICICI direct.com to others

OCCUPATION CHOICE BUSINESS SERVICES STUDENTS HOUSEWIFE TOTAL Expected Frequencies are:

NO OF RESPONDENTS YES 83 45 35 42 205 NO 38 19 15 23 95

TOTAL 121 64 50 65 300

(205 * 121) / 300 = 82.68

(95 * 121) / 300 = 38.32

(205 * 64) / 300 = 43.73

(95 * 64) / 300 = 20.27

(205 * 50) / 300 = 34.17

(95 * 50) / 300 = 15.83

(205 * 65) / 300 = 44.42

(95 * 65) / 300 = 20.58

53

CALCULATION OF 2: Observed Frequency (O) 83 38 45 19 35 15 42 23 Expected Frequency (E) 82.68 38.32 43.73 20.27 34.17 15.83 44.42 20.58 (O E) 2 0.10 0.10 1.61 1.61 0.69 0.69 5.86 5.86 (O E) 2 / E 0.01 0.01 0.04 0.08 0.02 0.04 0.13 0.28 0.61 Calculated 2 = (O E)2 / E O Observed Frequency E Expected Frequency = 0.61 Calculated 2 = 0.61 Degree of Freedom = (4 - 1)(2 - 1) = 3 d.f at 5 % level of significance Therefore, Tabulated 2 = 5.991 Since Calculated 2 < Tabulated 2 Therefore, we accept the hypothesis. i.e., There is no significant difference between occupation and whether they would recommend the services of ICICI direct.com to others

54

ONE WAY ANALYSIS OF VARIANCE

One way ANOVA technique is used when the data are classified on the basis of two factors: The following are the steps in carrying out the analysis of variance: 1. Set up null hypothesis 2. Find the total sum of all the items. It is denoted by T. 3. Find the correction factor C.F.=T2 / N where N the number of items. 4. Find the total sum of squares = Square of all items C.F. 5. Find the sum of squares between columns 6. Find the sum of squares within columns 7. Construct analysis of variance table 8. Calculate the values of F as follows: F for variance between columns = Between column variance Within column variance 9. Find the tabulated value of F for their respective degrees of freedom 10. If calculated F < Tabulated F, we accept the null hypothesis. 11. If calculated F < Tabulated F, we reject the null hypothesis

55

TO

DETERMINE

WHETHER

THERE

IS

SIGNIFICANT

DIFFERENCE

BETWEEN THE RESPODNENTS RATING & SATISFACTION LEVEL WITH THE SERVICES REGARDING THE FACTORS

FACTORS OPINION OVERALL QUAL ITY VALUE PURCHASE EXPE RIEN CE DEMO USAGE EXPERIENCE AFTER PURCHASE SERVIE TOTAL 69 78 90 1

NO OF RESPONDENTS 2 150 138 3 33 48 4 27 15 5 12 9

TOTAL

300 300

177

36

12

300

33 60

120 144

90 69

36 15

21 12

300 300

33 363

120 849

90 366

36 141

21 81

300 1800

1 HIGHLY SATISFIED 4 DISSATISFIED

2 SATISFIED

3 NEITHER

5 HIGHLY DISSATISFIED

Ho: There is no significance difference between the respondents rating & satisfaction level with the services regarding the factors H1: There is significance relation between the respondents rating & satisfaction level with the services regarding the factors

56

TO FIND CORRECTION FACTOR: X 78 90 69 33 60 33 363 X X2 6084 8100 4761 1089 3600 1089 24723 X2 Y 150 138 177 120 144 120 849 Y Y2 22500 19044 31329 14400 20736 14400 12240 9 Y2 Z 33 48 36 90 69 90 366 Z Z2 1089 2304 1296 8100 4761 8100 2565 0 Z2 A 27 15 12 36 15 36 141 A A2 729 225 144 1296 225 1296 3915 A B 12 9 6 21 12 21 81 B B2 144 81 36 441 144 441 1287 B2 X+Y+Z+A+B 300 300 300 300 300 300 1800

T= = = N=

X+Y+Z+A+B 363+849+366+141+81 1800 30

Correction Factor = T2 / N = (1800) 2 / 30 = 108000 Sum of Squares of deviations for total variance = Squares of all items C.F = (X2 + Y2+ Z2+ A2+ B2) C.F = (24723+122409+25650+3915+1287) 108000

57

= 69984 Sum of Squares between the columns = [(X) 2 / n +(Y) 2 / n+(Z) 2 / n+(A) 2 / n+(B) 2 / n] C.F = [(363) 2 / 6 + (849) 2 / 6 + (366) 2 / 6 + (144) 2 / 6 + (81) 2 / 6] 108000 = 168970.5 108000 = 60970.5 Degree of Freedom = (5 1) = 4 Sum of Squares within columns = Total sum of squares Sum of squares between columns = 69984 60970.5 = 9013.5 Degrees of Freedom = (30 - 5) = 25 ANALYSIS OF VARIANCE TABLE Sources of Variati on Between Columns Between Rows Sum of Squares Degrees of Freedom Variance F

60970.5 9013.5

5 1= 4 30 5 = 25

60970.5 / 4 = 15242.6 9013.5 / 25 = 360.54

15242.6 / 360.54 = 42.28 -

Calculated F = 48.28 Tabulated F = 3.06

v1 = 4

v2 = 25

Calculated F > Tabulated F Therefore, we reject the hypothesis.

58

i.e., There is significance relation between the respondents rating & satisfaction level with the services regarding the factors

59

4. ANALYSIS & INTERPRETATION TABLE 1 TABLE SHOWING AWARENESS OF THE FOLLOWING COMPANIES THAT OFFER SIMILAR SERVICES OTHER THAN ICICI DIRECT

S.NO 1 2 3 4 5 6

COMPANY NAME KOTAK SHARE KHAN INDIA BULLS GEOJIT 5 PAISE KARVY TOTAL

NO OF RESPONDENTS 182 232 210 198 186 175 1183

PERCENTAGE (%) 15.38 19.61 17.75 16.75 15.72 14.79 100

SOURCE: PRIMARY DATA INFERENCE: Most of the respondents are aware of the following companies that offer similar services other than ICICI Direct whereas few of them are not aware of them

60

Chart 1

C H A R T S H O W IN G A W A R E N E S S O F T H E F O L L O W IN G C O M P A N IE S T H A T O F O T H E R T H A N IC IC I D IR E C T
250 232 210 200 182 198 186 175

150

100

50

0 K O TA K SHARE KHAN IN D IA B U L L S G E O J IT 5 P A IS E KARVY

61

TABLE 2 TABLE SHOWING WHETHER AWARE OF THE FOLLOWING SERVICES PROVIDED FOR ONLINE CLIENTS BY ICICI DIRECT.COM

S.NO 1 2 3 4 5

SERVICES SMS ALERT MARKETING MORNING DAILY MORNING BRIEF SECTOR REPORT WEEKLY TECHNICAL ANALYSIS MONTHLY RESEARCH REPORTS TOTAL

NO OF RESPONDENTS 98 110 86 52 155

PERCENTAGE (%) 15.5 17.4 13.6 8.2 24.6

130 631 SOURCE: PRIMARY DATA

20.6 100

INFERENCE: Most of the respondents are aware of the following services provided for online clients by ICICI Direct.com whereas few of them are not aware of the following services provided for online clients by ICICI Direct.com

62

Chart 2

63

64

C H A R T S H O W IN G W H E T H E R A W A R E O F S E R V IC E S P R O V ID E D F O R O N L IN E D IR E C T .C O M

16% 21%

S M S A LE RT M A R K E T IN G M O R N IN G 17% S E C TO R R E P O R T M O N TH LY R E S E A R C H

D A IL Y M O R N IN G B R IE F

W E E K L Y T E C H N IC A L A

24%

14% 8%

65

TABLE 3 TABLE SHOWING THE WAY OF CONTACTING CUSTOMER SERVICE

S.NO 1 2 3 4 5

SERVICE E MAIL FAX TELEPHONE WEB CHAT IN PERSON TOTAL

NO OF RESPONDENTS 48 15 123 20 94 300

PERCENTAGE (%) 16 5 41 6.7 31.3 100

SOURCE: PRIMARY DATA INFERENCE: 41% of the respondents contact customers service through Telephone, in some cases it is In person whereas in few cases it is E mail

66

Chart 3

67

68

C H AR T S H OW IN G TH E W AY OF C ON TAC TIN G C U ST OMER SE R V IC E

140

120

123

100 94

80

60 48 40

20 15

20

0 E M A IL FA X TELE P HO NE W E B CHAT IN PE RS ON

69

TABLE 4 TABLE SHOWING THE REASON FOR CONTACTING CUSTOMER SERVICE

S.NO 1 2 3 4 5

REASON NOT SATISIFED WITH PRODUCT DID NOT RECEIVE TIPS CALL UNABLE TO BUY OR SELL PROBLEM WEBSITE WITH THE

NO OF RESPONDENTS 54 65 83 40 58 300

PERCENTAGE (%) 18 21.7 27.7 13.3 19.3 100

NEED MORE PRODUCT INFORMATION TOTAL

SOURCE: PRIMARY DATA INERENCE: The reason for contacting customer service is mostly for unable to buy or sell, in some cases it is did not receive tips call whereas in few cases it is problem with the website

70

Chart 4

C H A R T S H O W IN G T H E R E A S O N F O R C O N T AC T IN G C U S T O M E R S E R V IC E

N E E D M O RE P RO DUC T IN F O RM A TIO N

58

P RO B LE M W ITH TH E W E B S ITE

40

UN A B LE TO B U Y O R S E LL

83

D ID N O T RE C E IV E TIP S C A LL

65

NO T S A TIS IF E D W ITH P R O D UCT

54

10

20

30

40

50

60

70

80

90

71

TABLE 5 TABLE SHOWING TIME TAKEN TO WAIT BEFORE SPEAKING TO A CUSTOMER CARE REPRESENTATIVE

S.NO 1. 2. 3. 4. 5.

OPTIONS I WAS TAKEN CARE OF MMEDIATELY WITHIN 3 MINUTES 3 5 MINUTES 5 10 MINUTES MORE THAN MINUTES TOTAL 10

NO OF RESPONDENTS 48 69 76 75 32 300 SOURCE: PRIMARY DATA

PERCENTAGE (%) 16 23 25.3 25 10.7 100

INFERENCE: The time taken to wait before speaking to a customer care representative is mostly 3 5 minutes, in some cases it is 5 10 minutes whereas in few cases it is more than 10 minutes

72

Chart 5

73

C H A R T S H O W IN G T IM E T A K E N T O W A IT B E F O R E S P E A K IN G T O A C U S T O M E R C A R E P R E S E N T A T IV E

11%

16%

I W A S TA K E N C A R E O F M M E D IA T 25% 23% W ITH IN 3 M IN U T E S 3 5 M IN U T E S 5 1 0 M IN U T E S M O R E TH A N 1 0 M IN U TE S

74

C H A R T S H O W IN G T IM E T A K E N T O W A IT B E F O R E S P E A K IN G T O A C U S T O M E R C A R E P R E S E N T A T IV E

11%

16%

I W A S TA K E N C A R E O F M M E D IA T 25% 23% W ITH IN 3 M IN U T E S 3 5 M IN U T E S 5 1 0 M IN U T E S M O R E TH A N 1 0 M IN U TE S

25%

75

TABLE 6 TABLE SHOWING TIME TAKEN TO GET THE PROBLEM RESOLVED

S.NO 1. 2. 3. 4. 5.

CHOICE IMMEDIATE RESOLUTION LESS THAN A DAY BETWEEN 2 3 DAYS BETWEEN 3 5 DAYS MORE THAN A WEEK TOTAL

NO OF RESPONDENTS 52 82 95 48 23 300 SOURCE: PRIMARY DATA

PERCENTAGE (%) 17.3 27.3 31.7 16 7.7 100

INFERENCE: The time taken to get the problem resolved is mostly between 2 3 days, in some cases it is less than a day whereas in few cases it is more than a week

76

Chart 6

C H A R T S H O W IN G T IM E T A K E N T O G E T T H E P R O B L E M R E S O L V E D

100 90 80 70 60 50 40 30 20 10 0

95

82

52 48

23

IM M E D IA T E R E S O L ULTEIO N T H A N A D A B E T W E E N 2 3 D A Y S W E E N 3 5 D A YOSR E T H A N A W E E K SS Y BET M

77

TABLE 7 TABLE SHOWING NO OF TIMES THE RESPONDENTS CONTACT CUSTOMER SERVICE BEFORE THE PROBLEM WAS CORRECTED

S.NO 1. 2. 3. 4. 5. ONCE TWO THREE FOUR

OPTIONS

NO OF RESPONDENTS 90 74 71 41 24 300

PERCENTAGE (%) 30 24.7 23.7 13.6 8 100

MORE THAN FOUR TOTAL

INFERENCE: The no of times the respondents contact customer service before the problem was corrected mostly once, in some cases it is two whereas in few cases it is ore than four

78

Chart 7

79

C H A R T S H O W IN G N O O F T IM E S T H E R E S P O N D E N T S C O N T A C T C U S T O M E R S E R V I PR OB LEM W AS C OR R EC TED

8%

14%

29%

80 W O T

ONCE TH R E E FO UR

C H A R T S H O W IN G N O O F T IM E S T H E R E S P O N D E N T S C O N T A C T C U S T O M E R S E R V I PR OB LEM W AS C OR R EC TED

8%

14%

29%

ONCE TW O TH R E E FO UR M O R E TH A N F O U R

24%

25%

81

TABLE 8 RATING OF SATISFACTION LEVEL OF SERVICE REGARDING THE FOLLOWING ITEM

NO OF RESPONDENTS ITEMS
HIGHLY SATISIFED SATISFIED NEUTRAL DISSATISFIED HIGHLY DISSATISFIED

OVERALL QUALITY VALUE PURCHASE EXPERIENCE DEMO USAGE EXPERIENCE AFTER PURCHASE SERVICE

78 90 69 33 60 33

150 138 177 120 144 120

33 48 36 90 69 90

27 15 12 36 15 36

12 9 6 21 12 21

SOURCE: PRIMARY DATA INFERENCE: The rating of satisfaction level of service regarding the following item is mostly satisfied with all the items, in some cases it is neutral whereas in few cases it is dissatisfied

82

Chart 8

R A T IN G O F S A T IS F A C T IO N L E V E L O F S E R V IC E R E G A R D IN G T H E F O L L
200 180 177

160 140

150 138 120

144

120 100 80 78 69

120 H IG H L Y S A T IS IF E D S A T IS F IE D N E U TR A L D IS S A T IS F IE D

90

90

90

H IG H L Y D IS S A T IS F IE D 69 60 48 33 36 27 12 15 9 12 33 36 21 6 33 15 36 21 12

60 40

20 0

O V E R A L L Q U A L ITVYA L U E

PURCHASE E X P E R IE N C E

DEM O

U S A G E A F TE R P U R C H A S E E X P E R IE N C E S E R V IC E

83

TABLE 9 TABLE SHOWING WHETHER SERVICE PROVIDERS IS BETTER THEN THE OTHER AVAILABLE SERVICE PROVIDERS

S.NO 1. 2. 3. 4. 5.

CHOICE VERY GOOD GOOD AVERAGE POOR VERY POOR TOTAL

NO OF RESPONDENTS 73 110 68 34 15 300

PERCENTAGE (%) 24.33 36.67 22.67 11.33 5 100

SOURCE: PRIMARY DATA INFERENCE: 36.67% of the respondents feel ICICI direct to be good compared to other available service providers, in some cases it is very good whereas in few cases it is very poor

84

Chart 9

85

C H A R T S H O W IN G W H E T H E R S E R V IC E P R O V ID E R S IS B E T T E R T H E N T H E O S E R V IC E P R O V ID E R S

VERY POOR

15

POOR

34

86

C H A R T S H O W IN G W H E T H E R S E R V IC E P R O V ID E R S IS B E T T E R T H E N T H E O S E R V IC E P R O V ID E R S

VERY POOR

15

POOR

34

AVERAGE

68

GOOD

110

VERY GOOD

73

20

40

60

80

100

120

87

TABLE 10 TABLE SHOWING TO GRADE THEIR WEBSITE ON THE OVERALL CONTENT / LOOK

S.NO 1 2 3 4 5

GRADE EXCELLENT GOOD AVERAGE POOR VERY POOR TOTAL

NO OF RESPONDENTS 42 120 87 39 12 300 SOURCE: PRIMARY DATA

PERCENTAGE (%) 14 40 29 13 4 100

INFERENCE: 40% of the respondents feel that the overall website content / look is good, 29% it is average whereas in few cases it is very poor

88

Chart 10

89

C H A R T S H O W IN G T O G R A D E T H E IR W E B S IT E O N T H E O V E R A L L C O N

4% 14% 13%

90

C H A R T S H O W IN G T O G R A D E T H E IR W E B S IT E O N T H E O V E R A L L C O N

4% 14% 13%

E XC E L L E N T GOOD AVERAGE POOR VERY POOR 29% 40%

91

TABLE 11 TABLE SHOWING WHETHER THE MARKET TREND & RATES ARE UPDATED IMMEDIATELY IN ICICI DIRECT.COM

S.NO 1 2 3 4 5

CHOICE STRONGLY AGREE AGREE NEUTRAL DISAGREE STRONGLY DISAGREE TOTAL

NO OF RESPONDENTS 24 68 90 73 45 300

PERCENTAGE (%) 8 22.67 30 24.33 15 100

SOURCE: PRIMARY DATA INFERENCE: 22.67% of the respondents agree that the market trend & rates are updated immediately in ICICI Direct.com, 24.33% of the respondents disagree.

92

93

Chart 11

C H A R T S H O W IN G W H E T H E R T H E M A R K E T T R E N D & R A T E S A R E U P D A T E D IM M D IR E C T .C O M

S T R O N G L Y D IS A G R E E

45

D IS A G R E E

73

94
N E U TR A L 90

C H A R T S H O W IN G W H E T H E R T H E M A R K E T T R E N D & R A T E S A R E U P D A T E D IM M D IR E C T .C O M

S T R O N G L Y D IS A G R E E

45

D IS A G R E E

73

N E U TR A L

90

AG REE

68

S TR O N G L Y A G R E E

24

10

20

30

40

50

60

70

80

90

100

95

TABLE 12 TABLE SHOWING HOW MUCH OF MODIFICATION IS REQUIRED FOR ICICI DIRECT.COM

S.NO 1 2 3 4 5

CHOICE GREAT DEAL SOME LITTLE NONE DONT KNOW TOTAL

NO OF RESPONDENTS 54 82 95 21 48 300

PERCENTAGE (%) 18 27.33 31.67 7 16 100

SOURCE: PRIMARY DATA INFERENCE: 31.67%of the respondents feel that little modification is required for ICICI Direct.com, 27% it is some modification needed whereas in few cases it is none

96

Chart 12

97

C H A R T S H O W IN G H O W M U C H O F M O D IF IC A T IO N IS R E Q U IR E D F O R IC IC I D

16%

18%

7%

98

GREAT DEAL SOME L IT T L E

C H A R T S H O W IN G H O W M U C H O F M O D IF IC A T IO N IS R E Q U IR E D F O R IC IC I D

16%

18%

7% GREAT DEAL SOME L IT T L E NONE D O N T K N O W 27%

32%

99

TABLE 13 TABLE SHOWING WHETHER TIPS AND CALL PROVIDED BY RESEARCH TEAM IS EFFECTIVE S.NO 1 2 3 4 5 CHOICE STRONGLY AGREE AGREE NEUTRAL DISAGREE STRONGLY DISAGREE TOTAL NO OF RESPONDENTS 35 82 103 52 28 300 SOURCE: PRIMARY DATA INFERENCE: 34.3% of the respondents neither agree nor disagree that the tips and call provided by research team is effective, 27% agree to the point whereas in few cases it is disagree. PERCENTAGE (%) 11.7 27.3 34.3 17.3 9.4 100

100

Chart 13

101

C H A R T S H O W IN G W H E T H E R T IP S A N D C A L L P R O V ID E D B Y R E S E A R C H T E A

120 103 100 82 80

102

C H A R T S H O W IN G W H E T H E R T IP S A N D C A L L P R O V ID E D B Y R E S E A R C H T E A

120 103 100 82 80

60

52

40

35 28

20

0 S TR O N G LY A G R E E AGREE N E U TR A L D IS A G R E E S T R O N G L Y D IS A G R E E

103

TABLE 14 TABLE SHOWING WHETHER COMMISSION CHARGED BY ICICI DIRECT.COM IS REASONABLE

S.NO 1. 2. 3. 4. 5.

CHOICE STRONGLY AGREE AGREE NEUTRAL DISAGREE STRONGLY DISAGREE TOTAL

NO OF RESPONDENTS 45 93 110 34 18 300

PERCENTAGE (%) 15 31 36.7 11.3 6 100

SOURCE: PRIMARY DATA INFERENCE: 36.7% of the respondents agree that commission charged by ICICI Direct.com is reasonable, in some case the respondents neither agree nor disagree whereas in few cases it is strongly disagree

104

Chart 14

105

C H A R T S H O W IN G W H E T H E R C O M M IS S IO N C H A R G E D B Y IC IC I D IR E C T .C O M I

6% 15% 11%

106
S TR O N G LY A G R E E AGREE

C H A R T S H O W IN G W H E T H E R C O M M IS S IO N C H A R G E D B Y IC IC I D IR E C T .C O M I

6% 15% 11%

S TR O N G LY A G R E E AGREE N E U TR A L D IS A G R E E S T R O N G L Y D IS A G R E E 31%

37%

107

TABLE 15 TABLE SHOWING THE OVERALL RATING OF THE COMPANY

S.NO 1. 2. 3. 4. 5.

RATING EXCELLENT GOOD AVERAGE POOR VERY POOR TOTAL

NO OF RESPONDENTS 56 104 75 36 29 300

PERCENTAGE (%) 18.7 34.7 25 12 9.6 100

SOURCE: PRIMARY DATA INFERENCE: The overall rating of the company is good, in some cases it is average whereas in few cases it is very poor

108

Chart 15

109

C H A R T S H O W IN G T H E O V E R A L L R A T IN G O F T H E C O M P A N Y

10% 19%

12%

E XC E L L E N T

110

GOOD AVERAGE POOR VERY POO R

C H A R T S H O W IN G T H E O V E R A L L R A T IN G O F T H E C O M P A N Y

10% 19%

12%

E XC E L L E N T GOOD AVERAGE POOR VERY POOR

25% 34%

111

TABLE 16 TABLE SHOWING WHETHER THEY WILL RECOMMEND THE SERVICE TO OTHERS

S.NO 1. 2. YES NO

CHOICE

NO OF RESPONDENTS 205 95 300

PERCENTAGE (%) 68.3 31.7 100

TOTAL

SOURCE: PRIMARY DATA INFERENCE: 68.3%of the respondents will recommend the service to others whereas in few cases it is they will not recommend it to others

112

Chart 16

113

C H A R T S H O W IN G W H E T H E R T H E Y W IL L R E C O M M E N D T H E S E R V IC E T O O T H E R

32%

YES

114

NO

C H A R T S H O W IN G W H E T H E R T H E Y W IL L R E C O M M E N D T H E S E R V IC E T O O T H E R

32%

YES NO

68%

115

TABLE 17 CLASSIFICATION BASED ON AGE GROUP

S.NO 1. 2. 3. 4.

AGE GROUP < 30 31 40 41 50 > 50 TOTAL

NO OF RESPONDENTS 70 102 93 35 300

PERCENTAGE (%) 23.3 34 31 11.7 100

SOURCE: PRIMARY DATA INFERENCE: 34% of the respondents are in the age group of 31 40, 31% it is 41 50 whereas in few cases it is > 50

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Chart 17

117

C L A S S IF IC A T IO N B A S E D O N A G E G R O U P 120

102 100 93

118
80

C L A S S IF IC A T IO N B A S E D O N A G E G R O U P 120

102 100 93

80 70

60

40

35

20

0 < 30 31 40 41 50 > 50

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TABLE 18 CLASSIFICATION BASED ON OCCUPATION

S.NO 1. 2. 3. 4.

OCCUPATION BUSINESS SERVICES STUDENT HOUSE WIFE TOTAL

NO OF RESPONDENTS 121 64 50 65 300

PERCENTAGE (%) 40.3 21.3 16.7 21.7 100

SOURCE: PRIMARY DATA INFERENCE: 40%of the respondents occupation is business, in some cases it is house wife whereas in few cases it is services

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Chart 18

121

C L A S S IF IC A T IO N B A S E D O N O C C U P A T IO N 140

121 120

100

122
80

C L A S S IF IC A T IO N B A S E D O N O C C U P A T IO N 140

121 120

100

80 64 60 50 65

40

20

0 B U S IN E S S S E R V IC E S S TU D E N T H O U S E W IF E

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TABLE 19 CLASSIFICATION BASED ON ANNUAL INCOME

S.NO 1. 2. 3. 4.

INCOME <1,00,000 1,00,000 3,00,000 3,00,000 5,00,000 > 5,00,000 TOTAL

NO OF RESPONDENTS 59 105 91 45 300

PERCENTAGE (%) 19.7 35 30.3 15 100

SOURCE: PRIMARY DATA INFERENCE: 35% of the respondents annual income is mostly between 1,00,000 3,00,000, 30% it is 3,00,000 5,00,000 whereas in few cases it is > 5,00,000

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Chart 19

125

C L A S S IF IC A T IO N B A S E D O N A N N U A L IN C O M E 120 105 100 91

80

126

C L A S S IF IC A T IO N B A S E D O N A N N U A L IN C O M E 120 105 100 91

80

60

59

45 40

20

0 < 1 ,0 0 ,0 0 0 1 ,0 0 ,0 0 0 3 ,0 0 ,0 0 0 3 ,0 0 ,0 0 0 5 ,0 0 ,0 0 0 > 5 ,0 0 ,0 0 0

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5. FINDINGS OF THE STUDY

Most of the respondents are aware of the companies that offer similar services other than ICICI Direct whereas few of them are not aware of them Most of the respondents are aware of the services provided for Online clients by ICICI Direct.com whereas few of them are not aware of the following services provided for Online clients by ICICI Direct.com 41% of the respondents contact customers service through Telephone, in some cases it is In person whereas in few cases it is E mail The reason for contacting customer service is mostly for unable to buy or sell, in some cases it is did not receive tips call whereas in few cases it is problem with the website The time taken to wait before speaking to a customer care representative is mostly 3 5 minutes, in some cases it is 5 10 minutes whereas in few cases it is more than 10 minutes The time taken to get the problem resolved is mostly between 2 3 days, in some cases it is less than a day whereas in few cases it is more than a week The no of times the respondents contact customer service before the problem was corrected mostly once, in some cases it is two whereas in few cases it is ore than four

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 The rating of satisfaction level of service regarding the following item is mostly satisfied with all the items, in some cases it is neutral whereas in few cases it is dissatisfied

36.67%t of the respondents feel ICICI direct to be good compared to other

available service providers, in some cases it is very good whereas in few cases it is very poor 40% of the respondents feel that the overall website content / look is good, in some cases it is average whereas in few cases it is very poor

22.67% of the respondents agree that the market trend & rates are
updated immediately in ICICI Direct.com, in some cases the respondents are like agree nor disagree whereas in few cases it is disagree

31% of the respondents feel that little modification is required for ICICI
Direct.com, in some cases it is some modification needed whereas in few cases it is none

34.3% of the respondents neither agree nor disagree that the tips and call
provided by research team is effective, in some cases it is agree to the point whereas in few cases it is strongly agree 36.3% of the respondents agree that commission charged by ICICI Direct.com is reasonable, in some case the respondents neither agree nor disagree whereas in few cases it is strongly disagree The overall rating of the company is good, in some cases it is average whereas in few cases it is very poor

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 68.3% of the respondents will recommend the service to others whereas

in few cases it is they will not recommend it to others 34% of the respondents are in the age group of 31 40, 31% it is 41 50 whereas in few cases it is > 50

40% of the respondents occupation is business, in some cases it is house

wife whereas in few cases it is services

35% of the respondents annual income is mostly between 1,00,000

3,00,000, 30% it is 3,00,000 5,00,000 whereas in few cases it is > 5,00,000

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SUGGESTIONS & RECOMMENDATION.

With regard to the findings

A software should be developed so that it can be user friendly and the rates updated immediately.

The purchase experience and the usage experience have been ranked seventh. The company should take necessary action to make customer comfortable.

The customer care lines should be expanded so that the waiting time of the customer can be minimized and the problem of the customer should be taken care immediately because it depends on the overall satisfaction.

The customer care executive should make sure that the customers never call again and again for the same problem the solution must be given immediately.

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 The company should make sure weather the demo is given immediately and the executive must have good knowledge about the product so that he can explain it to customer clearly. The company should consider the commission charged because majority of the clients are not satisfied with the commission charged by the company.

Most of the clients are satisfied with the effectiveness of the research team even though it has to be improved because it depends on the overall satisfaction of the service.

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CONCLUSION

The aim of this project has been to provide customer satisfaction on Online trading of ICICI direct.com in the service market with various alternatives to promote their product in the coming season with utmost effectiveness. The objectives set for the project have been achieved successfully with the use of the devised methodology. Inferences have been drawn from the acquired data collected through the use of questionnaires. Interpretations of the data along with the use of statistical tools have been made to give recommendations to the company to promote their product

India is one of the top producers of a large number of commodities, and also has a long history of trading in commodities and related derivatives. The commodities derivatives market has seen ups and downs, but seem to have finally arrived now.

There is a great need and vast scope of commodity derivative market in India provided the mistakes of the past are not repeated and the Government promptly addresses the serious problems facing the market.

The stock market is a wonderful place to play with your money. A good investment can change your finances so drastically; you will have a hard time

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recognizing it yourself. At the same time, a small mistake can actually cost you more than you are willing to risk.

The problem is if you do not know which stocks to look for and how to approach these while limiting your risk, you would not be able to get considerable profits.

The best way of going about this is to watch out for stock market reports. The stock market report contains technical and fundamental analysis used by brokers and professional investors. They use this to interpret the direction and valuation of equity markets or stocks.

The report provides a synopsis of the stock market from different points-of-view. They contain charts and texts of daily data of the performance of stocks in the market allowing traders to evaluate their stock portfolio.

They provide long-term views on certain stocks, predictions on how stocks will perform over the course of a day, weeks or even a year. They also provide reports on certain factors that will affect the performance of these stocks. Stock market reports are provided by a lot of sources. Brokers provide their clients special reports of certain stocks currently in the market. This allows their clients to make decisions with regards to then buying and selling of stocks.

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6. BIBLIOGRAPHY
BOOKS: Philip Kotler Marketing Management, Pearson Education Asia, Eleventh Edition 2004

Dr. S. Shajahan Research Methods for Management, Jaico Publishing House, II Edition 2004.

C.R. Kothari Research Methodology Methods & Techniques, Wishwa Prakashan, II Edition 1994.

S.P. Gupta & M.P. Gupta Business Statistics, Sultan Chand & Sons, 13th Edition 2004.

Websites: www.ICICI direct.com www.bseindia.com www.nseindia.com www.sebi.com ` www.google.com www.onlinesurvey.com www.questionpro.com www.customersatisfication.com

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A STUDY ON CUSTOMER SATISFACTION IN ONLINE TRADING PROVIDED BY ICICI DIRECT.COM

Dear customer: This questionnaire is being administrated as a part of fulfillment of M.B.A degree. I would be grateful if you could spend some time to fill the details. The information provided by you are only for the purpose of improving customer satisfaction and in no way information given by you will be shared for any other purpose other than the above. 1. Are you aware of the following companies that offer similar services other than ICICI DIRECT? Not Aware

Company Name Kotak

Share Khan India Bulls Geojit 5 Paise Karvy

Aware

2. Are you aware of the following services provided for online clients by ICICI direct.com?

Services SMS Alert

Marketing Morning Daily Morning Brief Sector Report Weekly Technical Analysis Monthly Research Reports 3. How did you contact customer service? E-mail Fax Telephone

Aware

Not Aware

Web-chat

In person

4. What was your reason for contacting customer service? Not satisfied with product Did not receive tips call Unable to buy or sell Problem with the website Need more product information 5. How long do you have to wait before speaking to a customer care representative? I was taken care of immediately Within 3 minutes 3-5 minutes 136

5-10 minutes

More than 10 minutes.

6. How long did it take to get your problem resolved? Immediate resolution Between 3-5 days Less than a day More than a week Between 2-3 days

7. How many times did you have to contact customer service before the problem was corrected? Once Two Three Four More than four

8. How satisfied are you with service regarding the following item? Highly Satisfied Overall Quality Value Purchase Experience Demo Usage Experience After Purchase service 9. Compare to other service providers that are available would you say the service is very good poor good very poor average Satisfied Neutral Dissatisfied Highly Dissatisfied

10. Please grade our website on the overall content and look Excellent Good Average Poor Very poor

11. The market trend & rates update immediately in ICICI direct.com Strongly disagree Disagree Neutral Agree Strongly agree 12. How much modification is required for ICICI direct.com? Great deal Some Little None 13. The tips and call provided by research team is effective Strongly disagree Disagree Neutral Agree Dont know Strongly agree

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14. The commission charged by ICICI direct.com is reasonable Strongly disagree Disagree Neutral Agree Strongly agree

15. Overall how would you rate the company? Excellent Very poor Good Average Poor

16. Would you recommend the service to others? Yes no 17. Any Suggestion / Recommendation for improving our service (optional).

Personal profile: 1. Name (Optional) 2. Age: ______________________________________ 41 50

below 30 31 40 Above 50

3. Contact number 4. Occupation

______________________________________ Business Services student Housewife others (specify)___________________ above 1 l k 1 l k 3 l k 3 l k -5 l k Below 5 l k

5. Income level (in rupees) Date: Place:

Signature THANK YOU

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