1. “A STUDY ON CUSTOMER SATISFACTION TOWARDS
VARIOUS PRODUCTS AND SERVICES OF UAE EXCHANGE IN
ERNAKULAM CITY”
SUMMER PROJECT
Submitted to
RAJAGIRI BUSINESS SCHOOL
In Partial Fulfilment of the Requirements for the Award of
POST GRADUATE DIPLOMA IN MANAGEMENT
(2011-2013)
By
Achu James
P11104
RAJAGIRI BUSINESS SCHOOL
RAJAGIRI VALLEY
KOCHI-682 039

2. DECLARATION
I hereby declare that the report titled “A STUDY ON CUSTOMER SATISFACTION
TOWARDS VARIOUS PRODUCTS AND SERVICES OF UAE EXCHANGE” is a bonafide
record of the study done by me, as a part of my PGDM programme at Rajagiri Business
School.
This study has been undertaken in partial fulfilment of the requirement for the award of
Post Graduate Diploma in Management (PGDM) by Rajagiri Business School.
I also declare that this report has not been previously formed for the award of any
degree, diploma or other similar title of recognition of any other university/ institutions.
Date: 14-06-2012 Signature:
Place: Cochin Name: Achu James

3. (i)
ACKNOWLEDGEMENT
This report has been enriched by the inputs of various people. I take this opportunity to
thank each and every one of them.
Above all I thank the God Almighty for his immense grace and blessings at each and
every stage of the project.
I would like to thank Dr. Joseph. I. Injodey, Hon.Dean, of Rajagiri Business School to
provide the necessary support to complete the project report, and encourage us to further
carry out research in coming future.
I am greatly indebted to my faculty guide, Prof. Abraham Babu, Rajagiri Centre for
Business Studies for his kind guidance, cooperation and helpful suggestions in every
stage of this project.
I extend my sincere thanks to Mr. Johnee Praveen Head- Human Resource and my
project guide Mr. Benny Joseph, Division Head HR, for giving me valuable guidance.
I owe my sincere thanks to UAE EXCHANGE Ernakulam MG Road branch and its
employees for helping me during my visits and took special efforts to see that I could
learn as much as possible during the Internship.
I would also like to thank my parents, friends & relatives for supporting me in
completing this project.

4. CONTENTS
CHAPTER 1 INTRODUCTION........................................................................1
1.1 Introduction................................................................................2
1.2 Rationale of the study.................................................................4
1.3 Scope of the study.......................................................................4
CHAPTER 2 INDUSTRY AND COMPANY PROFILE................................5
2.1 Indian Non Banking Finance Companies...................................6
2.2 Types of NBFCs.........................................................................8
2.3 UAE Exchange Group................................................................9
2.4 History........................................................................................9
2.5 Company port folio...................................................................11
2.6 Indian operations.......................................................................11
2.7 Advantages................................................................................13
2.8 Major business activities...........................................................13
2.8.1 Money Transfer................................................................13
2.8.2 Money Exchange..............................................................16
2.8.3 Travel and Ticketing........................................................18
2.8.4 Xpress Loan.....................................................................19
2.9 Organization Structure...............................................................23
2.10 Various Departments in UAE Exchange.................................24
2.11 Branch Structure......................................................................26

5. CHAPTER 3 RESEARCH METHODOLOGY..............................................28
3.1 Title of the study........................................................................29
3.2 Objectives..................................................................................29
3.3 Research Design........................................................................30
3.4 Sampling Design.......................................................................30
3.5 Data collection Tools................................................................30
3.6 Data analysis Tools...................................................................30
3.7 Limitation of the study..............................................................30
CHAPTER 4 DATA ANALYSIS AND INTERPRETATION.................31-47
CHAPTER 5 FINDINGS, SUGGESTIONS AND CONCLUSION...............48
5.1 Findings.....................................................................................49
5.2 Suggestions................................................................................50
5.3 Conclusion.................................................................................50
BIBLIOGRAPHY........................................................................52
ANNEXURES.........................................................................53-55
(iv)

6. LIST OF TABLES
TABLE NO: TABLE NAME PAGE NO:
4.1 Age Profile 31
4.2 Gender Classification 32
4.3 Product Port folio 33
4.4 Frequency of Transaction 34
4.5 Preference level of customers 35
4.6 Transaction time 36
4.7 Acceptable waiting time 37
4.8 Courteousness of branch staff 38
4.9 Affordable service provider 39
4.10 Speedy responses to the complaints 40
4.11 Customer satisfaction on Foreign Exchange 41
4.12 Customer satisfaction on Money Transfer 42
4.13 Customer satisfaction on Travel and Tours 43
4.14 Customer Experience 44
4.15 Customer preferred Brands 45
4.16 Level of Satisfaction with UAE Exchange 46

7. LIST OF FIGURES
GRAPH NO: TABLE NAME PAGE NO:
2.1 Organization Structure 22
2.2 Branch Structure 25
4.1 Age Profile 31
4.2 Gender Classification 32
4.3 Product Port folio 33
4.4 Frequency of Transaction 34
4.5 Preference level of customers 35
4.6 Transaction time 36
4.7 Acceptable waiting time 37
4.8 Courteousness of branch staff 38
4.9 Affordable service provider 39
4.10 Speedy responses to the complaints 40
4.11 Customer satisfaction on Foreign Exchange 41
4.12 Customer satisfaction on Money Transfer 42
4.13 Customer satisfaction on Travel and Tours 43
4.14 Customer Experience 44
4.15 Customer preferred Brands 45
4.16 Level of Satisfaction with UAE Exchange 46

8. EXECUTIVE SUMMARY

9. Non banking finance companies form an integral part of the Indian financial system.
NBFC in India are registered companies conducting business activities similar to banks.
But the main difference between these two are, NBFC cannot accept demand deposit
and they cannot issue cheque to customers. A non banking financial company is a
company registered under the Companies Act, 1956 and is engaged in the business of
banks and advances, acquisition of shares, bonds, debentures, securities issued by
government or local authority or other securities of like marketable nature, leasing, hire
purchase, insurance business, chit business, foreign exchange transactions. The UAE
Exchange Group is one of the largest and most trusted financial institutions in the world
offering money transfer and money exchange services all over the world. The product
line of UAE Exchange includes money transfer, foreign exchange, travel and tours,
general insurance, stock trade, loans against gold and shares etc. The UAE Exchange
group commenced its Indian operation in 1999 with 5 branches in the state of Kerala as
UAE Exchange & Financial Services Ltd. It was incorporated as a Public Limited
company in 1995 under the Indian Companies Act 1956. It is also registered with the
Reserve Bank of India as a public limited non banking finance company (NBFC).
The title of the project is “A study on customer satisfaction towards various product and
services of UAE Exchange”. As the title suggests, the project involved studying the
factors that influenced the customers while availing the product and services of the
organization. The objective is to find out the frequency of transactions, preference, time
taken to conclude the transaction, helpfulness of the branch staff etc. Through this the
satisfaction level of services can be identified. The scope of the study was restricted to
the customers of UAE Exchange in the Ernakulam city. The research design used in the
study is descriptive in nature. The population of the study are the customers of UAE
Exchange MG Road Ernakulam branch. The convenience sampling method is used for
collecting the data. Primary data was obtained through structured questionnaires with
the customers of the organization. The study was mainly aimed at identifying the close
competitor of the UAE Exchange and compares both with the satisfaction level of the
customers.

10. From the analysis done it is revealed that 3/4th the product and services of the
organization were used by male. The lion share of the customers is belonging to the age
group of 21-30. The most moving product of UAE Exchange is foreign exchange and
money transfer facilities. One important thing is that there were no customers for the
product general insurance and gold loan. From the study it is understood that the main
reason why the customers chose UAE Exchange for their transaction is because of
reliability. Most of the customers took 5-10 minutes to conclude their transactions. The
customers confirm that the behaviour and helpfulness of branch employees are very
good. More than 60% of the customer agrees that the charges made for the services are
reasonable.. In the case of UAE Exchange 58% of the customers did not have any
complaints regard to the services and products. From the analysis of the product part, it
is revealed that majority customers of foreign exchange are satisfied with the product.
The customers of money transfer also satisfied with the organization and its product.
When compared with the product of competitors the customers are satisfied with the
offerings and operations of UAE Exchange. These are the major findings from the
project study.
The general public treated UAE Exchange as a company which deals in only money
transfer and money exchange business. So it is very important that the company should
promote other product in a great extent. Advertisement campaign about the business
like travel and tours, general insurance and loan should be taken care of. As a result the
company can attract more customers for its product. When the services of competitors
were taken into consideration, the customers who used both the product are satisfied
with UAE Exchange. So, in this case the organization should take measures to gain
more advantage over the competitors by adding more agencies to the business.
(ix)

11. CHAPTER 1
INTRODUCTION
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12. 1.1 INTRODUCTION
In recent years, the non banking industry around the country has been undergoing a
rapid transformation. Non banking company is regarded as a consumer-oriented
services industry and the companies have started realizing that their business
increasingly depends on the quality of the consumer service provided and overall
satisfaction of the customer.. In addition, the deepening of information technology has
facilitated better tracking and fulfilment of commitments, multiple delivery channels for
customers, and faster resolution of issues. Today, customers expect higher quality
services from companies which, if fulfilled, could result in significantly improved
customer satisfaction, and potentially retention levels. The non banking industry, as is
the case with other financial services industries, is facing a rapidly changing market,
new technologies, economic uncertainties, competition, and more demanding
customers; and the changing environment has presented an unprecedented set of
challenges .Unlike in the past, the companies in the non banking sector, today are
market driven and market responsive. The top concern in the mind of every
organizations head is increasing or at least maintaining the market share in every line of
business against the competition. With the entry of new players and multiple channels,
customers have become less loyal to the companies or organizations in this field. Bank
is also treated as a major competitor of non banking finance industry. This makes it very
important that the companies in this sector provide best possible products and services
to ensure customer satisfaction.
Customer satisfaction is an evaluation by the customer, after buying goods and
services. The most important view of customer satisfaction in the academic world is that
customer satisfaction is assumed out of the comparison of pre purchase expectations
with post-purchase evaluation of the product or service. Achieving customer focus
requires leveraging existing customer information to gain deeper insight into the
relationship a customer has with the institution, and improving customer service-related
processes so that the services are quick, error free and convenient for the customers.
Furthermore, a basic percept of marketing is that customer satisfaction with a product
will possibly lead to repeat purchases and favourable word-of-mouth advertising. In
fact, customer satisfaction is widely recognised as a key pressure in the formation of
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13. consumers‟ future purchase. In today‟s highly competitive, increasingly consolidated
world, offering personalized and differentiating services can be critical to organization
success.
The foreign exchange trading in India is growing at a really good pace however it is said
that the forex market is still in the early phase in India. Nevertheless there are already
several big players in the Indian forex market. Companies like UAE Exchange, Thomas
Cook, Western union, and Lulu Exchange etc were in this industry. In this context it is
important that the company should provide its best to the customers to retain its position
in the market and make a good market share. In this scenario the customer satisfaction
regard with the product and services got importance. If the customer is not satisfied with
what the company offered, they will look into an alternative and move to the close
substitute of the same product.
This project considers different aspects that used to identify the customer satisfaction
level of the users those who avail the product and services of UAE Exchange. From that
we can get an idea about what all are the products and services offered by the
organization and the satisfaction level of the customers using that product. Another
important thing is to identify the percentage or number of customers who is doing
business with other organization. From that we can ascertained that whether the
customer is satisfied with the services offered by that organization. A comparison
between product and services of UAE Exchange and other competing organization will
help to identify the customer preferences. With the help of that result the organization
can frame or change their policies according to the needs.
Customers have different levels of satisfaction as they have different attitudes and
experiences as perceived from the company. Customer‟s satisfaction is affected by the
importance placed by the customers on each of the attitudes of the product and service
in question. Customer satisfaction measurement allows an organization to understand
the key drivers that create satisfaction or dissatisfaction; and what is really driving their
satisfaction during a service experience. It is a well-researched fact that investments in
customer satisfaction, customer relationships and service quality leads to profitability
and market share. Put differently, customer satisfaction leads to customer loyalty and
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14. this also leads to profitability. If customers are satisfied with a particular high quality
service offering after its use, then they can be expected to engage in repeat purchase and
even try line extensions and thus market share can be improved.
1.2 RATIONALE OF THE STUDY
It is very important that all the companies must retain a loyal base of customers. In
order to achieve this and better their market and profit positions, many organizations are
increasingly retains a loyal base of customers. In order to achieve this and better their
market and profit positions, the company should rearrange and targeting their strategies
and policies towards improving the overall satisfaction levels of their customers and
building upon their loyalty through improved service quality. The main concern of the
study is to provide information that would help the management to evaluate and re-
design its current marketing strategies in order to improve the overall customer
satisfaction levels, which, in turn, can help them, retain their existing customers and
also attract new ones in today‟s competitive environment
1.3 SCOPE OF THE STUDY
The study is specific only to the customers of UAE Exchange in Ernakulam city. This
project study revolves around the customer satisfaction of product and services and the
factors related with that.
.
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15. CHAPTER 2
INDUSTRY AND COMPANY PROFILE
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16. INDUSTRY PROFILE:
2.1 INDIAN NON BANKING FINANCE COMPANIES
Non-banking financial companies (NBFCs) form an integral part of the Indian financial
system. The history of the NBFC Industry in India is a story of under-regulation
followed by over-regulation. Policy makers have swung from one extreme position to
another in their attempt to set controls and then restrain them so that they do not reduce
the growth of the industry. Non Banking Financial Companies or NBFC in India are
registered companies conducting business activities similar to regular banks. Their
banking operations include making loans and advances available to consumers and
businesses, acquisition of marketable securities, leasing of hard assets like automobiles,
hire-purchase and insurance business.
Though they are similar to banks, they differ in a couple of ways. NBFC‟s cannot
accept demand deposits (deposits that can be withdrawn at immediate notice), they
cannot issue cheque to customers and the deposits with them are not insured by the
DICGC (the India equivalent of FDIC in the US system). Either the RBI (Reserve Bank
of India) or the SEBI (Securities and Exchange Board of India) or both regulate
NBFC‟s.
A bank is a financial organization that accepts the deposits from the public for the
purpose of lending the same to the public in the form of loan. Non Banking Financial
Companies are financial institutions that provide banking services without meeting the
legal definition of a bank. That is the non banking finance company and the banks are
not the same. In another words it does not hold a banking license. These institutions are
not allowed to take deposits from the public. Nonetheless, all operations of these
institutions are still exercised under bank regulation. Though the NBFC‟s have been
around for a long time, they have recently gained popularity amongst institutional
investors, since they facilitate access to credit for semi-rural and rural India where the
reach of traditional banks has traditionally been poor. NBFC‟s have also had a major
impact in developing small business in rural India through local presence and strong
customer relationships. Usually the loan officers in such NBFC‟s know the end
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17. customer or have a strong “informal” understanding of the credibility of the borrower
and are able to structure their loans appropriately.
With the next wave of growth in India expected to come from the semi-rural and rural
sectors, the unique access of NBFC‟s to these sector puts them in a great position to
benefit from this growth. As evidence of their attractiveness, Goldman Sachs bought a
20% stake in Sriram Credit for 75 mUSD in Q1 2008. Credit Suisse is planning to take
a majority stake in Bokdia Marketing and Finance (as reported in May 2008). Foreign
Institutional Investors (“FII”) are also setting up their own NBFC‟s in India to offer
corporate banking and private banking operations. As an example, Societe Generale got
approval for its NBFC launch in the country in October 2007. The French financial
services group plans to strengthen its brand in India though NBFC‟s.
A non banking financial company is a company registered under the Companies Act,
1956 and is engaged in the business of banks and advances, acquisition of shares,
bonds, debentures , securities issued by government or local authority or other
securities of like marketable nature, leasing, hire purchase, insurance business, chit
business, foreign exchange transactions. But this does not include any institution whose
principal business is that of agriculture activity, industrial activity, sale/purchase
/construction of immovable property. A non banking institution which is a company
and which has its principal business of receiving deposits under any scheme or
arrangement or any other manner, or lending in any manner is also a non banking
financial company.
NBFCs are doing functions to that of banks; however there are a few differences:
I. A NBFC cannot accept demand deposits from the public. Demand deposits
are funds deposited at a depository institution that are payable on demand
made by the depositor. That is immediately or within a short period like
current or savings accounts that maintained in the banks.
II. It is not a part of the payment and settlement system and as such cannot issue
cheques to its customers.
III. Deposit facility of DICGC (deposit insurance and credit Guarantee
Corporation) is not available for NBFC depositors unlike in case of banks.
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18. 2.2 TYPES OF NBFCs
With effect from December 6, 2006 NBFCs registered with RBI have been classified as:
I. Asset Finance Company
II. Investment Company
III. Loan company
AFC would be defined as any company which is a financial institution carrying as its
principal business the financing of physical assets supporting productive/ economic
activity, such as automobiles, tractors, lathe machines, generator sets, earth moving and
material handling equipments, moving on own power and general purpose industrial
machines.
Investment Company is any financial intermediary whose principal business is that of
buying and selling of securities.
Loan Company means any financial institution whose principal business is that of
providing finance, whether by making loans or advances or otherwise for any activity
other than its own (excluding any equipment leasing or hire-purchase finance activity).
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19. COMPANY PROFILE:
2.3 UAE EXCHANGE GROUP
The UAE Exchange Group is one of the largest and most trusted financial institutions in
the world offering money transfer and money exchange services in the United Arab
Emirates. Headquartered in Abu Dhabi, the Group commenced business in UAE in
1980. The Group was founded by the great visionaries His Excellency Abdulla Humaid
Al Mazroei and Dr. B R Shetty. It has, expanded its operations all over the UAE with
associates in neighbouring Middle Eastern countries, India, USA, UK, Australia and
Sudan besides liaison offices in India, Bangladesh, Sri Lanka and Pakistan.
2.4 HISTORY
New Medical Centre (NMC) Group:
It is one of the fastest growing and most prestigious business conglomerates in the UAE
and was established in Abu Dhabi in 1975 by two visionaries, His Excellency Abdulla
Humaid Al Mazroei, (former Minister of Justice and Law in the UAE Cabinet) and the
business magnate Dr. B R Shetty. The Group has a global network of companies
engaged in various business interests across the Middle East, India, Sri Lanka,
Bangladesh, Australia, USA, UK – ranging from Healthcare, Pharmaceuticals
(Manufacturing & Trading), Medical & Scientific equipment to Foodstuff, Catering &
Hospitality, Information Technology, Gold & Diamond jewellery, Engineering services,
Financial Services and Advertising & Public Relation.
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20. UAE Exchange centre LLC:
UAE Exchange Centre LLC, Abu Dhabi is an ISO certified, Limited Liability Company
established under the UAE Commercial Companies Law in Dubai with its corporate
office at Abu Dhabi, UAE from where the central administration of the company is
carried out. Presently, the company has liaison offices in India at Kochi, New Delhi,
Chennai, Mumbai, Hyderabad and Jallandhar for coordinating with the company‟s
correspondent banks in India and for speedy transfer of remittances.UAE Exchange
Centre LLC has a strong tie-up with over 90 correspondent banks around the globe. The
company commenced its liaison office in India on January 01, 1997 at Kochi as per the
specific approval received from the Reserve Bank of India on September 24, 1996. All
the activities of the Indian liaison offices are controlled and managed from the Kochi
office. The entire operational expenses of all liaison offices in India are met exclusively
from the funds received from the head office at Abu Dhabi through normal banking
channels.
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.
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21. 2.5 COMPANY PORT FOLIO
The Company's portfolio of services include Draft cheques, Swift transfers, Ex- press
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 Travellers Cheques in
retail and wholesale.
UAE Exchange celebrates 32 progressively successful years of commitment to quality
products and an unblemished image, which has empowered it to become an
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 society's high expectations and standards.
2.6 INDIAN OPERATIONS
The UAE Exchange group commenced its Indian operation in 1999 with 5 branches in
the state of Kerala as UAE Exchange & Financial Services Ltd. It was incorporated as a
Public Limited company in 1995 under the Indian Companies Act 1956. It is also
registered with the Reserve Bank of India as a public limited non banking finance
company (NBFC). The company has its registered office at Manipal Centre, Dickenson
Road, Bangalore- 560 042, Karnataka, and the Administrative office at Airlines
Buildings , M G Road, Kochi- 682 011, Kerala.
The company is one of the fastest growing financial institutions in India offering Money
Transfer, Foreign Exchange, Travel and Ticketing, Tours, Gold loan and Financial
Advisory services in a highly automated environment. Presently the company has over
300 fully automated and operational branches, 3000 employees and over 2500 sub agent
locations spread across India.
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22. The company commenced inward remittance and money changing business in
September 1999 as per specific licences received from the apex bank of the country, the
Reserve Bank of India, for the same. The company also has a full-fledged IT division
for developing comprehensive, user friendly software solutions for India as well as
international market. The milestones in the history of this organization are:
Incorporated in India in 1995 as a public limited company, Dr. B R Shetty and H.H.
Abdulla Humaid Al Mazroei laid the first building blocks of the UAE Exchange Group.
1999 UAE Exchange became fully operational with its branch at MG Road, Bangalore
and the first Xpress Money payment given out on 1 September 1999 at P T Usha branch
Kochi.
2000 UAE Exchange started Money Exchange, later renamed as Foreign Exchange, as
per specific licenses received from the apex bank of the country, The Reserve Bank of
India.
2001 UAE Exchange added one more service – Travel and Ticketing services. The
company is an IATA accredited passenger sales agent and also an active member of
TAAI. UAE Exchange has 7 IATA locations in India. The company also opened the
50th branch in Surat, Gujarat.
2002 a separate wing for Agency Business was formed. UAE Exchange also included
another service, Insurance, in 2003 partnering with LIC and United India Assurance
company.
2004 the company opened the 100th branch in Mattannur –Kerala. In 2005 UAE
Exchange also started Tours along with Travel services.
2006 UAE Exchange opened its 200th branch at Mangalore.
2006 was a landmark year in the history of Indian operations of UAE Exchange. The
RBI elevated the company to Authorized Dealer II category, thus becoming the first
FFMC (full fledged money changers) in Indian history to get the status.
2008 UAE Exchange entered into the realm of another service Gold Loan and provides
EMI repayment option for customers.
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23. 2009 the company received the license under payment and settlement acts from RBI to
operate a debit mode of payment system and thus introduced XPAY, an indigenously
developed mobile based payment system.
2.7 ADVANTAGES
 Fully automated operations
 Multilingual and courteous staff
 Innovative services and quality products
 Competitive rates and charges
 Promptness, safety and confidentiality of transactions
 Spacious, comfortable and strategically-located branches
 Personalised customer care
 Full-functioning customer-service department
 Prompt and Secure Wire Transfer facility via SWIFT
 World-wide Correspondent network consisting of over 95 major banks
2.8 MAJOR BUSINESS ACTIVITIES:
The following are the major business activities of this organization.
2.8.1 MONEY TRANSFER
UAE Exchange & Financial Services Ltd is the Paying Agent for „Xpress Money‟ in
association with UAE Exchange Centre LLC, Abu Dhabi and for „MoneyGram‟
services in association with MoneyGram Payment Systems Inc., USA. Money Transfer
service is provided at the company‟s countrywide branches and sub-agent locations,
including several esteemed banks and financial institutions, in accordance with the
specific permission accorded to us by the Reserve Bank of India for Money Transfer
Service Scheme. The essentials of money transfer service are:
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24. I. Identification of the Customer
a. Before effecting a transaction, the staff should confirm the identity of the
customer with the help of any valid photo identity card /document that helps in
such identification.
b. The customer should produce the above documents in original and staffs has to
ensure its genuineness.
c. Inspection of all documents should be carefully done. The photo, name,
signature, expiry date, etc. given in all the documents and papers should be
carefully checked.
d. Every time the staff should ask for the original identity of the customer and
counter check the same with the information available in the customer database.
e. The customer, the concerned staff and the cashier are required to sign (Full
Signature) the application to execute any transaction. "No Signature No
Transaction" shall be the thumb rule.
II. Registering the Customer
a. UAE Exchange and Financial Services Ltd insist on a valid identification from
its customers to avail Money Transfer payments.
b. Regular customers are registered and identified with a Customer Reference
Card having a Unique Number.
c. All transactions with the registered customers will be linked to the "Unique
Customer Number". The History of the transactions done by any customer can
be accessed at any point of time for scrutiny.
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25. III. Transaction Form Filling
a. Individual customer shall fill in the prescribed form (Receive Now Form for
Xpress Money and Receive Form for Money Gram). For one-time customers,
copy of a valid ID is compulsorily taken to avail the service. For regular
customers, Customer Reference Card is compulsory.
b. Modifications or Additions in the Receive Now form shall be done at the
respective branches by a specially designated person following prudent
procedures.
c. The formats shall be signed (Full Signature) by the customer in the presence of
the designated officer of UAE Exchange and Financial Services Ltd.
IV. Large Value Transactions
a. Customer, whether registered or not, have to declare details such as Purpose of
Remittance and give the details of the Sender.
b. Maximum amount allowed under a single transfer is USD 2500/-.
c. The maximum number of transactions an individual can receive in a calendar
year is now fixed at twelve per principal.
d. The purpose of remittance has to be for domestic use / family maintenance.
Remittances for other purposes like trade or commercial, charitable trust,
donation etc. are not allowed.
e. The branches shall ensure to take a declaration from the beneficiaries
confirming the above purpose and number of transaction.
f. The maximum amount a beneficiary can collect in cash in a day is Rs. 50,000/-.
More than one transaction shall not be paid to a single beneficiary in cash in a
day. Any payment above Rs. 50,000/- shall be affected by A/C payee cheque for
the whole amount.
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26. 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 offering, 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 identified by the FATF as being non-co-operative combating money
laundering & terrorist financing.
 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 2500 worldwide.
As one of the most popular instant money transfer services of the world, Xpress Money
offers true value for your money with nominal charges, reliability ensured with state-of-
the-art technologies, simplified transaction procedures, and instant payout to the
beneficiary. It offers 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 offers credit card dues settlement facility to the credit card holders of major
local and international banks in the UAE, without any service charges
2.8.2 MONEY EXCHANGE
UAE Exchange & Financial Services Ltd is approved by the Reserve Bank of India as a
Authorized Dealer to conduct Money Changing operations. Today, the company is one
of the largest Money Changers in the country in terms of both volume and network.
The company is engaged in the following money changing activities:
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27. 1. BUYING & SELLING OF FOREIGN CURRENCY BANK NOTES – The
company‟s countrywide branches purchase and sell major Foreign Currency
Bank Notes to the Public, Authorized Dealers and other Authorized Money
Changers.
2. ISSUANCE & ENCASHMENT of MAJOR TRAVELLERS CHEQUES - The
Company‟s countrywide branches en-cash Travellers Cheque in all major
foreign currencies. The company is the authorized agent of American Express
for the issue of American Express Travellers Cheque.
3. INTERNATIONAL DEBIT CARDS/ WORLD CURRENCY CARD – The
Company has tied up with IDBI BANK and AXIS BANK to promote the
International Debit Card/WCC card through the company‟s branches.
4. SAUDI RIYAL „SAR‟ DRAFTS – The branches of the company issue „SAR‟
drafts for Hajj pilgrims in association with UAE Exchange Centre LLC, Abu
Dhabi, with specific approval from the Reserve Bank of India.
5. SENDING MONEY ABROAD(SWIFT/FCDD) – UAE Exchange has tied up
with ING Vysya bank, HDFC bank and Thomas Cook to handle transfer of
money abroad.
6. EXPORT OF FOREIGN CURRENCY BANK NOTES & TRAVELLERS
CHEQUES – The Company‟s wholesale division exports the surplus Foreign
Currency Bank Notes and Travellers Cheques to buyers in the overseas market.
Encashment of Foreign Currency Notes and/or Travellers Cheques:
a. For purchase of foreign exchange less than US $200 or its equivalent
Photocopies of the identification document need not be kept on record.
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28. However, full details of the identification document and contact details should
be maintained in the encashment certificate.
b. For encashment of foreign exchange from US $200 onwards or its equivalent.
Valid photo identification is compulsory and the photocopies of the
identification document should be maintained.
c. Currency Declaration Form
Where the amount of Forex tendered for encashment by a non-resident or a person
returning from abroad exceeds the limits prescribed for Currency Declaration Form
(CDF), the same should invariably insist for production of declaration in CDF.
As against the provisions to make cash payments while providing encashment up to US
$1000 or its equivalent, the amount has been increased to US $2000 while providing
encashment to NRIs/Foreigners. The earlier limit of USD 1000 stands as it is while
providing encashment to residents.
All encashment within one month may be treated as single transaction for the purpose.
In all other cases AMCs should make payment by way of “Account Payee”
cheque/demand draft only.
Sale of foreign exchange:
The sale of Forex should be made only on personal application and identification. For
identification purpose, the passport of the customer should be insisted upon. Payment in
excess of Rs. 50,000/- towards sale of foreign exchange should be received only by
account payee cheque/demand draft. All purchases by a person within one month may
be treated as single transaction for the purpose. Encashment Certificate, wherever
required, should also be insisted upon.
2.8.3 TRAVEL & TICKETING
The company has a Travel Division at the Administrative Office, Kochi by the name
UAE Exchange Travel Services. It commenced travel and ticketing operations in 2001
and is accredited as an approved Passenger Sales Agent by IATA, Canada (IATA
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29. Registration no. HO-14-3 5580. UAE Exchange Travel Services provides Domestic &
International Air tickets for customers and renders assistance in getting Emigration
Clearance, Certificate / Document Attestations, Passport Application and other allied
services.
2.8.4 XPRESS LOAN
UAE EXCHANGE has been successfully doing gold loan as value added service to
their loyal and valuable money transfer customers from June 2008. Recently the
company extended gold loan product to all customers in addition to money transfer
customers. The company provides Loan against gold ornaments, shares and loan for
purchasing vehicles. The loans provided are subject to the guidelines of the Reserve
Bank of India. The Company, among other things, sanctions/disburses loans for various
purposes to those who comply with its requirements.
I. Application for loan
The company shall prescribe proforma of application for loans. The
application shall contain the essential details of the applicant.
a. Name and address of the applicant
b. Amount of loan required
c. Purpose for which loan is required
d. Period of loan
e. List of documents to be submitted along with the application like photocopy of
election identity card, pass port, driving licence or pan card.
f. Collateral security details
g. Declaration
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30. II. Acknowledgement of application
The company shall acknowledge receipt of application for loan duly
signed by its authorized official over the company‟s seal/stamp indicating the
approximate number of days required for processing of the application.
III. Processing of application
All application shall be duly processed by the authorized officials of
the company within 15 days from the date of receipt of application.
IV. Loan appraisal and terms/conditions
Where an application for loan is rejected, the company shall advise
the applicant giving the reason thereof.
In all other cases and on sanction of the loan the same shall be
conveyed in writing by way of a sanction letter giving details as under:
a. Amount of loan sanctioned
b. Period of loan
c. Rate of interest
d. Processing charges
e. Method of application/ calculation of interest i.e. whether it‟s on constant
balance or reducing balance etc.
f. Penalty for delayed the payment of instalment
g. Charges for pre payment of loan
INTERNAL GUIDELINES ON INTEREST AND PROCESSING CHARGES
Rate of interest:
The rate of interest of the company at which it lends varies according to the cost of
fund. Depending on the risk involved the rate of interest also varies as per the period for
which the loan is availed by the borrower. The rate of interest so levied at higher rate
over the base rate charged by the company will he recovered as risk charges.
In determining the interest rate, the company has formed internal committee and it
meets periodically to analyse the situation and fix the interest rate in consonance with
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31. the prevalent market conditions. In determining the interest rates the company will
follow the appropriate internal principles and procedures confirming to normal financial
services.
Processing charges:
Loan processing charge will be Rs. 250 or 1% of the loan whichever is higher. Any
charge in the interest rate will be informed to the borrower and acceptance of these
terms and conditions are to be recorded by obtaining the signature of the borrower.
V. Disbursement of loans including changes and conditions
a. The company shall upon receipt of all documents for disbursement of loan and
the same being in order, disburse the amount of loan either by way of cash or by
way of a crossed cheque drawn in favour of the borrower.
b. The company shall acknowledge receipt of documents/collateral securities and
undertake to keep them in its safe custody till such time the loan amount
together with the interest there of is repaid.
c. The loan Agreement among other things shall contain the details of the
borrower/lender, amount of loan, period of loan, rate of interest, method of
calculation of interest, penalty for pre payment or delayed payment of instalment
etc. The details of collateral securities submitted, value thereof and the copy of
the same will be provided to the borrower together with enclosures.
d. Besides collateral securities, the company may also insist upon guarantees such
as personal guarantees acceptable to the company, or issued by the banks etc.
The cost of obtaining and furnishing such guarantee shall be to the borrower‟s
account.
e. Stamp duty, registration charges, other taxes if any applicable for registration of
the loan agreement shall be borne by the borrower.
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32. f. Decision to recall/accelerate the payment or performance under the agreement
shall be in consonance with the agreement and should be with prior intimation to
borrower and acceptance of the same by the borrower should be kept on records.
g. The company shall give due notice of changes if any ain any or all the terms and
conditions of the loan agreement. Changes if any in the interest rate s shall be
affected prospectively.
h. The company shall furnish a statement of account relating to the borrowed
account as on 31st march of each year or at such intervals as the borrower may
require for purposes such as income tax etc.
i. The company shall release all securities held by it as collateral against the loan
only on repayment of dues completely or on realization of the outstanding
amount of loan subject to any legitimate right or lien for any other claim of the
company against borrower. The company shall exercise its right of set off with
due notice to the borrower giving full particulars about the remaining claims and
the conditions under which the company is entitled to retain the securities till the
relevant claim is settled.
j. The company shall build a repossession clause in the agreement in the case of
repossession of vehicles which will be legally enforceable. The terms and
conditions for repossession of vehicles contains, (a) notice period before taking
possession (b) circumstances under which the notice period can waived (c) the
procedure for taking possession of the security (d) a provision regarding final
chance to be given to the borrower for payment of loan before sale/auction of the
property (e) the procedure for giving repossession to the borrower and (f) the
procedure for sale/auction of the property. The company shall provide a copy of
the terms and condition to the borrowers.
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33. 2.9 ORGANIZATION STRUCTURE
Fig: 2.1 Organization Structure
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34. For the smooth functioning of the organization, there is an organizational structure
headed by the Chairman and Managing Director. For looking into the global operations
there is a Chief Operating Officer assisted by Country Heads. Each country operation is
handled by the Country Heads. The various departments are headed by Head of that
Departments and senior department heads. The organizational structure has also got
regional offices in different parts of India to oversee the functioning of branches in these
regions
2.10 VARIOUS DEPARTMENTS IN UAE EXCHANGE
Accounts Department
This department handles all the payments and receipts made by the organization. It also
manages the accounts which include the accounts of money transfer. It also handles
various expenses and monitoring the asset of the organization.
Finance Department
Funding operations, funding control etc taken care of by the finance department. At the
end of the financial year the preparation of balance sheet to ascertain the profit and tax
done by this department.
Purchase Department
This department handles all the purchase operations, printing and stationary, stock
maintenance, interior design etc taken care of.
Internal Audit Department
Audit inspection in the organization is handled by this department.
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35. Human Resource Department
HR department deals with the recruitment process, training and development process
and have the authority in leave and transfer process. It also deals in bank operation and
employee emoluments.
Forex Department
Forex department deals with the purchase, sale and remittance of currencies.
Travel and ticketing Department
This department deals with all international and domestic travel operations. This
department also taken care of other travel services.
Allied products Department
This department deals with allied products like general insurance, tours and gold loan.
Business Development Department
This department deals with all marketing, corporate sales and customer care functions.
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36. 2.11 BRANCH STRUCTURE
Fig: 2.2 Branch Structure
BRANCH MANAGER
ASSISTANT BR. MANAGER
SENIOR OFFICER
OFFICER
STAFF STAFF STAFF STAFF
SUB STAFF SUB STAFF
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37. UAE Exchange has 300 branches and 3000 employees in India. Every branch comes
under the direct control of the 21 regional offices located in different parts of the
country. For the smooth functioning of an organization there should be a structure
defines the authority and responsibility. In this organization every branch has a branch
head that is the main authority of that branch. In the Ernakulam MG road branch there
are 10 employees. The hierarchy goes like this. There is one assistant manager, a senior
officer and an officer to assist them. There are four staffs and two sub staffs.
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38. CHAPTER 3
RESEARCH METHODOLOGY
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39. 3.1 TITLE OF THE STUDY
A Study on Customer Satisfaction Towards Various Products And Services of UAE
Exchange In Ernakulam City.
PROBLEM
There are many players in currency exchanging and money transfer industry. The
management wants to know the major competitors, customers over all level of
satisfaction and identify the position of UAE Exchange when compared to other brands.
3.2 OBJECTIVES
The following objectives should be taken into consideration to find out the satisfaction
of customers towards the products and services that provided by the UAE
EXCHANGE. The objectives of this project study are:
a. Find out the frequency of transactions made by the customers in the
organization.
b. Identify or find out the reasons, why the customers prefer UAE EXCHANGE
for their business transaction.
c. Find out the total time taken to conclude the transaction by the customers.
d. Identify the customer-employee relationship while in the business transaction.
e. To find out whether the services and products are affordable to the customers.
f. Identify the response time taken to rectify the complaints.
g. Identify the level of satisfaction regard with the products.
h. To find out customer preferred brands other than UAE Exchange.
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40. 3.3 RESEARCH DESIGN
Descriptive research design was adopted to conduct the research based on customer
satisfaction.
3.4 SAMPLING DESIGN
Population for the data collection is the users of UAE EXCHANGE‟s product and
services in Ernakulam city. A sample of 150 respondents is taken as sample size.
Convenience sampling is used to get the data.
3.5 TOOLS FOR DATA COLLECTION
Structured questionnaire was used to collect the primary data.
3.6 TOOLS FOR DATA ANALYSIS
Statistical tools like percentage and charts like bar diagrams and pie charts were used to
analyse the collected data.
3.7 LIMITATION OF THE STUDY
 Study is restricted to only one branch and one city.
 The accuracy of report depends upon how honestly or sincerely the respondents
have answered.
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41. CHAPTER 4
DATA ANALYSIS AND INTERPRETATION
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42. Age profile of the customers:
Age No. of Customers
Below 20 8
21-30 64
31-40 32
41-50 27
Above 50 19
Total 150
Table: 4.1 Age profile
Age profile
No.of Customers
43%
21%
18%
13%
5%
Below 20 21-30 31-40 41-50 Above 50
Fig: 4.1 Age profile of customers
Interpretation:
According to the data 43% of the total sample belongs to the age group of 21-30. 21%
of the customers lie in the age group between 31 and 40. 18% are part of the 41-50 age
groups. Customers who have the age above 50 are come around 13% of the sample. 5%
are below 20 age limit
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43. Gender classification of the customers:
Gender No. of Customers
Male 117
Female 33
Total 150
Table: 4.2 Gender classifications
Gender
Female
22%
Male
78%
Fig: 4.2 Gender classifications
Interpretation:
This diagram shows the gender classification of the customers. Out of the 150 sample
size 117 customers are male and rest of the 33 customers are female.
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44. Product port folio of UAE Exchange:
Product No. of Customers
Foreign Exchange 65
Money Transfer 66
Travel and Tours 17
Gold loan 0
Vehicle Loan 2
General Insurance 0
Total 150
Table: 4.3 Product port folio
Product port folio
No. of Customers
45%
43%
11%
1%
Foreign Money Transfer Travel and Gold loan Vehicle Loan General
Exchange Tours Insurance
Fig: 4.3 Product port folio
Interpretation:
From the sample of 150, 43% of the customers are using foreign exchange transaction.
45% customers doing money transfer facility with the organization. Travel and tours got
a 11% customers. 1% of the remaining customers took the vehicle loan. None of the
customers took either gold loan or general insurance from UAE EXCHANG
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45. Frequency of transaction:
Frequency of Transaction No. of Customers
Once in a month 31
Twice a month 9
Once in Two months 9
Once in Three months 26
Once in Six months 75
Total 150
Table: 4.4 Frequency of transactions
Frequency of transaction
No. of customers
50%
21%
17%
6% 6%
Once in a Twice a month Once in Two Once in Three Once in Six
month months months months
Fig: 4.4 Frequency of transactions
Interpretation:
Most of the customers ie, 50% of the sample population used the product once in six
months. 21% customers came once in a month and 6% twice in a month. 17% of the
customers come once in three months and remaining 6% once in two months.
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46. Preference level of Customers:
Preference No. of Customers
Reliability 47
Location and Timing 42
Rates and Charges 28
Faster Credit 16
Service at the Counter 17
Total 150
Table: 4.5 Preference levels of Customers
Preference level
No.of Customers
31%
29%
19%
10% 11%
Reliability Location and Rates and Charges Faster Credit Service at the
Timing Counter
Fig: 4.5 Preference levels of Customers
Interpretation:
31% of the customers prefer because of reliability. 29% prefer because of location and
timing. 19% prefer this because of the rates and charges levied by the organization. 10%
customers prefer faster credit provided by the organization and remaining 11% because
of the service rendered by the employees at the counter were good.
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47. Transaction time taken by the customers:
Transaction time No. of Customers
Less than 5 minutes 10
5-10 minutes 93
10-20 minutes 32
20-30 minutes 12
More than 30 minutes 3
Total 150
Table: 4.6 Transaction time taken
Transaction time taken
No.of Customers
62%
21%
7% 8%
2%
Less than 5 minutes 5-10 minutes 10-20 minutes 20-30 minutes More than 30
minutes
Fig: 4.6 Transaction time taken
Interpretation:
62% of the customers conclude their transaction between 5-10 minutes. 21% of the
customer took 10-20 minutes to conclude their transaction. 7% customers felt that the
branch took less than 5 minutes to conclude the business. 8% of the customers took 20-
30 minutes and 2% took more than 30 minutes to conclude their transaction.
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48. 38 | P a g e

49. Courteousness of branch staff:
No. of Customers
Very Good 32
Good 70
Moderate 42
Bad 5
Very Bad 1
Total 150
Table: 4.8 Courteousness of branch staff
Courteousness of Staff
No. of Customers
47%
28%
21%
3%
1%
Very Good Good Moderate Bad Very Bad
Fig: 4.8 Courteousness of branch staff
Interpretation:
21% said that the helpfulness of staff is very good. 47% felt that it was good. 28% has
moderate opinion. 3% of the sample felt that it was bad and the remaining 1% said it
was very bad experience.
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50. Affordable service provider:
No. of Customers
Strongly Agree 25
Agree 91
Neutral 29
Disagree 4
Strongly Disagree 1
Total 150
Table: 4.9 Affordable services provider
Affordable service provider
No. of Customers
61%
17% 19%
2.50% 0.50%
Strongly Agree Agree Neutral Disagree Strongly Disagree
Fig: 4.9 Affordable services provider
Interpretation:
17% believes that the charges are reasonable and they strongly agree with that. But
61% of the customers, which is more than half of them, just agree that the charges are
reasonable. 19% customers have no opinion. 2.5% disagree with the statement and
remaining 0.5 % strongly disagrees with the statement.
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51. Speedy responses to the complaints:
No. of Customers
Strongly Agree 8
Agree 46
Neutral 35
Disagree 3
Strongly Disagree 1
No complaints 57
Total 150
Table: 4.10 Speedy responses
Speedy responses
No. of customers
38%
31%
23%
5%
2.50%
0.50%
Strongly Agree Agree Neutral Disagree Strongly No complaints
Disagree
Fig: 4.10 Speedy responses
Interpretation:
According to the data 38% of the customers have no complaints about the products and
services of UAE EXCHANGE. 5% strongly agrees that complaints are rectified soon
and 31% agrees the same. 23% of the customers have no opinion regarding this. From
the sample 2.5% customers disagree and 0.5% strongly disagrees with the statement.
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52. Customer satisfaction on Foreign Exchange:
Level of Satisfaction No. of Customers
Highly Satisfied 14
Satisfied 46
Neutral 2
Dissatisfied 2
Highly Dissatisfied 1
Total 65
Table: 4.11 Customers satisfaction on foreign exchange
Foreign Exchange
No.of Customers
71%
22%
3% 3% 1%
Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied
Fig: 4.11 Customers satisfaction on foreign exchange
Interpretation:
22% of the customer highly satisfied with the transaction. 71% of customers are
satisfied with the business. 3% has no opinion. 3% customers are dissatisfied with the
transaction and the remaining 1% is highly dissatisfied.
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53. Customer satisfaction on Money Transfer:
Level of Satisfaction No. of Customers
Satisfied 61
Neutral 4
Dissatisfied 1
Total 66
Table: 4.12 Customers satisfaction on money transfer
Money Transfer
No. of Customers
92%
6%
2%
Satisfied Neutral Dissatisfied
Fig: 4.12 Customers satisfaction on money transfer
Interpretation:
92% of the customer said that they are satisfied with the business transaction. 6% has no
opinion. The remaining 2% is dissatisfied with the product. The important thing is that
no one highly dissatisfied with the product.
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54. Customer experience on other brands:
No. of Customers
Yes 79
No 71
Total 150
Table: 4.14 Customer experience on other brands
Experienced other products
No.of customers
53%
47%
Yes No
Fig: 4.14 Customer experience on other brands
Interpretation:
53% of the customers did the same business with other organization. 47% customers did
not make the business with other organization.
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55. Customer preferred Brands:
Brands No. of Customers
Thomas Cook 21
Western Union 30
SIB Express 2
Muthoot Finance 3
Others 23
Total 79
Table: 4.15 customers preferred organizations
Preferred Brands
No.of Customers
38%
29%
26%
3% 4%
Thomas Cook Western Union SIB Express Muthoot Finance Others
Fig: 4.15 customers preferred organizations
Interpretation:
About 38% used the services of Western Union money transfer and exchange. Others
include Lulu, SBT, and Mahindra etc. This constitutes 29% of the total customers
Thomas Cook got 26% of customers. 3%used the product of South Indian bank and the
remaining 4% with Muthoot Finance.
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56. Level of satisfaction with UAE EXCHANGE:
Level of Satisfaction No. of Customers
Satisfied 67
Neutral 9
Dissatisfied 3
Total 79
Table: 4.16 Level of satisfaction with UAE Exchange
Level of satisfaction
No.of Customers
84%
11%
5%
Satisfied Neutral Dissatisfied
Fig: 4.16 Level of satisfaction with UAE Exchange
Interpretation:
84% is satisfied with the product and services of UAE Exchange. 11% have no opinion
and stands neutral. Remaining 5% is dissatisfied with the organization.
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57. CHAPTER 5
FINDINGS, SUGGESTIONS AND
CONCLUSION
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58. 5.1 FINDINGS
 78% of the respondents are male.
 43% of the respondents belong to the age group 21-30 years.
 More than 90% of the respondents have chosen foreign exchange, money
transfer and travel & tours.
 There were no customers for the product Gold loan and General
insurance.
 50% of the respondents have often avail services once in six month.
This includes first time customers also.
 Courteousness, helpfulness and product knowledge of branch staff is
rated in upper positive side ie, very good.
 Majority of respondents are satisfied with currency exchange service,
money transfer service and travel and tours.
 There were only two customers for the product vehicle loan. Both of
them are satisfied with UAE Exchange.
 62% of the customers conclude their transaction between 5-10 minutes.
 60% of the customer preferred UAE EXCHANGE because of reliability
and easy to access. (Location and Timing)
 61% of the customers agree that the charges made for the services are
reasonable.
 Majority of the customers have no complaints about the product and
services provided by the organization.
 53% of the sample were used or avail product and services other than
UAE EXCHANGE.
 According to the sample Western Union and Thomas cook is the close
competitor of UAE EXCHANGE.
 Compared with the competitors, the services provided by the
organization is satisfied.
 It is found out that majority of the customers are satisfied with the
product and services of UAE Exchange.
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59.  One of the main reasons for increasing waiting time is problem with the
electronic equipments.
 Customers were not avail the service between 1.30 pm and 2.00 pm.
5.2 SUGGESTIONS
The organization should provide offers to their customers who have been with them for
more than a particular period. This can help to further increase in the satisfaction level.
By providing unique identity cards or numbers to the regular customers, standard
procedures can be eliminated and as a result a speedy transaction is possible.
Since there is a close competition, UAE Exchange should expand their business by
adding more agencies for their product and services.
Since there were no customers for gold loan and general insurance, it is observed that
the customers are not aware about these products. So, promotional activities should be
taken care of.
5.3 CONCLUSION
This project attempts to study the customer satisfaction level with different product and
services of UAE EXCHANGE. In this competitive world each company wants to taken
an edge over the other to become the market leaders. Successful organisation can use
customer needs and expectations as a starting point and developing proposals around
their customer's needs and expectations. Measuring satisfaction seems to be just one
element in this overall satisfaction management approach. One of the key elements of a
successful marketing strategy is development of product and promotional stimuli that
consumers will perceive as relevant to their needs. The company should consider
customer perception to improve their promotional strategies of UAE Exchange. Since
the customer is the king of the market today, the company should analyze the needs and
wants of customers. Company should know what the customer is actually looking
forward from them.
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60. With the help of the study, the overall satisfaction level of the customers is identified.
One of the important finding is that there were no customers for the product general
insurance and loans that provided by the UAE EXCHANGE. To promote these products
to a higher level the company should take high promotional activities to attract the
customers. This includes advertisement campaigns, creating awareness about the
company etc. One of the major barriers for these products is the rules and regulations
imposed by the Reserve Bank of India. According to the latest regulation by the RBI, a
non banking finance company is limited to issue loans up to 60% of the market value of
the gold. This over regulation will decrease the business volume level of the NBFC‟s.
By providing more satisfaction to the customers, the company can retain their valuable
customers and through proper advertisement and marketing promotions it can attract the
customers of competitors also. It is very important to take advantage over the
competitor and gain customer preference to remain in a premium position in the market
place.
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61. BIBLIOGRAPHY
Naresh K. Malhotra and Satyabhushan Dash, 2011, Marketing Research- An
Applied Orientation, Sixth Edition, Pearson.
Philip Kotler, Kevin Lane Keller, Abraham Koshy and Mithileshwar Jha, 2009,
Marketing Management- A South Asian Perspective, 13th Edition, Pearson.
Cooper Donald R. and Schindler Pamela S, 2003,Business Research Methods,
Eighth edition, McGraw-Hill higher Education
Market Research on factors affecting customer satisfaction, Ankit shah, ATL
India.
Emerson Carol J. and Grimm Curtis M., 1999, Buyer-seller customer
satisfaction: the influence of the environment and customer service, Journal of
Business and Industrial Marketing; Vol. 14 .
Websites:
www.uaeexchane.com/uae-exchange/history
www.uaeexchane.com/uae-exchange/forex
www.uaeexchane.com/uae-exchange/tavel-tours
www.uaeexchane.com/uae-exchange/remittance-retail
www.wikipedia.org/wiki/UAE-Exchange
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62. ANNEXURES
Questionnaire:
Respected Sir/ Madam,
I am Achu James, student of Rajagiri Business School, Cochin, Kerala. As a part of
my curriculum, I am doing a project on “ A STUDY ON CUSTOMER SATISFACTION TOWARDS
VARIOUS SERVICE OF UAE EXCHANGE” In UAE EXCHANGE Ernakulam. Please answer the
questions given below by marking a tick at the concern cell and help me out in carrying the
study.
1. Name:
2. Age:
Below 20 21- 30 31- 40 41-50
Above 50
3. Gender:
Male Female
4. Which product do you normally use?
Foreign Exchange Money Transfer Travel and Tours
Gold Loan Vehicle loan General Insurance
5. How often do you avail our services?
Once in a month Twice a month Once in 2 months
Once in 3 months Once in 6 months
6. Why do you prefer UAE Exchange for your transactions?
Reliability Location & Timing Rates & Charges
Faster Credit Service at the counter
7. What according to you is the time taken to conclude your transaction?
Less than 5 minutes 5-10 minutes 10-20 minutes
20-30 minutes More than 30 minutes
8. Is the waiting time acceptable to you?
Yes No
9. How do you rate the courteousness and helpfulness of branch staffs?
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63. V. Good Good Moderate
Bad V. Bad
10. The charges made for the services are reasonable
Strongly agree Agree Neutral
Disagree Strongly Disagree
11. Time taken by the company to respond to the complaints are very fast
Strongly agree Agree Neutral
Disagree Strongly Disagree
Level of satisfaction with the product and services of UAE EXCHANGE
12. Are you satisfied with the foreign exchange services provided by UAE EXCHANGE?
Highly Satisfied Satisfied Neutral
Dissatisfied Highly Dissatisfied
13. How will you rate your level of satisfaction with regard to money transfer services in UAE
EXCHANGE?
Highly Satisfied Satisfied Neutral
Dissatisfied Highly Dissatisfied
14. Are you satisfied with the fares and packages in travel &tours provided by UAE
EXCHANGE?
Highly Satisfied Satisfied Neutral
Dissatisfied Highly Dissatisfied
15. How will you rate your level of satisfaction with regard to General Insurance with UAE
EXCHANGE?
Highly Satisfied Satisfied Neutral
Dissatisfied Highly Dissatisfied
16. Are you satisfied with the terms, conditions and interest rates with regard to the gold loan
provided by UAE EXCHANGE?
Highly Satisfied Satisfied Neutral
Dissatisfied Highly Dissatisfied
17. Are you satisfied with the payment options, interest rates with regard to the vehicle loan
provided by UAE EXCHANGE?
Highly Satisfied Satisfied Neutral
Dissatisfied Highly Dissatisfied
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64. 18. Have you ever used the same product/services in any organization other than UAE
EXCHANGE?
Yes No
19. If yes, please select the organization.
Thomas Cook Western Union SIB Express Muthoot
Finance
Others (Specify) :........................................
20. Compared to the services provided by other organization, your level of satisfaction with
UAE EXCHANGE :
Highly Satisfied Satisfied Neutral
Dissatisfied Highly Dissatisfied
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