Posted sun April 2011.

A survey farm global consultancy firm Ernst and young has found that majority of retail customers is satisfied with the countries banking system and that trust has increased after its state handling of the 2008 global crisis. Unlike many other countries, India was less affected by the meltdown, mainly an account of conservative banking policies followed by the reserve bank of India. According to the survey, a new era of customer expectation 75% of the retail banking customers in India said that their trust in banking industry grow in 2010.indians have the highest level of trust and satisfaction in their banking industry. The credit crisis has had minimal impact on customer confidence in the Indian banking industry, the survey said. It surveyed more than 20500 global retail banking customers of which 1000 respondents were from India. The objective of the survey was to gauge what drives customer relationship with this banks.

The banking industry in mature markets has witnessed a wholesale and ongoing shift in confidence, and never before has loyalty management and personal customer attention been such an issue for the sector. In contrast, the emerging markets now offer huge opportunities for banks looking to expand internationally, as most have felt less of an impact from the credit crisis and instead have a growing middle class of customers looking to diversify their bank relationships. Rebuilding trust is a challenge for individual banks and for the industry as a whole, in particular across mature markets. Negative customer perceptions of the disruption banks have caused to the wider economy, through the under-capitalized and over-leveraged practices that led to the credit crisis continue to prevail. In recent years, we have seen that being profitable is not enough. The role that banks play in supporting the wider economy has been highlighted, and a wide variety of stakeholders are now demanding a more responsible banking industry if there is to be a restoration of customer confidence.

In evaluating the survey findings, three key areas of focus for banks:

• Rebuilding customer confidence

• Preventing customer attrition

• Enhancing the customer experience through service quality and use of remote channels

Representative APR 391%

Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

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