1.

PROJET REPORT
2. On
3. “STUDY OF CUSTOMER SATISFACTION For BAJAJ
FINSERV”

4. Submitted to the

5. School of management

6. In partial fulfillment of the requirements for the degree

7. Of
8. BACHELORS OF COMMERCE

9. MBPG COLLAGE, Haldwani (Nainital), Uttarakhand

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 ACKNOWLEDGEMENT
like to express my deepest gratitude to my dissertation guide, for their
invaluable support, guidance, and encouragement throughout this
research endeavor. Their expertise and insightful feedback have been
instrumental in shaping this dissertation. I am also thankful to Graphic
Era Hill University for providing me with the necessary resources and
facilities to conduct this research. The support and encouragement from
my friends and family have been a constant source of strength and
motivation. I extend my sincere appreciation to all the participants who
took the time to participate in the surveys and interviews, without whom
this research would not have been possible. Lastly, I would like to
acknowledge the authors and researchers whose work has been
referenced in this dissertation, which has enriched the content and depth
of this study.

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 EXECUTIVE SUMMARY

Customer satisfaction is a critical determinant of business success, particularly in the financial services
industry. This dissertation presents a detailed study of customer satisfaction at Bajaj FinServ, one of India's
leading financial services companies. Through primary and secondary research, the study evaluates the
levels of customer satisfaction across various products and services offered by Bajaj FinServ. Factors
influencing customer satisfaction, including service quality, ease of use, product offerings, and customer
support, are analyzed. The research also offers recommendations for improving customer satisfaction,
based on survey responses and industry best practices.

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 CERTIFICATE OF SUPERVISOR (GUIDE)

Certified that the work incorporated in this Project Report “STUDY OF CUSTOMER SATISFACTION
For BAJAJ FINSERV” submitted by . It is her original work and is satisfactorily completed under my
supervision. And the material obtained from other sources has been duly acknowledged in the Project
Report.

Date:

Signature of Guide:

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 DECLARATION BY THE STUDENT

1. Anjali Rawat, hereby declare that this dissertation titled " STUDY OF CUSTOMER
SATISFACTION For BAJAJ FINSERV " is entirely my own work, except where otherwise
acknowledged and referenced. This work has not been submitted in any form for another
degree or diploma at any university or other institute of tertiary education.
Where other sources of information have been used, they have been acknowledged and
referenced accordingly. This includes all secondary sources of information, including but not
limited to books, articles, and electronic sources.

Date: :

Name: :

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 STUDENT AND SUPERVISOR INTERACTION CERTIFICATE

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 TABLE OF CONTENT

CHAPTERS CONTENT PAGE NO.

1 Introduction: 8-10
1.1 Background of the Study
1.2 Introduction of the topic
2 Company Profile: 11-18
2.1 History and growth of Company
2.2 Vision and Mission
2.3 Organization Chart
2.4 Product and Service Offering
2.5 Market Position and Competitiveness
2.6 Achievements of Bajaj FinServ
2.7 Achievements of company
2.8 SWOT Analysis
3 Literature Review 19-22
4 Research Methodology 23-28
29-

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1.1 Background of the Study
In today’s competitive financial services industry, customer satisfaction is key to retaining clients and
maintaining a strong brand reputation. Bajaj FinServ, one of India’s prominent non-banking financial
companies (NBFCs), offers a wide range of products such as loans, insurance, and investments. Given the
highly competitive nature of the financial services market, measuring and improving customer satisfaction
is critical for Bajaj FinServ to sustain growth and remain competitive.

1.2 Introduction of the Topic

Customer satisfaction refers to how well a company's products or services meet customer expectations. It is
a key factor in predicting customer retention, which is vital since it costs more to attract new customers
than to keep existing ones satisfied. In today's market, where brand loyalty is declining, understanding and
measuring customer satisfaction is crucial. There is a strong connection between customer satisfaction and
retention, as customer perceptions of service quality and product performance directly impact market
success.
By better understanding customer perceptions, companies can identify customer needs and take the
necessary steps to address them. This insight helps businesses recognize their strengths and weaknesses,
assess their competitive standing, and plan for future growth and improvements. Measuring customer
satisfaction encourages a focus on customer outcomes, driving improvements in work practices and
company processes.
In addition, inefficiencies in supply chains create opportunities for organized businesses to tap into large
markets, even in environments where consumer culture and purchasing power are limited. In many
countries, economic development has led to a shift from unorganized to organized retail. India’s retail
industry, one of the world’s largest, has seen rapid growth in recent years, transitioning from unorganized
to more organized formats due to changing consumer preferences. This industry is expected to grow
annually by 25-30%.
Consumer Behaviour: Meaning and Definition
Consumer behaviour is the study of how individuals, groups, or organizations select, buy, use, and dispose
of products or services to meet their needs and wants. It includes their actions in the marketplace and the
motives behind those actions. Marketers aim to understand what drives consumers to make purchasing
decisions to identify which products are in demand and how to best present them.
Several factors influence consumer behaviour, including:

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  Personal factors such as age, gender, education, and income level.
 Psychological factors like buying motives, perceptions, and attitudes toward the product.
 Situational factors including the physical and social environment during purchase and time
constraints.
 Social factors such as social status, reference groups, and family influence.
Consumer behaviour, which became a distinct area of study in the 1950s, is an interdisciplinary field
drawing from psychology, sociology, anthropology, marketing, and economics. It examines how
consumers’ emotions, attitudes, and preferences influence their purchasing behaviour. Formal studies of
consumer behaviour explore characteristics like demographics, personality, lifestyle, and factors such as
usage patterns, brand loyalty, and advocacy. It also investigates how external influences like family,
friends, and society shape consumer choices.

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2.1 History and Growth of Bajaj FinServ
Bajaj FinServ, a part of the Bajaj Group, is one of India’s leading financial services companies, primarily
engaged in lending, insurance, and wealth advisory services. Bajaj FinServ was demerged from Bajaj Auto
in 2007, with a vision to establish itself as a major player in the non-banking financial services sector. Over
the years, the company has expanded its portfolio to encompass a wide range of financial products catering
to both individuals and businesses.
With its headquarters in Pune, Bajaj FinServ operates across multiple cities in India and is known for its
customer-centric approach. The company has grown rapidly, owing to its innovative and digital-first
strategies, positioning itself as a trusted financial partner for millions of customers. Through its
subsidiaries, Bajaj FinServ offers lending, insurance, and wealth management services, aiming to provide
holistic financial solutions to its customers.
Bajaj FinServ’s growth has been fuelled by its emphasis on technology and customer service. The
company’s commitment to leveraging digital platforms has allowed it to streamline its operations, making
financial products more accessible to customers. As a result, Bajaj FinServ has earned a reputation for
delivering quick and hassle-free financial services, making it a preferred choice for loans and insurance.
2.2 Vision and Mission
1. Vision: Bajaj FinServ’s vision is to be the most admired and trusted financial services company,
known for its innovative, customer-centric approach. It aims to provide world-class products and
services across the lending, insurance, and wealth management domains, driven by technology and
operational excellence. The company seeks to empower its customers by making financial products
more accessible, transparent, and convenient.
2. Mission:
o To deliver affordable, high-quality financial solutions that meet the diverse needs of
individuals and businesses.
o To maintain a customer-first approach by continuously improving products and services
through innovation and technology.
o To foster a culture of integrity, transparency, and excellence across all areas of operation.
o To create sustained value for customers, employees, and shareholders through responsible
and ethical business practices.
Bajaj FinServ is committed to driving financial inclusion in India by making its services available to
underbanked and underserved populations through digital transformation and a robust distribution network.
2.3 Organizational Chart
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Bajaj FinServ has a hierarchical organizational structure typical of large corporations, with clear roles and
responsibilities distributed across different levels. Below is an outline of the key roles:
1. Chairman:
NIRAJ R Bajaj – Leads Bajaj FinServ as the Chairman and Managing Director. As the key
visionary, he is responsible for strategic decision-making and setting the overall direction for the
company.
2. Board of Directors:
The Board includes independent and executive directors who provide governance and oversight.
They are responsible for reviewing corporate strategy, approving budgets, and ensuring that the
company adheres to regulatory guidelines.
3. Chief Executive Officer (CEO):
The CEO oversees the daily operations of the company and ensures that business units meet their
performance targets. The CEO also drives the execution of strategic initiatives across all divisions.
4. Chief Financial Officer (CFO):
The CFO manages the company's financial health, including budgeting, financial planning, and
investment decisions. The CFO also provides financial reporting to the board and shareholders.
5. Heads of Divisions:
Bajaj FinServ has distinct heads for each of its core business areas, including:
o Head of Lending (Bajaj Finance Limited): Responsible for overseeing all lending
operations, including personal loans, business loans, home loans, and consumer durables
financing.
o Head of Insurance (Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance):
Manages both general and life insurance products.
o Head of Wealth Management: Focuses on investment advisory services, mutual funds,
fixed deposits, and portfolio management.
6. Operations and Support Teams:
Various teams handle operations, technology, marketing, human resources, customer service, and
risk management, reporting to division heads and executives.
7. Regional and Branch Managers:
Branch managers are responsible for the execution of strategies at the regional level, ensuring that
customer service, product offerings, and financial targets are met across different geographies.

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2.4 Product and Service Offerings
Bajaj FinServ offers a broad spectrum of products and services, primarily segmented into three key areas:
lending, insurance, and wealth management.
1. Lending Services: Bajaj FinServ provides a variety of loans catering to the diverse needs of its
customers:
o Personal Loans: Tailored for individuals seeking quick, unsecured loans for various
personal needs such as medical expenses, education, or travel.
o Home Loans: Bajaj FinServ offers competitive home loan products with flexible tenures
and interest rates, making it easier for customers to finance their home purchases.
o Business Loans: These loans are designed for small and medium-sized enterprises (SMEs)
and entrepreneurs, helping them meet their working capital and expansion needs.
o Loan Against Property (LAP): Customers can leverage their residential or commercial
properties to avail of large loan amounts for business or personal purposes.
o Consumer Durable Loans: Bajaj FinServ offers no-cost EMI options for purchasing
consumer durables such as electronics, home appliances, and furniture.
o Two-Wheeler and Auto Loans: The company provides financing options for purchasing
two-wheelers and cars, with quick approvals and competitive rates.
2. Insurance Services: Bajaj FinServ operates its insurance business through its joint ventures:
o Bajaj Allianz General Insurance: This arm offers general insurance products, including
health, motor, travel, and home insurance. It is known for providing reliable and
comprehensive coverage to customers.
o Bajaj Allianz Life Insurance: The life insurance subsidiary offers a wide range of policies,
including term plans, retirement plans, and child plans. Bajaj FinServ has a strong presence
in life insurance, providing customers with risk management and financial planning
solutions.
3. Wealth Management and Investments: Through its wealth management division, Bajaj FinServ
provides investment advisory services, helping individuals and businesses grow their wealth. The
company offers:
o Mutual Funds: Bajaj FinServ facilitates investment in mutual funds, offering both equity
and debt options to match the risk appetite of various investors.
o Fixed Deposits (FDs): Bajaj FinServ offers one of the highest interest rates in the industry

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 on its fixed deposit products, which have gained popularity for their stability and security.
o Portfolio Management Services (PMS): Tailored wealth management solutions are
available for high-net-worth individuals, enabling them to maximize returns on their
investments.
4. Digital Financial Services: Bajaj FinServ has pioneered digital financial services through its online
platform and mobile applications. Its digital offerings enable customers to:
o Apply for loans and credit cards online.
o Manage existing loans and track repayments.
o Purchase and renew insurance policies.
o Use the Bajaj FinServ EMI Card for easy, no-cost EMI financing on consumer purchases.
2.5 Market Position and Competitiveness
Bajaj FinServ is widely recognized as one of the most competitive non-banking financial companies
(NBFCs) in India. It has carved out a strong niche for itself, particularly in the consumer finance and
insurance markets. Some factors that contribute to its strong market position include:
1. Innovation and Technology: Bajaj FinServ is known for embracing digital transformation early on,
making its services accessible and convenient. The use of artificial intelligence (AI), data analytics,
and machine learning has allowed the company to develop predictive models that enhance customer
experience, reduce processing times, and offer personalized services. The Bajaj FinServ Wallet
App and Experia Portal are examples of its cutting-edge digital offerings.
2. Customer-Centric Approach: The company places a high emphasis on customer satisfaction,
tailoring its products to meet customer needs and providing robust support services. Bajaj FinServ
has earned high customer loyalty due to its transparent processes, easy application procedures, and
timely responses.
3. Wide Reach and Accessibility: With a presence in over 1,400 cities across India and a large
customer base, Bajaj FinServ has developed an extensive distribution network. Its financial products
are available through both digital and physical channels, ensuring that customers from various
segments of society can access them.
4. Partnerships and Alliances: Bajaj FinServ has built strategic partnerships with retailers, e-
commerce platforms, and other businesses, enabling it to expand its reach and offer value-added
services like no-cost EMI financing. These partnerships have made it a leader in the consumer
durables financing space.
5. Strong Brand Reputation: The Bajaj Group's legacy, combined with the customer trust earned by
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 Bajaj FinServ, has contributed to the company's strong reputation. Customers perceive Bajaj
FinServ as a reliable and trustworthy financial partner, which plays a significant role in its market
dominance.
6. Diversified Financial Services: Unlike many other NBFCs, Bajaj FinServ offers a diversified range
of financial products, including lending, insurance, and investments, which gives it a competitive
edge. Its diversified portfolio not only provides resilience against market fluctuations but also
allows cross-selling opportunities, increasing customer retention.
2.6 Achievements of Bajaj FinServ
1. Leadership in Consumer Financing:
Bajaj FinServ has established itself as a leader in the consumer durable financing space. It has been
a pioneer in introducing No-Cost EMI options, which have greatly contributed to its brand strength
and popularity, especially among middle-income customers.
2. Strong Digital Presence:
Bajaj FinServ has successfully adopted digital transformation, offering seamless and quick financial
services online. It launched the Bajaj FinServ Wallet App, which allows customers to manage
loans, make payments, and purchase products on EMI.
3. Awards and Recognition:
o Great Place to Work Certification: Bajaj FinServ has been recognized as one of the best
companies to work for, thanks to its employee-centric policies and culture of innovation.
o Best Financial Services Brand: It has received several accolades for its customer service,
brand value, and innovations in the financial services industry.
4. Expansion and Market Share:
Bajaj FinServ has expanded its customer base to over 48 million and operates in more than 1,400
cities across India. Its lending and insurance subsidiaries have achieved substantial market share,
contributing significantly to the financial services sector's growth in India.
5. Sustainability and CSR Initiatives:
The company actively engages in corporate social responsibility (CSR) initiatives, focusing on areas
such as healthcare, education, and environmental sustainability. Bajaj FinServ’s commitment to
CSR has earned it recognition as a responsible corporate citizen.

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 2.7 SWOT Analysis
A SWOT analysis provides a comprehensive view of Bajaj FinServ’s strengths, weaknesses,
opportunities, and threats, highlighting areas of strategic advantage as well as potential risks.
1. Strengths:
o Strong Brand Recognition: Bajaj FinServ is a well-established and trusted brand in the
Indian financial services sector.
o Diverse Product Portfolio: The company offers a wide range of financial services,
including loans, insurance, and wealth management, which mitigates risk and ensures stable
revenue streams.
o Customer-Centric Innovations: Bajaj FinServ is known for its innovative products, such as
No-Cost EMI financing and digital financial services, which have garnered customer loyalty.
o Technological Leadership: With a robust digital platform, Bajaj FinServ has been able to
streamline its services, providing fast and convenient access to financial products,
particularly in rural and semi-urban areas.
o Financial Stability: The company maintains strong financials with healthy profit margins,
enabling it to reinvest in growth opportunities and technological advancements.
2. Weaknesses:
o Dependence on Domestic Market: A large portion of Bajaj FinServ’s revenues comes from
the Indian market, making it vulnerable to domestic economic slowdowns or changes in
regulatory policies.
o Customer Service Challenges: While Bajaj FinServ is highly digital, occasional concerns
about the speed and efficiency of customer service, particularly in resolving grievances,
have been noted by customers.
o Limited International Presence: Unlike some global competitors, Bajaj FinServ has a
relatively limited presence in international markets, which could hinder its ability to tap into
more diversified revenue streams.
3. Opportunities:
o Expanding Digital Lending: There is an increasing demand for digital financial services in
India, particularly among younger consumers. Bajaj FinServ can continue to innovate in the
digital lending space by leveraging artificial intelligence and machine learning to offer

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 personalized loans.
o Rural Market Expansion: With a growing focus on financial inclusion, Bajaj FinServ has
the opportunity to further expand its footprint in rural and semi-urban areas, offering
affordable financial solutions to underbanked populations.
o Fintech Collaborations: By forming strategic partnerships with fintech startups, Bajaj
FinServ can accelerate its innovation and bring new, disruptive financial products to market.
o Growth in Insurance: The Indian insurance market is growing rapidly, with increasing
awareness about the need for health and life coverage. Bajaj FinServ can capitalize on this
by expanding its insurance products and services.
4. Threats:
o Rising Competition: Bajaj FinServ faces increasing competition from both traditional
financial institutions and new-age fintech companies that offer similar digital solutions.
These competitors are often highly agile and innovative.
o Regulatory Risks: The financial services industry is subject to stringent regulatory
oversight. Any changes in lending norms, interest rates, or insurance regulations could
negatively impact Bajaj FinServ’s operations and profitability.
o Economic Downturn: Economic slowdowns or crises, such as the COVID-19 pandemic,
can lead to a rise in non-performing assets (NPAs) in the lending business, affecting the
company’s financial stability.
o Cybersecurity Threats: With a growing reliance on digital platforms, Bajaj FinServ faces
the risk of cyber-attacks, data breaches, or system failures, which could damage its
reputation and result in regulatory penalties.

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LITERATURE REVIEWS

 Leif E. Hem (2001) explores the concept that retail stores equipped with fire protection systems can
significantly lower perceived risks for consumers, which in turn encourages more positive
evaluations of the store. This theory stems from the idea that when consumers feel safer in a retail
environment, they are more likely to trust and engage with the store. Hem suggests that this
principle should especially hold true for Fast-Moving Consumer Goods (FMCG) stores, where
quick purchases and high turnover rates might make consumers more conscious of safety and
reliability.
 Bottomley and Holden (2001) delve into the factors influencing consumer evaluations of retail
stores, specifically focusing on how the perceived quality of the parent retail store impacts these
evaluations. They argue that when a parent retail store has a strong reputation or is seen as high
quality, it positively influences consumer perceptions of its subsidiary stores. Furthermore,
differences between the parent and subsidiary stores also play a crucial role in how consumers
choose between them. For instance, if the two stores are perceived as too different, it may confuse
or alienate consumers. Additionally, Bottomley and Holden point out that cultural differences
significantly affect how retail store selections are assessed by consumers. This means that consumer
preferences and evaluations can vary depending on the cultural context, as different cultures may
prioritize different retail attributes.
They also propose that consumers consider the "fit" between the parent store and the retail store
selection when evaluating new stores. This "fit" refers to the complementary nature and
transferability of assets, skills, and brand identity between the parent store and its extension. If
consumers perceive that the retail store extension successfully builds on the strengths of the parent
store, it will be seen as a better option. On the other hand, if the extension does not align well with
the parent brand, it may be viewed unfavourably.
Klink and Smith (2001) argue that the success of a retail store extension—such as launching a new
store under the same brand—is largely dependent on how consumers evaluate that extension. If the
extension is perceived as a logical and positive continuation of the parent brand, consumers are
more likely to accept and patronize it. However, if the extension is seen as inconsistent or subpar in
comparison to the original brand, it could struggle to gain consumer trust and loyalty.
 Martinez and Pina (2003) examine how extending a retail store’s product line can reduce the risk
of failure for new products. They argue that consumers are generally more willing to accept new
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 products introduced under familiar, established retail brands because they already trust the parent
brand. This familiarity makes consumers more open to trying new products, thereby decreasing the
likelihood of failure. However, Martinez and Pina also caution that this strategy has its limitations.
Not every retail brand is suited for extensions, and launching too many products under one brand
could have negative effects, such as diluting the brand’s image or confusing consumers about the
brand’s identity.
 The Marketing Mastermind report (2003) highlights how Hindustan Unilever Limited (HUL) has
approached rural markets in India. HUL’s rural marketing initiatives provide a unique perspective
on how large companies can successfully tailor their strategies to suit different market segments, in
this case, rural consumers. By understanding the specific needs and preferences of rural customers,
HUL has been able to expand its reach and maintain a strong presence in these regions.
 Keller (2003) also offers insights into how retail store extensions affect consumer perceptions. He
argues that when a retail brand launches a new product or store, it allows consumers to draw
conclusions and form expectations about how that product or store will perform based on their
existing knowledge of the brand. Essentially, consumers rely on their previous experiences with the
parent brand to evaluate new offerings. Keller further suggests that new or rejuvenated products can
help refresh consumer interest in the parent brand, leading to a more positive attitude toward the
overall brand. However, he also cautions that the image of the parent brand can be affected
regardless of whether the new store or product succeeds or fails. This means that even if the
extension performs poorly, it can still damage the parent brand's reputation.
 Balachandar and Ghose (2003) explore the impact of advertising on retail store extensions. Their
findings reveal that while advertising for a parent brand can create some forward spillover effects—
where consumers’ awareness and positive perception of the parent brand influence their choices in
related retail store extensions—these effects are generally limited. This means that advertising for
the parent store doesn’t always translate into immediate consumer preference for its extensions.
 Mortimer (2003) suggests that extending a retail brand into new markets can make sense from an
economic perspective, especially when the brand aims to deliver similar emotional benefits to
consumers across different regions or sectors. Mortimer emphasizes that for companies to remain
competitive in the long term, introducing new products or stores is crucial. By expanding their
product or store lines, firms can stay relevant, tap into new markets, and meet evolving consumer
demands. This strategy, however, must be managed carefully to ensure that the new products or
stores align with the brand’s overall identity and value proposition.
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  Kim and John (2008) add to this discussion by stating that consumers evaluate retail store
extensions based on how well they fit with the parent brand. In other words, when deciding whether
to engage with a new retail store or product, consumers look for consistency between the extension
and the parent brand. If the new store or product aligns well with what consumers already know and
expect from the parent brand, they are more likely to have a favourable opinion of it. However, if
the extension seems out of place or inconsistent with the parent brand’s identity, it may lead to
consumer hesitation or rejection.

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RESEARCH METHODOLOGY

The research methodology is a systematic approach used to understand, analyse, and assess customer
satisfaction at Bajaj FinServ. This section details the methods and techniques used to gather data, analyse it,
and derive meaningful conclusions related to customer satisfaction. The goal of this research is to evaluate
customer satisfaction based on key factors like service quality, product variety, customer support, and
technological innovation.

4.1 Research Design

The research follows a descriptive design aimed at obtaining detailed insights into customer satisfaction at
Bajaj FinServ. A descriptive research design is appropriate because it allows for a detailed examination of
the various factors that affect customer satisfaction within a real-world context. The study is focused on
understanding customer perceptions, preferences, and satisfaction levels, with a strong emphasis on
gathering both qualitative and quantitative data.

4.1 Objectives of the Study

 To identify and analyse the factors contributing to customer satisfaction at Bajaj FinServ.
 To assess how Bajaj FinServ’s service quality, product offerings, and customer support impact
customer satisfaction.
 To evaluate the role of technology, such as digital platforms and mobile applications, in enhancing
the customer experience.
 To identify areas where Bajaj FinServ can improve customer satisfaction and loyalty.

4.2 Research Approach

The research employs a mixed-methods approach, combining both qualitative and quantitative
research techniques to provide a comprehensive view of customer satisfaction.
1. Quantitative Research: This method involves collecting numerical data from customers through
structured surveys. The surveys aim to quantify customer satisfaction levels and measure specific
parameters, such as service quality, ease of use of digital platforms, and product diversity. The data
collected from the surveys is analysed statistically to identify trends and correlations.
2. Qualitative Research: This method includes in-depth interviews and focus group discussions with
customers and Bajaj FinServ staff. Qualitative research helps in gaining deeper insights into
customer emotions, motivations, and experiences with the company’s services. It provides rich,
descriptive data on how customers perceive Bajaj FinServ’s offerings.
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4.3 Scope of the Study
The study focuses on customer satisfaction regarding Bajaj FinServ’s major product categories, including
loans, insurance, and digital services. The research targets both individual and business customers across
different regions in India.

4.4 Sampling Design

The research uses random sampling to ensure that a diverse range of Bajaj FinServ customers are included
in the study. The sample includes customers from various demographic backgrounds, such as different age
groups, income levels, geographic locations, and types of financial products used.
 Sample Size: The target sample size is 500 customers. This number is chosen to provide
statistically significant data while ensuring that the sample is manageable for data collection and
analysis.
 Sample Distribution: The sample is distributed across urban, semi-urban, and rural areas to get a
holistic understanding of customer satisfaction. Bajaj FinServ’s customer base includes people from
diverse locations, and the study aims to capture this diversity.
 Inclusion Criteria: The sample includes both existing customers and former customers of Bajaj
FinServ, ensuring that the study captures perspectives from those who are currently using the
services as well as those who have discontinued.

4.5 Data Collection Methods

To collect comprehensive and accurate data, the research uses both primary and secondary data collection
methods.
Primary Data Collection
1. Surveys: Structured questionnaires are used to gather quantitative data from customers. The
questionnaire is designed to measure various aspects of customer satisfaction, including:
o Overall satisfaction with Bajaj FinServ.
o Perception of product variety (loans, insurance, and wealth management).
o Satisfaction with digital platforms (Bajaj FinServ Wallet App, Experia Portal).
o Experience with customer service and support.
o Factors that influence their decision to choose or recommend Bajaj FinServ.
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Survey Design:
o Likert Scale: Most questions are based on a five-point Likert scale, ranging from "Very
Dissatisfied" to "Very Satisfied."
o Closed-ended Questions: These are used to gather specific responses that can be easily
quantified (e.g., "How satisfied are you with the loan disbursal process?").
o Open-ended Questions: These allow customers to provide more detailed feedback on their
experiences and suggest improvements.
2. Interviews and Focus Groups: In-depth interviews and focus group discussions are conducted to
gather qualitative data. These sessions aim to explore:
o Customer expectations and experiences in more depth.
o Specific instances of customer satisfaction or dissatisfaction.
o Insights into the reasons behind customers’ decisions to stay with or leave Bajaj FinServ.
Interview Structure:
o Semi-structured interviews are used to allow for flexibility and in-depth exploration of
customer perceptions.
o Focus groups consist of 8-10 customers, enabling the exchange of diverse viewpoints.
Secondary Data Collection
Secondary data is gathered from existing sources such as:
 Bajaj FinServ’s annual reports and customer satisfaction surveys.
 Industry reports and benchmarks on customer satisfaction in financial services.
 Articles, case studies, and academic papers related to customer satisfaction in the financial sector.
Secondary data is used to validate the primary data and provide a broader context for interpreting the
results. It also helps in identifying trends in customer satisfaction across the industry.

4.6 Data Analysis Methods

The data collected is analysed using both quantitative and qualitative techniques.
Quantitative Data Analysis:
1. Descriptive Statistics: Basic descriptive statistics, such as means, frequencies, and percentages, are
used to summarize customer satisfaction levels for each factor (service quality, digital convenience,
product offerings, etc.).
2. Correlation and Regression Analysis: To identify relationships between different variables (e.g.,

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 the impact of digital platform ease of use on overall satisfaction), correlation and regression
analyses are conducted. This helps in identifying key drivers of customer satisfaction.
3. Cross-tabulation: Data is cross-tabulated based on demographic factors (age, income, location) to
explore how satisfaction varies across different customer groups.
4. Statistical Tools: Statistical tools such as SPSS or Excel are used to perform these analyses,
ensuring that the findings are reliable and valid.
Qualitative Data Analysis:
1. Thematic Analysis: The qualitative data from interviews and focus groups is analysed using
thematic analysis. This involves identifying recurring themes, patterns, and trends in customer
feedback.
2. Coding: Responses are coded to classify and group them into meaningful categories (e.g., customer
service, digital experience, loan processes). This allows for a structured interpretation of qualitative
feedback.
3. Sentiment Analysis: Customer comments are analysed for sentiment (positive, negative, or
neutral), providing insights into emotional responses to Bajaj FinServ’s products and services.

4.7 Reliability and Validity

To ensure the reliability and validity of the research, the following steps are taken:
 Pilot Testing: A pilot test of the survey questionnaire is conducted with a small sample of
customers to identify any issues with clarity, question design, or ambiguity. Necessary
modifications are made before full-scale data collection.
 Consistency Checks: The research uses test-retest reliability to check the consistency of responses
over time.
 Triangulation: The use of multiple data sources (surveys, interviews, and secondary data) helps in
cross-verifying the data, increasing the reliability of the findings.
 Validity: Construct validity is ensured by aligning the survey questions with well-established
models and theories of customer satisfaction, such as the SERVQUAL model.

4.8 Ethical Considerations

The research follows ethical guidelines to ensure the protection of participants' rights and privacy:
 Informed Consent: Participants are fully informed about the purpose of the study and how their
data will be used. They provide consent before participating in surveys or interviews.
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  Confidentiality: All personal data is kept confidential, and respondents’ identities are anonymized
in the analysis.
 Voluntary Participation: Participants are free to withdraw from the study at any point without any
penalties.

4.9 Limitations of the Study

While the research methodology is designed to provide comprehensive insights, certain limitations may
affect the findings:
 Sample Size: While a sample size of 500 is statistically significant, it may not capture all possible
variations in customer satisfaction across diverse regions and demographic groups.
 Response Bias: There may be some degree of response bias, as customers with strong opinions
(either positive or negative) may be more likely to participate in the survey.
 Temporal Limitation: The research captures customer satisfaction at a specific point in time,
which may not reflect longer-term trends or fluctuations in satisfaction levels.

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