Banking is the epicenter of economic development. The banking system in India is undergoing a structural transformation, thanks to globalization, deregulation, technological advancement, and institutional and legal reforms. While the liberalized environment has opened new avenues of business for banks, it has led to a competitive environment. Today, banks have diversified their activities and are entering into new product areas and services that include credit cards, consumer finance, wealth management, life and general insurance, investment banking, mutual funds, pension fund regulation, stockbroking services, custodian services, private equity, etc. The present paper analyzes the service quality of a bank with regard to savings account services provided by the bank using SERVQUAL. Such a study is useful in determining the weak areas of a bank’s service where immediate steps are necessary. If such deficiencies are ignored, it may lead to loss of reputation and credibility, and ultimately switching over of customers.

Commercial banks play an important role in mobilization of resources and their better allocation. With the nationalization of banks in 1969, banks became a tool of monetary disbursion for different sectors of the economy and individuals of the country.

The regulatory, structural and technological factors have significantly changed the banking environment throughout the world. To match the environmental changes, to ensure adequate and timely supply of funds to individuals and industries, and to make the Indian market growth-oriented, the Narasimham committee suggested wide-ranging reforms in the banking sector. Post-1991 technology-driven private players brought in immense competition and innovative products. The reforms also led to foreign participation and upgradation in services offered to meet the competitive pressures. Today, banks offer a number of services to choose from. Amidst growing competition, excellence demands commitment from all the concerned departments.