Insights into Banking Sector Grievance Redressal: A Holistic Assessment of Employee Perspectives

Abstract

This study evaluates the effectiveness of consumer protection and grievance redressal mechanisms within the banking sector, with a specific focus on employees' perceptions. The research underscores the pivotal role of the banking industry in economic development and emphasizes the significance of robust regulatory frameworks for safeguarding depositors and financial stability. Through a comprehensive survey of 76 employees from various public and private sector banks, the study illuminates positive employee attitudes towards grievance redressal processes, indicating a customer-centric approach characterized by politeness, promptness, and well-grounded knowledge. The findings offer valuable managerial insights, advocating for continued investment in employee training, a customer-centric organizational culture, and the implementation of effective monitoring and feedback mechanisms. This research lays the groundwork for future studies to explore advanced technological interventions and cross-cultural comparisons in grievance redressal practices within the banking sector. Overall, this study contributes to a deeper understanding of consumer protection dynamics in the banking industry, with implications for enhanced customer satisfaction and trust.