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1
PROJECT ON CUSTOMER
SATISFACTION IN
WESTERN UNION MONEY
TRANSFER
Name: Ronak Surana
Enrollment no.: A30606411033
Class: BBA 2011-2014
2
AKNOWLEDGEMENTS
I would like to thank my college, AGBS
Hyderabad for giving me an opportunity
to do this project. It helped me learn a lot
about the current market and about how
work takes place.
I would also like to thank my faculty for
their guidance and their ideas that helped
me bring out the project better.
I would also like to thank my friends
who helped me during the course of
study.
Last but not the least, I am thankful to
my parents for their immense support
and their blessings.
3
ABOUT THE PROJECT
I have done my project on the customer
satisfaction of Western Union Money
Transfer service, Secunderabad.
I did this project as it shows how a
money transfer service can help people
living in different countries.
During the course of this project, I went
to the Western Union office at
Secunderabad. I collected information
regarding their services from a number of
customers.
I have also gone through the company
history and profile thoroughly.
4
CONTENTS 1. INTRODUCTION TO MARKETING
2. CUSTOMER SATISFACTION
3. MONEY TRANSFER SERVICE
4. HISTORY OF WESTERN UNION
MONEY TRANSFER
5. COMPANY PROFILE
6. RESEARCH
7. RESEARCH METHODOLOGY
8. ANALYSIS AND INTERPRETATION
OF RESEARCH DATA
9. FINDING & SUGGESTIONS
10. QUESTIONNAIRE AND
BIBLIOGRAPHY
5
CHAPTER 1
INTRODUCTION
TO
MARKETING
6
INTRODUCTION:
Marketing is a process or an activity by
which individuals and groups of people get what
they need and want by creative and exchanging
services and goods with other.
Traditional people think that marketing is
telling and selling. But modern sense the
marketing is satisfied customer needs and
making good relationship with other.
Marketing deals meeting the customer needs
and satisfied those offering higher values to
customers.
Marketing needs with maintaining present
customers and growing potential customers
premising higher values.
7
MARKETING CONCEPTS:
The following concepts or very use full to business organization
Production concept
Product concept
Market concept
Societal marketing concept
Marketing is a restless, changing and dynamic field
thousands of new products, including those of entire new industries
has appeared in the market the role of marketing and market places
are recurrently changing day by day on ever increasing are
becoming more market-driven in the premium has been placed on
making sound marketing decisions and companies strategic decision
making.
Concentration on key markets or opportunities provides firms with
a chance to build a fuller picture of market conditions understand
the details of customers specific requirements, design and develop
offering adapted to meet buyer needs, establish and sustain along
term marketing presence and minimize costs while maximizing the
returns from individual market.
8
OBJECTIVE OF THE STUDY:
Study the customer satisfaction about money transfer service.
To draw out the customer satisfaction levels.
To build a good customer relationship.
To take care necessary measures to improve services offered to
customer.
To compare satisfaction of the company Vis-a-Vis major
competitors.
9
METHODOLOGY:
SOURCES OF DATA:
The data furnished in the report has been collected from two sources.
PRIMARY DATA:
The primary data for research study has been collected from the
customers by the method of questionnaire.
SECONDARY DATA:
The secondary data for research study has been collected from the
brochures, pamphlets and from internet websites.
10
SCOPE OF THE STUDY:
This study is related to Western union Money Transfer Service
only.
The study covers the opinion of customers about the Western
Union Money Transfer Service.
The study is concerned with perception of the customers of the
Western Union Money Transfer Service.
It manages to bring out how much a money transfer service can
help people.
It helped create awareness about the usefulness and positive effects
of money transfer services.
It brought out the discrepancies involved in a money transfer
process.
11
LIMITATIONS:
The following are the limitations of the project.
A survey on customers of WESTERN UNION MONEY TRANSFER
OF SERVICES restricted to Secunderabad.
1) There is a limited time to study the project it is difficult to
collect more information. Therefore a deep study is not
possible.
2) The given information by the customers may not be correct as
their opinions, attitudes etc., may differ from others.
3) It is collected only from 30 customers; therefore it cannot give
the accurate information.
4) It may not provide all the information required to find out the
customer satisfaction of Western Union Money Transfer.
12
CHAPTER 2
CUSTOMER
SATISFACTION
13
CUSTOMER
SATISFACTION:
Customer satisfaction is known as the heart of marketing. Every
business’s success in today’s world depends upon the level of
satisfaction of the customers. No business can survive without
satisfaction of customers, be it product or service.
Customer satisfaction is outlined a frame work of a five steps end-to-end
process.
The presentation tries to address a problem that many corporations get
consistently, year after year low customers satisfaction scores even
though year after year they aim towards improvements. Although we do
not claim to comprehend all the reasons behind declared in customer
satisfaction corporations experience in recent year, we be live a
substantial increase in customer satisfaction could be achieved by better
management of promises to customers and better co ordination of
actions to improve customer satisfaction.
Quality and service alone cannot produce recurrent satisfaction.
Satisfaction is distinct and separate issue. It is the customer’s entire
experience with us that determines his or her declaration of satisfaction.
This experience is not objective at all but totally subjective. It is the
customer’s call. A customer is satisfied only if and when they say they
are satisfied. Satisfaction is a based upon the customer’s perception is
his/her interpretation of the value received played back against
expectations. This declaration does not require any objective evidence. It
can be a declaration made with no reason.
14
Our interactions with the customer, the promises made to the
customer in these conversations, the customers’ expectations generated
in these conversations and the actions we take that are consistent with
those expectations combine to produce a declarations of satisfaction.
Therefore it is essential we manage these aspects of our business in pro-
active manner to excel at customer satisfaction.
CUSTOMER SATISFACTION
PROCESS:
Customer satisfaction process is not a set of surveys, a set of
“Bridge the Gaps” actions in response to Customer satisfaction surveys.
Customer satisfaction process is end-to-end, planned,
comprehensive, coordinated, and managed. Set of activities and
interactions designed to achieve the highest possible Customer
satisfaction. Actions initiated both ahead of “Customer satisfaction
surveys”, and as a response to “Customer satisfaction surveys”.
UNDER STANDING CUSTOMER
EXPECTATIONS:
How do buyers form their expectations? From past buying
experience, friends’ and associates’ advice, marketers’ and competitors’
information and promises. If marketers raise expectations too high, the
buyer is likely to be disappointed. However, if the company sets
expectations too low, it won’t attract enough buyers. Some of today’s
most successful companies are raising expectations and delivering
15
performances to match. When General Motors launched the Saturn car
division, it changed the whole buyer-seller relationship with a New Deal
for car buyers: There would be a fixed price a 30-day guarantee or
money back; and sales people on salary, not on commission. Look at
what high satisfaction can do.
A customer’s decision to be loyal or to defect is the sum of many
small encounters with the company. Consulting firm Forum Corporation
say that in order for all these small encounters to add up to customer
loyalty, companies need to create a “branded customer experience”.
Here is how San Francisco’s Joie de Vivre chain does this.
MEASURING SATISFACTION:
Many companies are systematically measuring customer
satisfaction and the factors shaping it. For example, IBM tracks how
satisfied customers are with r\each IBM salesperson they encounter, and
makes this a factor in each salesperson’s compensation.
A company would be wise to measure customer satisfaction
regularly because one key to customer retention is customer satisfaction.
A highly satisfied customer generally stays loyal longer, buys more as
the company introduces new products and upgrades existing products,
talks favorably about the company and its products, pays less attention
to competing brands and is less sensitive to price, offers product or
service ideas to company, and costs less to serve than new customers
because transactions are routine.
The link between customer satisfaction and customer loyalty,
however, it is not proportional. Suppose customer satisfaction is rated on
a scale from one to five. At a very low level of customer satisfaction,
customers are likely to abandon the company and even bad-mouth it. At
levels two to four, customers are fairly satisfied but still find it easy to
switch when a better offer comes along. AT level five, t6he customer is
very likely to repurchase and even spread good word of mouth about the
company. High satisfaction or delight creates an emotional bond with
the brand or company, not just a rational preference. Xerox’s senior
16
management found out that its “completely satisfied” customers were six
times more likely to repurchase Xerox products over the following 18
months than its “very satisfied” customers.
When customers rate their satisfaction with an element of the
company’s performance-say, delivery-the company needs to recognize
that customers vary in how they define good delivery. It could mean
early delivery, on-time delivery, order completeness, and so on. The
company must also realize that two customers can report being “highly
satisfied” for different reasons. One may be easily satisfied most of the
time and the other might be hard to please but was pleased on this
occasion.
A number of methods exist to measure customer satisfaction.
Periodic surveys can track customer satisfaction directly. Respondents
can also be asked additional questions to measure repurchase intention
and the likelihood or willingness to recommend the company and brand
to others. Paramount attributes the success of its five theme parks to the
thousands of Web-based guest surveys it sends to customers who have
agreed to be contacted. During the past year, the company conducted
more than 55 Web-based surveys and netted 100,000 individual
responses that described guest satisfaction on topics including rides,
dining, shopping, games, and shows.
Companies can monitor the customer loss rate and contact
customers who have stopped buying or who have switched to another
supplier to learn by this happened. Finally, companies can hire mystery
shoppers to pose as potential buyers and report on strong and weak
points experienced in buying the company’s and competitors’ products.
Managers themselves can enter company and competitor sales situation
where they are unknown and experienced firsthand the treatment they
receive, or phone their own company with questions and complaints to
see hoe the calls are handle.
For customer satisfaction surveys, it’s important that companies
ask the right questions. Frederick Reichheld suggests that perhaps only
one question really matters: “Would you recommend this product or
service to a friend?” He maintains that marketing departments typically
17
focus surveys on the areas they can control, such as brand image,
pricing, and product features. According to Reichheld, a customer’s
willingness to recommend to a friend results from how well the
customer is treated by front-line employees, which in turn is determined
by all the functional areas that contribute to a customer’s experience.
In addition to tracking customer value expectation and satisfaction,
companies need to monitor their competitors’ performance in these
areas. One company was pleased to find that 80 percent of his customers
said they were satisfied. Then the CEO found out that its leading
competitor had a 90 percent customer satisfaction score. He was further
dismayed when he learned that this competitor was aiming for a 95
percent satisfaction score.
For customer-centered companies, customer satisfaction is both a
goal and a marketing tool. Companies need to be especially concerned
today with their customer satisfaction level because the Internet provides
a tool for consumers to spread bad word of mouthas well as good
word of mouthto the rest of the world. On Web sites like
troublebenz.com and lemonmb.com, angry Mercedes-Benz owners have
been airing their complaints on everything from faulty key fobs and
leaky sunroofs to balky electronic that leave drivers and their passengers
stranded.
Companies that do achieve high customer satisfaction ratings make
sure their target market knows it. When J .D. Power began to rate
national home mortgage leaders, Countrywide was quick to advertise its
number-one ranking in customer satisfaction. Dell Computer’ meteoric
growth in the computer systems industry can be partly attributed to
achieving and advertising its number-one rank in customer satisfaction.
The University of Michigan’s Claes Fornell has developed the
American Customer Satisfaction Index (ACSI) to measure the perceived
satisfaction consumers feel with different firms. Industries, economic
sectors, and national economies. Examples of firms that led their
respective industries with high ACSI scores in 2003 are Dell (78),
Cadillac (87), FedEx (82), Google (82), Heinz (88), Kenmore (84),
Southwest Airlines (75), and Yahoo! (78).
18
CHAPTER 3
MONEY
TRANSFER
SERVICE
&
REMITTANCE
19
HISTORY OF MONEY
TRANSFER SERVICE:
Money transfer service is not a new thing to mankind. People have been
travelling to distant places for earning since centuries. Migration has
been an integral part of human life
A person earning in far-off country has to send money home to his
family. The process of sending of money home is the most important
part of earning in a foreign country. Sending this money home is called
remittance.
REMITTANCE:
A remittance is a transfer of money by a foreign worker to his or her
home country.
Remittances are not a new phenomenon in the world, being a normal
concomitant to migration which has always been a part of human
history. Several European countries, for example Spain, Italy and Ireland
were heavily dependent on remittances received from their emigrants
during the 19th and 20th centuries. In the case of Spain, remittances
amounted to the 21% of all of its current account income in 1946. All of
those countries created policies on remittances developed after
significant research efforts in the field. For instance, Italy was the first
country in the world to enact a law to protect remittances in 1901 while
Spain was the first country to sign an international treaty (with
Argentina in 1960) to lower the cost of the remittances received.
20
EFFECTS, IMPORTANCE
AND BENEFITS:
The remittances in a way are a major force in driving the economy of
home country. The remittances sent by the citizens who are working
abroad offers an import source of funds for many developing nations. In
some cases these funds from remittances even exceed the aid received
from the developed world.
The remittances received in home countries are used for meeting the
expenses of the worker’s family; however it is difficult to track the
expenditure as it is form of private transfers. As per the economists,
recipients may use funds for buying necessities like food, clothing and
housing. It does not lead to development because these are not strictly
investments. Some other economists opined that funds received from
abroad are used for developing the domestic financial system. The
remittances can be sent via wire transfer, to banks and other financial
institutions. These funds are used for the consumption of goods and
services. It can also be used for other purposes like constructing house,
building or any other investments.
As per the research, migrants returning from abroad invest their funds in
developing their own business and they recognize the business trends in
their home country and utilise their work experience abroad for creating
a company in their home country. The inflow of money from
remittances is compared to commodity like oil that have high demand
source. Government can spend money on poorly-planned projects and
get into trouble if the demand for that commodity slows down. As the
remittances are not held by the government unlike oil revenues, they are
sent to individuals for spending.
21
Money sent home by migrants constitutes the second largest financial
inflow to many developing countries, exceeding international aid.
Estimates of remittances to developing countries vary from International
Fund for Agricultural Development's US$301 billion (including
informal flows) to the World Bank's US$250 billion for 2006 (excluding
informal flows). Remittances contribute to economic growth and to the
livelihoods of people worldwide. Moreover, remittance transfers can
also promote access to financial services for the sender and recipient,
thereby increasing financial and social inclusion.
Remittances also foster, in the receiving countries, a further economic
dependence on the global economy instead of building sustainable, local
economies.
As remittance receivers often have a higher propensity to own a bank
account, remittances promote access to financial services for the sender
and recipient, an essential aspect of leveraging remittances to promote
economic development.
The stability of remittance flows despite financial crises and economic
downturns make them a reliable financial resource for developing
countries. As migrant remittances are sent cumulatively over the years
and not only by new migrants, remittances are able to be persistent over
time. At the state level, countries with diversified migration destinations
are likely to have more sustainable remittance flows.
22
TYPES OF REMITTANCES:
The remittances can be classified into four types including Family
Remittances, Community Remittances, Migrant Worker Remittances
and Social Worker Remittances.
Family Remittances: It refers to remittances that are sent by individual
immigrants working in the foreign locations to their family, relatives or
friends in their home country. These remittances are sent every month
and they assist the families of the migrants to survive. These remittances
also help the poor families to fight against the poverty. The family
remittances are regarded as the major form of remittances across the
world where millions of workers are working hard in distant land away
from their home for earning their livelihood.
Community Remittances: It refers to the remittance that is sent by
individual immigrants generally and also includes the remittance sent by
various hometown associations to organisations and communities in
their home country. This money has been used for the developmental
activities of communities such as in building infrastructure, church,
parks, and roads. It also offers health care to the poor. The community
remittances are also used for offering health benefits, education; and
employment to big communities who need these facilities in the home
countries.
Migrant worker Remittances – These remittances refers to the cash
transfers done by migrant workers for sending the money to the families,
friends and relatives back home. The migrant worker remittances make
up a large chunk of money inflows into home country by the people who
have migrated to foreign locations in the search of money, job or
education.
23
Social Remittances – These remittances basically comprise of various
ideas, practices, and social capital that make up the backbone of many
remittances that flows from workers of one country to another. Thus
social remittances assist the traditions and culture of one race or
community, to socialize with the cultures and traditions of another
community. Social Remittances help in the bonding of people and do not
have money associated with them.
24
WAYS OF MAKING
PAYMENT:
One can make payment for the remittance in your bank in many ways as
mentioned below.
(a) Certified Personal Check or Personal Check – This check needs to be
drawn on the account and should be payable to the branch of bank from
where you are sending money.
(b) Cashier’s Check – This payment method involves the check to be
purchased from your account and it should be payable to branch of bank
from where you are sending money. You should ensure that your name
is printed on the check.
(c) Wire Transfer – This method involves the wire transfer from your
account. The account number and routing number are used for sending
money in this case.
(d) ACH Debit Authorization – This method involves the debit of money
from account upon the authorization through the Automated Clearing
House (ACH). ACH refers to an electronic processing facility that
allows the bank to debit (or credit) an account with another bank. It acts
as an electronic substitute for checks in the banks. The form used
requires you to fill the information related to the bank account including
the bank’s routing number and account number that is available on the
check.
(e) Account Debit – In case user has maintained an account with the
branch of the bank, he can authorize the bank to debit that account.
25
(f) Cash – Customer can also make the payment in person up to $2500.
(g) Debit or Credit Card – Banks can also charge the valid debit or credit
card up to amount of $5000 if customer comes in person for sending
money and up to $1000 when customer applies by mail or fax.
REMITTANCE IN INDIA:
India continues to be the top recipient of global remittance flow at $52
billion in 2011, the World Bank has said in a report.
Remittance is defined as the sum of money paid to someone at a
distance. A 'remittance transfer' refers to the transfer of money from an
individual, usually a person who has emigrated from her city or country
of origin, to another individual, usually a relative who remains at home.
Migrant remittance flow to developing countries, including India, will be
around $317 billion this year, a lower-than-expected fall from the year-
ago level, but will return to the recovery path in years to come, the
World Bank has said.
Remittance flow to developing countries will touch $317 billion in 2011,
and going forward, the inflows to these nations are expected to remain
almost flat in 2012, (with a modest rise of 1.4 per cent) and grow by 3.9
per cent in 2012, the World Bank said in its Migration and Development
Brief.
26
FACTS RELATED TO
REMITTANCE:
The facts related to the remittances are mentioned below:
(1) As per the report submitted by the World Bank, almost US$250
billion was sent through remittance throughout the world in the year
2006. The amount of money sent via remittance has been increasing
steadily with thirty percent growth every year
(2) The share of the global remittances sent to the developing nations
rises from fifty seven percent in 1995 to seventy two percent in 2005. It
was equivalent to an amount of $167 billion in the time period of ten
years.
(3) India is the leading remittance receiver globally and accounts for the
maximum remittance received every year. In the year 2006, $26.9 billion
was remitted to India and it increased up to $55.06 billion in 2009. India
is followed by China at second position with $22.52 billion in 2006 to
$40.5 billion in 2008. These two are followed by Philippines ($17.3
billion); Mexico ($21.2 billion) and Poland.
(4) A large chunk of remittances from the US is directed to Asian
countries including India ( 26 billion USD), Philippines (16 billion
USD) and China (23 billion USD). In the year 2003.2004, five out of
seven top remittance recipient countries belonged to Asia. The Asian
countries were India, Philippines, China, Pakistan and Bangladesh. Non
Asian countries in the top seven include Mexico and France.
(5) The Asian countries like India, China and non Asian such as Mexico
and France accounts for a third of global remittances.
27
(6) The remittances make up a high share of GDP gross domestic
product in only two countries including the Philippines and Serbia and
Montenegro.
(7) In fact, approx ten percent of the population globally is involved
directly with remittances.
(8) USA tops the list of countries that offers the largest amount of
remittances, with $31 billion of remittance is sent every year from USA
to other countries.
28
CHAPTER 4
HISTORY OF
WESTERN UNION
MONEY
TRANSFER
29
HISTORY:
Western union began as a telegraph company, sending
messages to millions of people worldwide. Today, Western union is a
global leader in money transfer services. Because money transfers
service is available in over 200 countries at more than 2, 70,000 agent
locations. India is the largest remittance market in the world.
Western Union Money Transfer commenced its operations in India in
1993 with few agents. Today, the Western Union family extends to more
than 36,000 locations across 3500 cities.
Today, Western Union serves millions of customers in India and their
service has created a lifeline for NRIs.
1851
A group of businessmen in Rochester, New York and Mississippi
Valley printing Telegraph company Western Union’s Predecessor
Company.
1856
The New York and Mississippi Valley printing telegraph company
changes its name to Western Union Telegraph Company, signifying the
union of “western” telegraph lines with eastern lines into one system.
30
1861
Western Union completes the first transcontinental telegraph line,
providing fast, coast-to-coast communications during the U.S. Civil
War.
1869
Western Union introduces the first stock ticker, providing brokerage
firms with New York stock Exchange quotations.
1871
Western Union Money Transfer service was introduced and became the
company’s primary business.
1884
Western Union is selected as one of the original 11 stocks tracked in
the first Dow Jones Average.
1914
Western Union introduces the first consumer charge card.
1920
Western Union introduces teletypewriter, joining branches and
individual companies.
31
1933
Singing telegrams are introduced.
1935
The first inter-city facsimile service is introduced.
1943
Western Union pioneers the first commercial inter-city microwave
system.
1958
Western Union introduces Telex, a direct-dial consumer to consumer
teleprinter service.
1964
Western Union launches the use of a transcontinental microwave radio
beam system, replacing poles and wires spanning the continent.
1970
Western Union Mailgram messages offer next-day delivery through the
postal service.
32
1974
Western Union launches Westar I, the first commercial
communications satellite in the United States.
1980
Revenue from the Money Transfer service (originally known as money
order service) exceeds that from the telegram service for the first time in
Western Union history.
1982
Western Union is the first company with five satellites in orbit.
1989
Quick collect provides creditors a service for securing fast collection of
payments via fiat-rate money transfers.
Rapid Money Transfer Service becomes available outside North
America.
1992
Western Union Money Order service provides customers with a fast,
easy way to get money orders.
33
1993
Dinero en Minutos (Money in Minutes) service is introduced, making
fund sent to Mexico from the U.S. available in minutes.
1993
The Western Union phone card service is the first branded, pre-paid,
and disposable telephone card offered in the United States.
1994
First financial Management Corporation acquires Western Union
financial Services, Inc.
1995
First financial management corporation completes a $7 billion merger
with first data corporation (NYSE:FDC) Western Union financial
services, Inc. becomes a first data corporation subsidiary.
1996
Western Union opens its North America head quarters in Englewood,
Colorada.
International presence continues to expand with new regional offices in
Paris, Vienna, and Hong Kong.
34
1998
The Western Union Money Transfer service expands to reach 50,000
Agent locations worldwide, the world’s largest money-transfer network.
International Regional Operating Centers open in Brussels and Costa
Rica.
1999
By the end of the year, there are more than 80,000 Western Union
agent locations in more than 140 countries and territories and the globe.
2000
Western Union launches westernunion.com, bringing the convenience
of money transfers to the Internet.
2001
Western Union celebrates its 150-year anniversary by reaching more
than 100,000 Agent locations worldwide.
2002
Christina Gold named president, Western Union Financial Services,
Inc.
2005
The Western Union Agent network, combined with subsidiary Orlandi
Valuta, exceeds 250,000 locations.
35
2006
Western Union discontinues its historic telegram services, completing
its transformation to a financial services company.
For more than 150 years, Western Union has been connecting people.
2009
In May 2009, Western Union announced their intention to acquire
Custom House from Peter Gustavson. The deal closed in September
2009, with Western Union purchasing Custom House for $370 million
USD. Its acquisition led the company to be re-branded as Western Union
Business Solutions.
2010
Hikmet Ersec takes over as the president of Western Union Business
Solutions on September 1, 2010.
2011
In January 2011, Western Union acquired the 100% of Angelo Costa,
CEO Francesco Costa, a group active in money transfer and services to
immigrants. Angelo Costa has a network of 7,500 points of sale in
various European countries. The agreement was signed for $ 200
million.
In July 2011, Western Union acquired Travelex's Global Business
Payments division for £606 Million.
36
PRESIDENTS OF THE
COMPANY:
Hiram Sibley (1856–1866)
Jeptha Wade (1866–1867)
William Orton (1867–1878)
Norvin Green (1878–1893)
Thomas Eckert (1893–1902)
Robert Clowry (1902–1910)
Theodore Vail (1910–1914)
Newcomb Carlton (1914–1933)
Roy White (1933–1941)
Albert Williams (1941–1948)
Walter P. Marshall (1948–1964)
Russell McFall (1965–1979)
Robert Flanagan (1979–1984)
Roland Berner (1984)
Robert Leventhal (1984–1988)
Robert Amman (1988–1994)
Alan Silberstein (1994–2001)
Christina Gold (2006–2010)
Hikmet Ersek (2010–Present)
37
CHAPTER 5
COMPANY
PROFILE
38
A GLOBAL LEADER:
Western Union employees nearly 7,000 people around the world.
Employees live and work in more than 200 different countries and
speak 75 languages and dialects.
Western Union has more than 5,00,000 agent locations in more
than 200 countries.
Western Union is a global leader Money Transfer Services.
Western Union is an industry leader with more than $5 billion
revenue, and total assets worth nearly $8 billion.
Western Union helps consumer and business send money, bill
payments quickly, reliably.
Western Union provides consumers with financial, convenience
and control.
Western Union offers services through agent locations around the
world.
Western Union Money Transfer is a part of, First Data Corp., which
is a fortune 500 company who also is world leader in Money Transfer
Business with over 2,70,000 locations spread over more than 200
countries. Western Union with its state-of-the-art technology offers
safe, reliable, legal and fraud free instant money transfer services duly
approved by Reserve Bank of India.
39
SAFE:
The safest easiest and fastest way to transfer money from
anywhere in the world to India is through Western Union Money
Transfer. For disbursement at Paul Merchants Ltd., offices authorized by
Reserve Bank of India, Western Union Financial Services USA is the
largest and most trusted service in the world and has been in existence
since 1871, and currently has and electronically transfer network of over
2,70,000 locations to make money transfer for immediate payout in 200
countries including India. Paul Merchants Ltd. Is the market leader in
the Money transfer with conveniently located offices throughout India
so, if you intend to send money to someone in India then make sure, you
do it through Western Union Money Transfer to Paul Merchants for
disbursement. The person you are sending money to, will receive it just
minutes after you have sent it to any of the Paul merchants locations.
EASY:
Money Transfer made easy to transfer the Money you don’t need
to have a Bank Account. Simply bring your Money to any Western
Union agent and fill out a short
Form to pay a service fee. Get a receipt with Money Transfer Control
Number. In form your receiver of the Transfer and advice him to collect
Money at any of Paul Merchants locations listed in our website. The
receiver will be required to present proper photo identification and will
be paid immediately. Paul Merchants and Western Union are much more
convenient than any Bank.
40
LEGAL:
Money Transfer through Western Union is totally legal and authorized
By Reserve Bank of India. Paul Merchants Limited (PML) is the
flagship company of renowned “PAUL MERCHANTS” group based at
Chadigarh, a Conglomerate having prominent interests in fields like
Forex, International Money Transfer, Finance, Immigration, Tours &
Travels and Holidays, Packages and Air Ticketing. Paul Merchants
Limited was incorporated on 13th
July 1984 and its Scrips are listed on
Delhi Stock Exchange. Riding high upon its vision and philosophy
Of remaining ahead of Times, PML has made paradigmic developments
in all the fields of its operations PML has established itself has a leading
member of the regions star studded financial services sector lobby.
PML had made a humble beginning in the field of international Money
Transfer after signing an agency agreement with Western Union
Financial Services Inc., New Jersey, U.S.A. PML had obtained a
specific approval from the Reserve Bank of India, Central Office, and
Mumbai for this purpose. Western Union Financial Services Inc. is
world’s number one Money Transfer company with over 2,70,000 agent
locations covering more than 200 countries. Staff and thoughtfully
entered strategic alliance is that today PML is ranked as the highest
revenue generating principal agent of Western Union in whole of south
Asia and is making momentous contribution to the foreign exchange
reserves of India in the form of Western Union inward remittances.
PML is being managed professionally by a group of experienced
professionals having wide experience in their respective fields under the
innovative leadership of its chairman cum managing director, Mr. S.
Paul who himself has an experienced of over 30 years in various lines of
business over the year the Board of directors of PML has conducted the
Business with a profuse dignity, which inspires everyone associated with
the company. PML has a dedicated and fully trained team of over 300
employees who are having expertise in their respective fields. The
company offices are equipped with all modern infrastructures required
for extending quality service to valuable customer, with the company’s
41
concept of providing “Total Services” in the Forex, Money Transfer &
travel sectors and its belief in providing “Service up to the utmost
satisfaction of the customer” the company is poised to achieve greater
heights in the near future.
PAUL MERCHANTS is one of the primary agents of the Western
Union.
PAUL MERCHANTS HAVING THE FOLLOWING PARTNERS:
State bank of Patiala (SBOP)
Kerala state Financial Enterprises Ltd.
Trinethra
Capital Local Area Bank
HP Gas
Punjab & Sind Bank (P & SB)
Hindustan Petroleum Corporation Ltd.
Bharat Petroleum Corporation Ltd.(BPCL)
Professional Courier
E-SEVA
COX & KING
PHEROZ Framroze
42
EMITRA
State Bank of Indore (SBOI)
Sify-I-Way
Tick Business Solutions
CMS Computer Solutions
Easy Bill (HERO Honda)
43
AREAS OF OPERATIONS:
SERVICES PROVIDED:
ONLINE
Western Union's website, westernunion.com, allows users to send and
receive funds to others, pay bills, or purchase gift cards.
The domain westernunion.com attracted at least 8.7 million visitors
annually by 2008 according to an online study.
BIDPAY
As the Internet became an arena for commerce at the turn of the
millennium, Western Union started its online services. BidPay was
renamed "Western Union Auction Payments" in 2004 before being
renamed back to BidPay. BidPay ceased operations on December 31,
2005, and was purchased for US$1.8 million in March 2006 by
CyberSource Corp. who announced their intention to re-launch BidPay.
BidPay was later discontinued by CyberSource effective December 31,
2007.
WESTERN UNION MOBILE
In October 2007, Western Union announced plans to introduce a mobile
money transfer service with the GSM Association, a global trade
association representing more than 700 mobile operators in 218
countries and covering 2.5 billion mobile subscribers.
44
The proliferation of mobile phones in developed and developing
economies provides a widely accessible consumer device capable of
delivering mobile financial services ranging from text notifications
associated with Western Union cash delivery services to phone-based
remittance options. Western Union's mobile money transfer service
offering will connect its core money transfer platform to m-bank or m-
wallet platforms provided by mobile operators and / or locally regulated
financial institutions.
SENDING AND RECEIVING FUNDS
The most important service that Western Union provides is the transfer
of money from one place/country to other. Money can be transferred in
cash or as cheques. Alternatively, a sender may forward funds online to
a recipient by using Western Union's online site, westernunion.com.
TRANSFER FEES
Fees differ based on originating and receiver countries and type of
transfer. Generally, fees are less if using the website rather than using a
partner agent location.
PAST SERVICES
Along with satellite telecommunications, Western Union was also active
in other forms of telecommunication services:
WU phone parlors near Times Square, 2008
Common carrier terrestrial microwave networks
45
Business communications networks such as Telex and TWX,
which was acquired from AT&T and renamed Telex II by Western
Union
Landline-based leased voice and data communication circuits
Long distance telephone service
Airfone air-ground radiotelephone service from 1981 to 1986
Cellular phone service for a very short time in the early 1980s (the
phones were made by 2-way radio manufacturer E.F. Johnson
Company)
46
WESTERN UNION EXECUTIVE
BOARD: CEO – Hikmet Ersek
Chairman of the Board – Jack Greenberg
Director – Roberto Mendoza
Director – Michael Miles
Director – Linda Levinson
Director – Dennis Stevenson
Director – Betsy Holden
Director – Richard Goodman
Director – Dinyar Devitre
Director – Wulf Von Schimmelmann
CFO – Scott Scheirman
Human Resources – Paula Larson
Marketing – Diane Scott
Integration – Robin Heller
Global Consumer Financial Services – Stewart Stockdale
CIO – John Thompson
CMO – Gail Galuppo
Corporate Affairs – Anne McCarthy
Legal & Secretary – John Dye
The Western Union Foundation – Luella Chavez D’Angelo
Western Union Business Solutions – Raj Agarwal
Latin America & Caribbean – Odilon Almeida
North America – Victoria Lopez Negrete
Asia Pacific – Drina Yue
Electronic Channels – Khalid Fellahi
Europe & CIS – Jan Hillered
Middle East & Africa – Jean Claude Farah
47
MONEY TRANSFER
PROCESS:
PROCEDURE FOR MONEY
TRANSFER TO INDIA FROM
ABROAD:
Person sending money from abroad, approaches the nearest
WESTERN UNION agent location submits the money along
with the name and address of receiver.
A long with the receipt, the location officer gives a secret
10digit code called the MTCN (Money Transfer Control
Number). This code can be verified at every Western Union
location and helps to identify the genuine receiver.
The sender informs the receiver about the code as well as the
amount sent.
Upon receipt of the code, the receiver approaches the nearest
Western Union agent location along with the code and his
identity proof.
The location officer issues the money immediately to the
receiver after verifying the code and any of the Western Union
48
accepted photo identity card. The entire process takes a few
minutes.
SAMPLE FORM FOR SENDING MONEY
49
PROCEDURE FOR RECEIVING MONEY IN INDIA:
The receiver must be physically present for transaction and possess
all the five basic information:
Sender’s Name
Country sent from
Amount expected
MTCN (Money Transfer Control Number)
Receiver’s Name
If any of these are not available, the payment should not be made.
The receiver should produce one of the 10 valid photo IDs for
personal identification:
Passport
Voter card
Driving License
Pan card
Employee Id (Armed Forces & Para military Services)
50
Employee Id of RBI,SEBI,TRAI & IRDI (Serving, not
retired)
Ration Card
Central Govt. Employee ID
State Govt. Employee ID
Loyalty Card
Employee Id of police (again, in service)
Bank pass book with photo
Payment is not to be made in cash for an amount of over
Rs.50,000/-Only an account’s payee cheque should be issued.
51
CHAPTER 6
RESEARCH
52
PROBLEM DEFINITION
In the case, the topic is to know the
“customer satisfaction towards
“WESTERN UNION MONEY
TRANSFER” because of good marketing,
the basic problem is to know the
satisfaction of the consumer is at present
towards WESTERN UNION MONEY
TRANSFER. What people think about it?
The main problem is to know how many
people are interested in using the services
of WESTERN UNION MONEY
TRANSFER.
53
OBJECTIVES OF THE STUDY:-
The main objective of the study can be explained as below:-
To know how many persons are willing to use
WESTERN UNION MONEY TRANSFER service.
To know the different criteria that the customer
undertakes while using money exchange services.
Through customer satisfaction, we can know the current
position of WESTERN UNION MONEY TRANSFER
in the market.
Also the study will provide detail about the money
exchange and remittance service and the financial
position of the company will be known.
SCOPE OF THE STUDY:-
Scope of the study is to know the customer satisfaction
about WESTERN UNION MONEY TRANSFER in Hyderabad
city.
54
RESEARCH COMPONENT
Research design: Research design is the plan for collecting the information
related to the study. Research design explains the methods
that are used for collecting the information. The research
design will focus attention on the different methods that are
used for collection of the data. Also it will help to solve the
problem. Different forms of collecting the data will be tasted
in the research design.
In this case, survey method is used to collect the necessary
data in the survey method, the personal interview is used to
collect the information from the respondents, and
questionnaires are used. The respondents are visited
personally, and the detail information is collected related to the
study. The question mainly focuses attention on the consumer
behavior to fulfill the objective of the study.
55
CHAPTER 7
RESEARCH
METHODOLOGY
56
RESEARCH METHODOLOGY
“Research is an organized inquiry designed and carried out to
provide information for solving problems.”
-Fred Kerlinger.
“Research is careful inquiry or examination to discover new
information or relationships and to existing knowledge.”
- Francis Rammel.
The nature of the project work has been exploratory as no
hypothesis is taken to be tested. Though the conclusions
drawn could be taken as the hypothesis and further tested by
the research work undertaken in the relevant field. The
reason for choosing the exploratory research design is the
fact the project report has been primarily based upon the
secondary sources of data and whose authenticity could be
assured of.
The reluctance of the company's personnel in parting with
much of information led the project report to be based
substantially on the secondary source of data. The sources of
data used in data collection are the following:
57
Primary sources:
In order to gather information about the various products, I
personally visited a number of retail markets and collected
data pertaining to the prices of the products offered. The
market visits were useful in knowing the comparative prices
and quality of the offered brands vis-à-vis the competitive
brands. Detail regarding the packaging of the products were
collected were collected and I also inquired about the various
sales promotion schemes followed by the three companies.
By interviewing these retailers valuable information was
collected. I inquired from them about their marketing
advertising and distribution strategies.
Secondary sources:
Information was collected from secondary sources such as
public libraries, newspapers, business magazines.
Beside these the use of Internet was also made in collecting
relevant information. The data collected from the above
mentioned sources has been adequately structured and used
at appropriate places in the report. This particular way of
data collection was used because of its low cost (except data
58
collected through surfing the internet) and less time
consumption. The information gathered included:
Their annual reports
Pamphlets.
Posters.
Press clippings.
News releases
Newsletters.
Pictures.
Websites
59
CHAPTER 8
ANALYSIS &
INTERPRETATION
OF RESEARCH
DATA
60
SERVICES WESTERN UNION MONEY
TRANSFER, SECUNDERABAD:
Response No. of Respondents Percentage
Satisfied 12 40
Dissatisfied 5 16.66
Very much satisfied 13 43.34
Very much
dissatisfied
Total 30 100
The customers were asked about the services of Western Union Money
Transfer, Secunderabad. 43.3% of the Respondents are very much
satisfied with the services of organization where are only 16.66% of
customers are dissatisfied service.
0
20
40
60
80
100
120
No.of
Respondents
percentages
Satisfied
Dissatisfied
Verymuchsatisfied
Verymuchdissatisfi
ed
Total
61
SOURCE OF INFORMATION:
The customer responded that they came to know about money transfer
service through television were 60% where as others came to know
about the western union services through friends and magazine.
0
20
40
60
80
100
120
No.of Respondents percentages
Television
Magazine
Friends
Agents
Total
Response No. of Respondents percentage
Television 18 60
Magazine 3 10
Friends 7 23.3
Agents 2 6.7
Total 30 100
62
NEW BRANCHES:
Choice No. of Respondents Percentage
Yes 20 66.68
No 5 16.66
Can’t say 5 16.66
Total 30 100
The customers were asked about whether there is any need for new
branches of western union services. Around 66.68% said that western
union should open new branches and where as 16.66 felt that there is no
need for new branches.
0
20
40
60
80
100
120
No.of
Respondents
percentages
Yes
No
Can't say
Total
63
SERVICES EXPECTED:
Services No. of Respondents Percentage
Online services 12 40
International
Exchange
10 33.33
Depositary
participate
08 26.67
Total 30 100
The customers were asked about the new services they are expecting
from western union. 33.33% of the respondents said that they were
expecting International Exchange where as 40% of the customers said
that they want Online Services only. 26.67% of the customers said that
they were Expecting Depositary Participate services.
0
20
40
60
80
100
120
No.of Respondents percentages
Onlineser
vices
Internatio
nalExcha
nge
Depositar
y
Participat
eTotal
64
CUSTOMER SATISFACTION AT “WESTERN
UNION”
Response No. of Respondents Percentage
Excellent 18 60
Good 8 26.67
Average 4 13.33
Total 30 100
The above table shows the customer satisfaction at western union. 60%
of the respondents are said that the level of satisfaction is excellent
where as 26.67% of then said that is good. Overall the customers are
satisfied with western union.
0
20
40
60
80
100
120
No.of Respondents percentages
Excellent
Good
Average
Total
65
FINANCIAL DETAILS SECRECY:
Options No. of Respondents Percentage
Yes 13 43.33
No 17 56.67
Total 30 100
The customers were asked whether they would like the financial details
to be passed to other. 56.67% of customers said that they would like to
maintain secrecy of their financial details, where as 43.33% of them said
that they would like to pass on the details to others.
0
20
40
60
80
100
120
No.of Respondents percentages
Yes
No
Total
66
NO. OF TIMES MONEY RECEIVED:
No. of times No. of Respondents Percentage
4 4 13.33
6 4 13.33
Many times 22 73.34
Total 30 100
The customers were asked about the number of times they received
money 73.34% of then said that they received money many times, where
as 26.66% of the respondents said that they received money 4 to 6 times.
0
10
20
30
40
50
60
70
80
No.of Respondents percentages
4
4
Many times
67
PROBLEM FACED:
Problem faced No. of Respondent Percentage
Yes 5 16.7
No 25 83.3
Total 30 100
The customers were asked whether they faced any problem while
receiving money. 83.3% of them said that they didn’t face any problem
where as 16.7% of customers were faced problem while receiving the
money.
0
20
40
60
80
100
120
No.of Respondents percentages
Yes
No
total
68
ANY DEFECTS:
Response No. of Respondents Percentage
Yes 3 10
No 27 90
Total 30 100
The customers were asked whether they find any defects in western
union. 90% of customers did not find any defects in western union
where as 10% of the respondents find defects.
0
20
40
60
80
100
120
No.of Respondents percentages
Yes
No
total
69
CHARGES OF WESTERN UNION:
Options No. of Respondents Percentage
High 5 16.67
Low 15 50
Reasonable 10 33.33
Total 30 100
The customers were asked about the charges in western union. 50% of
the Respondents said that the charges are low, where as 33.33% of they
said that charges are Reasonable. Only 16.67% of the customer felt that
charges were high.
0
20
40
60
80
100
120
No.of
Respondents
percentages
High
Low
Reasonable
Total
70
MANAGEMENT TREATMENT:
Treatment No. of Respondents Percentage
Partial 5 16.67
Impartial 20 66.66
Reasonable 5 16..66
Total 30 100
The customers were asked how the Management treats them in
organization. 66.67% of the customers said that they were treated
equally.
0
20
40
60
80
100
120
No.of
Respondents
percentages
Partial
Impartial
Reasonable
Total
71
WESTERN UNION MONEY TRANSFER
SERVICE:
Options No. of Respondents Percentage
Good 22 73.33
Bad 8 26.67
Total 30 100
The customers were asked whether the services of western union are
good or bad. 73.33% of them said that it is good, where as 26.67% of
them said that western union services are bad.
0
20
40
60
80
100
120
No.of Respondents percentages
Good
Bad
Total
72
CUSTOMER RELUCTANCE TO WORK:
Reluctance to
work
No. of Respondents Percentages
Yes 20 66.67
No 10 33.33
Total 30 100
The customers were asked if western union is making the customer
reluctant to work hard. 66.67% of them said yes, it is making the people
reluctant to work hard, where as 33.33% of them said no.
0
20
40
60
80
100
120
No.of Respondents percentages
Yes
No
Total
73
CHOICE FOR PREFERANCE WESTERN
UNION:
Preference No. of Respondents Percentage
Easy Finance only 6 20
Moderate price 10 33.33
Durability 14 46.66
Total 30 100
The customers were asked were asked why they prefer western union.
46.66% of them preferred it for Durability where as 33.33% of them
opted it for Moderate price and 20% of them opted it for Easy Finance.
0
20
40
60
80
100
120
No.of
Respondents
percentages
Easy
Finance
OnlyModerate
price
Durability
Total
74
CHAPTER 9
FINDINGS
AND
SUGGESTIONS
75
FINDINGS:
After observing the customers opinions, I found the following details:
It is found that the service is in a very good position in the area.
In the month of December 2011, it has the highest turnover.
In the month of December 2011, it also made the highest number
of transactions.
Customers came from different and far-off places.
Most of the customers were satisfied with the service provided by
Western Union Money Transfer services.
Compared to all other money transfer services, the Western Union
Money Transfer service is reliable, legal, and cheaper and this
service convenient to the all types of customers.
In Western union money transfer service, Paul Merchants is in the
number one position in south Asia.
Western union money transfer service is available in more than
200 countries. Therefore all types of customers all over the world
will get benefit from this service.
This service is provided all over the world by 5, 00,000 agent
locations.
Western union money transfer service and Paul merchants are
providing best service to Indians as well NRI’S, in money transfer
service.
76
SUGGESTIONS:
Many customers responded that western union money transfer
service is not offering domestic money transfer service. So my
suggestion is that they start domestic money transfer service
also.
Western union money transfer service is not giving any
discounts to the customers. So my suggestion is that if some
discounts are offered to customers, it will help to increase the
transactions.
Many people do not know about service provided by Western
union international, therefore it should increase its
advertisements, marketing and network to make it known to
people.
People are unaware about transfer services. So my suggestion is
to increase the awareness in people about service offered by
western union.
Increasing the agent locations so that each and every person will
know about the service provided by the western union money
transfer.
Service offered by western union is best but it needs to improve
the service to rural people also. Because many people from rural
areas go to foreign countries for employment.
The service offered by western union international money
transfer is better compared to other competitors like UAE
Exchange, instant cash etc.
77
CONCLUSION
Today, businesses around the world, both large and small, cannot ignore the impact that the global economy is having on their performance. Globalisation, the internet, and information transparency have led to an increasingly mobile workforce, ever more fickle customers, and rapidly changing technologies and business models. One result of this seemingly inexorable trend is that companies are less able to predict - let alone control - the short-term shape of their own markets.
As a result, more and more organisations are choosing to adopt a marketing-led philosophy to enable them to win market share and capture and retain the hearts and minds of current and prospective customers. Marketing is becoming more important as organisations around the world strive to develop products and services that appeal to their customers and aim to differentiate their offering in the increasingly-crowded global marketplace.
These complex issues heighten the need for effective marketing whilst expanding its scope beyond the ‘marketing function’. Put simply, marketing is no longer the sole prerogative of a single ‘function’, even if the leadership on marketing comes from that function, together with the framework within which marketing strategies are conceived, developed, planned, executed, reviewed and improved.
78
CHAPTER 10
QUESTIONNAIRE
AND
BIBLIOGRAPHY
79
QUESTIONNAIRE
NAME:
OCCUPTION:
GENDER:
AGE:
1. How do you feel about the services of “WESTERN
UNION MONEY TRANSFER”?
A) Satisfied
B) Dissatisfied
C) Very much satisfied
D) Very much dissatisfied
2. How did you come to know about money transfer service?
A) From television
B) From Magazine
C) From Friends
D) From Agent
80
3. What major purpose would you use this money transfer
service?
4. Do you think WESTERN UNION requires many more
branches for effective services?
A) Yes
B) No
C) Can’t say
5. Do you demand any of the services below?
A) Online service
B) International Exchange
C) Depositary participate services
81
6. How much would you rate customer satisfaction “At
Western Union”?
A) Excellent
B) Good
C) Average
7. Would you like to share your money transfer’s financial
details with others?
A) Yes
B) No
8. How many times you received money from abroad?
A) 4
B) 6
C) Many times
82
8. Have you faced any problem while receiving your money
in Western Union?
A) Yes
If yes, please mention
B) No
9. Would you like to point out any defects you found in
money transfer services?
A) Yes
If yes, please mention
C) No
83
10.What do you feel about the charges at Western Union
services?
A) High
B) Low
9. Reasonable
11. How does the management treat customers?
A) Partial
B) Impartial
C) Indifferent
12. Do you think Western Union makes customer reluctant to
work hard?
A) Yes
B) No
84
13. Why “most of the customers prefer Western Union
service”? Mention if any other reason.
A) Easy process
B) Moderate price
C) Durability
D) Other reason
14. Any other suggestions you would like to give to improve
the services of Western Union Money transfer.
85
BIBLIOGRAPHY
http://www.westernunion.com
http://en.wikipedia.org/
http://www.remittance.in/
http://www.google.com/
NEW RULES OF MARKETING
-David Meerman Scott
WORD OF MARKETING
-Andy Sernovitz
