Client and Employee Satisfaction with Merchant Banking Services: An Empirical Study of Punjab National Bank and Axis Bank Ltd.

This paper examines client and employee perceptions of merchant banking services offered by Punjab National Bank (PNB) and Axis Bank Ltd., with a dual focus on external service quality and internal operational conditions. Using structured questionnaires, data were collected from 353 clients of the merchant banking units and a separate sample of employees engaged in merchant banking operations. Client satisfaction was measured across ten dimensions—service quality, communication and responsiveness, professionalism and expertise, cost and fees, reputation and trust, accessibility and convenience, relationship management, technological capabilities, range of services, and overall satisfaction. Reliability analysis confirmed strong internal consistency, and exploratory factor analysis established the multidimensional structure of satisfaction. Results show generally positive client evaluations, particularly for professionalism, communication, and technological capabilities, but more neutral or mixed perceptions for cost transparency, regulatory trust, and relationship management. Employee responses highlight concerns about workload, regulatory compliance burden, and resource adequacy, despite reasonable awareness of compliance requirements. The study offers practical recommendations for strengthening client-centric service delivery and improving internal work conditions in merchant banking operations.