ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Building societies provide banking and other financial services to their members. They are similar to credit unions and savings and loan institutions, but their members are typically those in construction trades, real estate, or co-op housing.

Detailed explanation-2: -As building societies do not need to pay dividends from the profits to shareholders, customers can enjoy some of the profits being passed onto them. This means lower interest rates on mortgages and higher rates on a savings account.

Detailed explanation-3: -Customer satisfaction doesn’t just impact the business’s bottom line, it also impacts team morale and retention rate. Businesses need money to survive. To make money, businesses need customers. Ideally, these customers are happy, tell their friends about you, and keep coming back.

Detailed explanation-4: -A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially savings and mortgage lending.