Final Standard Chartered Bank[1]
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Credit Card Business of Standard Chartered Bank KOMAL RANI (6314) ARTEE ADVANI (6703) SAEEDA WAZIR ALI (5864) GULZAR AHMED (7557) NARESH (6712)
INTRODUCTION: • •
•
•
Bank card industry is relatively a new business Bank card history began when individual retail merchants extended credit to their customers The name is derived from standard& chartered, standard bank of British south Africa merged with chartered bank of India, Australia and china in 1969. Standard Chartered Bank is a British bank headquartered in London with operations in more than seventy countries
It has network of over 1,700 branches and outlets focuses on consumer, corporate, and institutional banking, and on the provision of treasury services Standard Chartered Bank has been actively engaged in acquisitions and expansion The Standard Chartered Credit Cards come with varied categories and each category has some attractive features Standard chartered was the first issues a global card in India, i.e. photo card
STRENGTHS:
Strong Brand name- worldwide presence. Standard Chartered carried regular marketing research. Strategic management of Standard Chartered bank was great motivator of employees. Standard Chartered gained mileage over its competitors by innovating concept in the credit card history of India ( photo card, member get member scheme) They launch their product at the right time (cricket credit card in world cup 1996)
They did aggressive marketing in terms of sales promotion and direct sales. More focus on technology and telecommunication (ATM Network, APS, Quality System) Standard Chartered has been able to sustain its legacy of being hailed as a trusted provider of credit services to the modern-day customers Highly trained and motivated sales force Standard chartered is growing at the rate of 37% which is higher than the market rate of 33% Biggest acquirer of Asian banking assets
WEAKNESS
SCB charges higher exchange rates and other hidden charges those are unknown to the customer. No focus on upper class urban population. Bank has offices only in ten major cities in populous country like India.(Not many branch networks) No aggressive advertisement Credit card facilities are not as good as other private banks.
OPPORTUNITIES: There are a large number of potential customers for credit cards; hence the market growth is expected to increase. It recorded a growth of about 33% in March 2003
There is established infrastructure in the market.
Laws regarding credit card are not that strict to expand business
THREATS:
Credit card business is essentially a volume driven businesses with marginal returns The returns on investments take long periods and so the risk involved is also greater. A critical number is required to make the business profitable for issuers. Acquisition of new customers and retention of existing customer The market was already dominated by an early entrant – Citibank. Their competitors include Cancard, HSBC The threat of new entrants –
sales force S2: Brand image in market S3: Focus on technology and innovations S4: Customer service
W2: offices only in Ten cities W3: Less focus on advertising W4: Credit card facilities are not as good as other private banks
OPPORTUNITIES (O): SO STRATEGIES: WO STRATEGIES: O1: Market growth Use S2, S4 & S1 to capture O1,O2 Overcome W2 to exploit O1. •Standard Chartered should increase its offices in O2: Govt: laws regarding credit & O3. •It should focus on market card business are not strict most cities of India to capture the market share. O3: Established infrastructure capitalisation by providing quality service to their Overcome W1 to exploit O1 •It should also focus on upper class urban population customers through their motivated sales force. Market to have more market share. expansion can also be supported by lenient Govt: laws and established infrastructure.
THREATS (T): ST STRATEGIES: WT STRATEGIES: T1: Competition by CITI Bank Use S3 to minimise T1 & T3: Overcome W3 to cope with T3 •Highly focus on technology •SCB can acquire prospective customers by and HSBC T2: Threat of new entrants in order to come up with identifying and stimulating the hidden needs of T3: acquisition and retention of more innovative products can customers through more focus on advertisement. customers. lead them from their competitors. Overcome W4 to cope with T1 & T3: •SCB should offer a wide range of Credit card to Use S4 to minimize T3: acquire and retain customers than their competitors. •It should give priority to quality customer service to acquire new customers and retain existing ones.
INTRODUCTION: • •
•
•
Bank card industry is relatively a new business Bank card history began when individual retail merchants extended credit to their customers The name is derived from standard& chartered, standard bank of British south Africa merged with chartered bank of India, Australia and china in 1969. Standard Chartered Bank is a British bank headquartered in London with operations in more than seventy countries
It has network of over 1,700 branches and outlets focuses on consumer, corporate, and institutional banking, and on the provision of treasury services Standard Chartered Bank has been actively engaged in acquisitions and expansion The Standard Chartered Credit Cards come with varied categories and each category has some attractive features Standard chartered was the first issues a global card in India, i.e. photo card
STRENGTHS:
Strong Brand name- worldwide presence. Standard Chartered carried regular marketing research. Strategic management of Standard Chartered bank was great motivator of employees. Standard Chartered gained mileage over its competitors by innovating concept in the credit card history of India ( photo card, member get member scheme) They launch their product at the right time (cricket credit card in world cup 1996)
They did aggressive marketing in terms of sales promotion and direct sales. More focus on technology and telecommunication (ATM Network, APS, Quality System) Standard Chartered has been able to sustain its legacy of being hailed as a trusted provider of credit services to the modern-day customers Highly trained and motivated sales force Standard chartered is growing at the rate of 37% which is higher than the market rate of 33% Biggest acquirer of Asian banking assets
WEAKNESS
SCB charges higher exchange rates and other hidden charges those are unknown to the customer. No focus on upper class urban population. Bank has offices only in ten major cities in populous country like India.(Not many branch networks) No aggressive advertisement Credit card facilities are not as good as other private banks.
OPPORTUNITIES: There are a large number of potential customers for credit cards; hence the market growth is expected to increase. It recorded a growth of about 33% in March 2003
There is established infrastructure in the market.
Laws regarding credit card are not that strict to expand business
THREATS:
Credit card business is essentially a volume driven businesses with marginal returns The returns on investments take long periods and so the risk involved is also greater. A critical number is required to make the business profitable for issuers. Acquisition of new customers and retention of existing customer The market was already dominated by an early entrant – Citibank. Their competitors include Cancard, HSBC The threat of new entrants –
sales force S2: Brand image in market S3: Focus on technology and innovations S4: Customer service
W2: offices only in Ten cities W3: Less focus on advertising W4: Credit card facilities are not as good as other private banks
OPPORTUNITIES (O): SO STRATEGIES: WO STRATEGIES: O1: Market growth Use S2, S4 & S1 to capture O1,O2 Overcome W2 to exploit O1. •Standard Chartered should increase its offices in O2: Govt: laws regarding credit & O3. •It should focus on market card business are not strict most cities of India to capture the market share. O3: Established infrastructure capitalisation by providing quality service to their Overcome W1 to exploit O1 •It should also focus on upper class urban population customers through their motivated sales force. Market to have more market share. expansion can also be supported by lenient Govt: laws and established infrastructure.
THREATS (T): ST STRATEGIES: WT STRATEGIES: T1: Competition by CITI Bank Use S3 to minimise T1 & T3: Overcome W3 to cope with T3 •Highly focus on technology •SCB can acquire prospective customers by and HSBC T2: Threat of new entrants in order to come up with identifying and stimulating the hidden needs of T3: acquisition and retention of more innovative products can customers through more focus on advertisement. customers. lead them from their competitors. Overcome W4 to cope with T1 & T3: •SCB should offer a wide range of Credit card to Use S4 to minimize T3: acquire and retain customers than their competitors. •It should give priority to quality customer service to acquire new customers and retain existing ones.
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