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Summer Internship Project Topic“Customer Acquisition in Captive Locations (HNIs)”
Presented By- Pratikshya Parida Roll No.- 17DM026
CONTENTS
Introduction
Objectives
Research Methodology
Limitations
About the Company
Products of SBI
Analysis and Interpretations of the Customer’s Perception Survey
Findings
Recommendations
References
Customer Acquisition in Captive Locations
100 non- customers especially HNI customers was to be acquired by using personal selling process.
100 existing customers was to be contacted for cross-selling of SBI products such as Life Insurance, Mutual Funds and Credit Cards.
The opinions (feedback) of the customers as well as noncustomers was taken to gain knowledge about their perception towards SBI.
OBJECTIVES OF THE STUDY
To learn about the Products and Services of State Bank of India.
To acquire non-customers and customers for up-selling and cross-selling of products respectively.
To study the customer’s perception towards products and services of State Bank of India in Jajpur Road, Jajpur.
RESEARCH METHODOLOGY
Method involved- Interactive method, Descriptive method and Survey method.
100 non-customers and 100 customers were contacted directly or through telephone for up-selling and cross-selling of SBI products respectively and were acquired using personal selling process.
100 customers/non-customers were surveyed personally with the help of a structured questionnaire to know about bank’s image in the market.
Data was analyzed using software, MS-Excel.
The project was completed by the help of Primary data as well as Secondary data.
Primary Data- the data was collected through the structured questionnaire with personal interviews.
Secondary Data- the data was collected from research articles and journals using internet.
LIMITATIONS
Difficulty in completing the target within the stipulated time period to the following reasons-
Unwillingness of the customers to spare their time in their busy schedule.
No need of the product at that time.
Some customers are hard to convince as they feel other banks are providing better products and services as compared to SBI.
Unawareness of the customers about the products and services provided by the bank became an obstacle during the survey.
STATE BANK OF INDIA
Founded -1806
Headquartered- Mumbai, India
Chairman- Rajnish Kumar
Ranked 217th on the Fortune Global 500 list of the world's biggest corporations as of 2017
Branches- more than 24,000
ATMs- more than 59,000
Employees- 209,567
Has Seven International subsidiaries in the United States, Canada, Nepal, Bhutan, Nigeria, Mauritius, and the United Kingdom, and more than 50 branch offices in 30 countries.
Provides banking products and services to individuals, commercial enterprises, corporates, public bodies, and institutional customers in India and internationally.
Launched its Digital Bank (YONO App) on 17th Nov, 2017 allowing people to perform regular banking operations without visiting the physical branches.
PRODUCTS
DEPOSITS
Savings Account- Interest Rates- 3.50%-4.00%
Current Account- Interest Rates- Nil, MAB- 10,000(PBB)
Fixed Deposit- Interest Rates- 5.75%-6.75% Min. Amount- Rs. 1000, Max- Nil Tenure- 7Days- 10 Years
Recurring Deposit- Interest Rates- 6.70%-6.85% Min. Amount- Rs. 100, Max.- Nil Tenure- 12 Months to 120 Months
LOANS
Personal Loan (Xpress Credit)- Interest Rates- 11.75%-14.75% Term Loan- Min- 25,000
Car Loan- Interest Rates- 9.20%-9.70% Repayment Tenure- 7 Years Min. Annual Income- Salaried Person: Rs.2,50,000 & Business Person : Rs. 4,00,000
CREDIT CARDS (Simply Save)- Annual Fees ( one time)- Rs. 499
ANALYSIS AND INTERPRETATION
Age
No.
<18
1
18-25
26
25-40
35
40-60
32
60 above
6
Gender
No.
Male
62
Female
38
Occupation
Salaried Person
51
Business Person
10
Professional
6
Student
19
Homemaker
11
Pensioner
3
1. Are you a customer of State Bank of India? Yes
No. 83
2. How long have you been the customer of the Bank? <3 Years 3-6 Years 6-9 Years 9-12 Years
No
17
Above 12 Years
No. 8 19 12
19 25
4. Which product(s) have you availed from the Bank?
No.
Deposit(s)
83
No.
Loan(s)
42
Yes
39
Mutual Funds
12
No
17
Life Insurance
32
General Insurance
7
Not much
27
Credit Card
19
3. Are you aware about the products and services provided by the Bank?
5. Which kind of deposit account(s) do you have in the Bank?
No.
Savings Account
72
Current Account Fixed Deposit Recurring Deposit Public Provident Fund Atal Pension Yojana Senior Citizen Savings Scheme
10 22 15 14 1 4
6. Which type of Loan(s) have you availed from the Bank?
No.
Personal Loan
16
Car Loan Home Loan Education Loan Property Loan Gold Loan Not taken any Loan
12 17 3 1 4 41
7. Which Service(s) do you use?
No.
ATM Service
76
Internet Banking
14
Mobile Banking
31
Phone Banking
10
8. Are you aware of the Digital Products of the Bank?
No.
Yes
47
No
36
9. Do you use any of the Digital Product?
83
Yes
33
No
6
No Response
44
10. Which App(s) do you use?
No.
SBI Anywhere
19
YONO
10
SBI Quick
7
SBI Buddy
1
SBI Bhim
1
Not using any App
50
11. Do you get prompt service at the branches?
83
Always Often Sometimes Rarely Never
19 22 24 9 9
12. Have you faced any kind of problem in the Bank?
No.
Yes
53
No
30
13. What kind of problem(s) do you face in the Bank?
No.
Technical Problem
20
Excessive/Hidden Charges
14
Bad Customer Service
16
Delay in Delivery
29
14. How quickly are your banking problem(s) addressed by the Bank?
No.- 53
Immediately
1
Within 24 Hours
12
Within 2-5 Days
23
More than A week
15
Not Addressed at all
2
15. How much are you satisfied with the Products and Services of the Bank?
No.
Very Satisfied
17
Satisfied
36
Less Satisfied
19
Dissatisfied
11
16. What is the reason(s) of choosing SBI? Brand Image Highly Secured Better Products and Services Customer- Friendly Widely available Salary Account
No. 38 25 40 15 29 13
17. Would you like to switch if better products and services will be provided by another Bank?
No.
Yes
53
No
30
19. Which other Bank(s) are you associated with? Allahabad Bank Canara Bank Andhra Bank HDFC Bank ICICI Bank
No. 13 19 11 10 2
20. Why did you choose other bank(s) over SBI? Prompt Service Customer- Friendly Less Fees and Charges Less Documentation Good Communication No Technical Problem Better Products and Services
No. 35 29 14 13 18 4 11
FINDINGS
Most of the customers have faced problems in the bank and complaint about delay in delivery, bad customer service and technical problems, which are addressed late by the bank due to which they are switching to other banks providing better products and services.
Most of the customers are unaware of the products and services of the bank.
Most of the customers are switching to other banks for loans due to its complex procedures.
Cross-selling products are less availed by customers.
PSB’s like Canara Bank, Andhra Bank and Allahabad Bank are the major competitors of the bank in that area as they provide prompt and customer- friendly services.
RECOMMENDATIONS
More branches should be established in neglected areas to get more helping hands for the customers.
Awareness about the digital products should increase to decrease the hassle of customers visiting the branch for a minor work.
Pensioners, Senior Citizens and Women should have separate counter in the branches.
Customers should be suggested/ guided for investing the surplus money in Mutual Funds.
Loan procedure should be made simpler for the convenience of the customers.
A convenient help desk in every branch is required for helping the customers in solving their problems quickly.
Proper marketing of the products and services should be done to compete with the new generation banks.
Customer service of the bank needs to improve. Employees should be trained to deal nicely with the customers.
REFERENCES
www.sbi.co.in
https://www.onlinesbi.com
http://bfsi.eletsonline.com/sbi-unleashing-the-digital-journey-in-banking/
https://www.ndtv.com/business/state-bank-of-india-yono-app-open-sbi-digitalaccount-in-less-than-five-minutes-1784143
https://bonnevie.news/state-bank-indias-digital-transformation-takingdigitisation-flame-digital-2-0-digital-3-0/
https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=8 74487
https://business.mapsofindia.com/banks-in-india/state-bank-of-india.html
https://www.ndtv.com/business/stock/state-bank-of-india_sbin/reports
http://www.referenceforbusiness.com/history2/22/State-Bank-of-India.html
https://www.sbicard.com/en/personal/credit-cards/shopping/simplysaveadvantage-card.page
Presented By- Pratikshya Parida Roll No.- 17DM026
CONTENTS
Introduction
Objectives
Research Methodology
Limitations
About the Company
Products of SBI
Analysis and Interpretations of the Customer’s Perception Survey
Findings
Recommendations
References
Customer Acquisition in Captive Locations
100 non- customers especially HNI customers was to be acquired by using personal selling process.
100 existing customers was to be contacted for cross-selling of SBI products such as Life Insurance, Mutual Funds and Credit Cards.
The opinions (feedback) of the customers as well as noncustomers was taken to gain knowledge about their perception towards SBI.
OBJECTIVES OF THE STUDY
To learn about the Products and Services of State Bank of India.
To acquire non-customers and customers for up-selling and cross-selling of products respectively.
To study the customer’s perception towards products and services of State Bank of India in Jajpur Road, Jajpur.
RESEARCH METHODOLOGY
Method involved- Interactive method, Descriptive method and Survey method.
100 non-customers and 100 customers were contacted directly or through telephone for up-selling and cross-selling of SBI products respectively and were acquired using personal selling process.
100 customers/non-customers were surveyed personally with the help of a structured questionnaire to know about bank’s image in the market.
Data was analyzed using software, MS-Excel.
The project was completed by the help of Primary data as well as Secondary data.
Primary Data- the data was collected through the structured questionnaire with personal interviews.
Secondary Data- the data was collected from research articles and journals using internet.
LIMITATIONS
Difficulty in completing the target within the stipulated time period to the following reasons-
Unwillingness of the customers to spare their time in their busy schedule.
No need of the product at that time.
Some customers are hard to convince as they feel other banks are providing better products and services as compared to SBI.
Unawareness of the customers about the products and services provided by the bank became an obstacle during the survey.
STATE BANK OF INDIA
Founded -1806
Headquartered- Mumbai, India
Chairman- Rajnish Kumar
Ranked 217th on the Fortune Global 500 list of the world's biggest corporations as of 2017
Branches- more than 24,000
ATMs- more than 59,000
Employees- 209,567
Has Seven International subsidiaries in the United States, Canada, Nepal, Bhutan, Nigeria, Mauritius, and the United Kingdom, and more than 50 branch offices in 30 countries.
Provides banking products and services to individuals, commercial enterprises, corporates, public bodies, and institutional customers in India and internationally.
Launched its Digital Bank (YONO App) on 17th Nov, 2017 allowing people to perform regular banking operations without visiting the physical branches.
PRODUCTS
DEPOSITS
Savings Account- Interest Rates- 3.50%-4.00%
Current Account- Interest Rates- Nil, MAB- 10,000(PBB)
Fixed Deposit- Interest Rates- 5.75%-6.75% Min. Amount- Rs. 1000, Max- Nil Tenure- 7Days- 10 Years
Recurring Deposit- Interest Rates- 6.70%-6.85% Min. Amount- Rs. 100, Max.- Nil Tenure- 12 Months to 120 Months
LOANS
Personal Loan (Xpress Credit)- Interest Rates- 11.75%-14.75% Term Loan- Min- 25,000
Car Loan- Interest Rates- 9.20%-9.70% Repayment Tenure- 7 Years Min. Annual Income- Salaried Person: Rs.2,50,000 & Business Person : Rs. 4,00,000
CREDIT CARDS (Simply Save)- Annual Fees ( one time)- Rs. 499
ANALYSIS AND INTERPRETATION
Age
No.
<18
1
18-25
26
25-40
35
40-60
32
60 above
6
Gender
No.
Male
62
Female
38
Occupation
Salaried Person
51
Business Person
10
Professional
6
Student
19
Homemaker
11
Pensioner
3
1. Are you a customer of State Bank of India? Yes
No. 83
2. How long have you been the customer of the Bank? <3 Years 3-6 Years 6-9 Years 9-12 Years
No
17
Above 12 Years
No. 8 19 12
19 25
4. Which product(s) have you availed from the Bank?
No.
Deposit(s)
83
No.
Loan(s)
42
Yes
39
Mutual Funds
12
No
17
Life Insurance
32
General Insurance
7
Not much
27
Credit Card
19
3. Are you aware about the products and services provided by the Bank?
5. Which kind of deposit account(s) do you have in the Bank?
No.
Savings Account
72
Current Account Fixed Deposit Recurring Deposit Public Provident Fund Atal Pension Yojana Senior Citizen Savings Scheme
10 22 15 14 1 4
6. Which type of Loan(s) have you availed from the Bank?
No.
Personal Loan
16
Car Loan Home Loan Education Loan Property Loan Gold Loan Not taken any Loan
12 17 3 1 4 41
7. Which Service(s) do you use?
No.
ATM Service
76
Internet Banking
14
Mobile Banking
31
Phone Banking
10
8. Are you aware of the Digital Products of the Bank?
No.
Yes
47
No
36
9. Do you use any of the Digital Product?
83
Yes
33
No
6
No Response
44
10. Which App(s) do you use?
No.
SBI Anywhere
19
YONO
10
SBI Quick
7
SBI Buddy
1
SBI Bhim
1
Not using any App
50
11. Do you get prompt service at the branches?
83
Always Often Sometimes Rarely Never
19 22 24 9 9
12. Have you faced any kind of problem in the Bank?
No.
Yes
53
No
30
13. What kind of problem(s) do you face in the Bank?
No.
Technical Problem
20
Excessive/Hidden Charges
14
Bad Customer Service
16
Delay in Delivery
29
14. How quickly are your banking problem(s) addressed by the Bank?
No.- 53
Immediately
1
Within 24 Hours
12
Within 2-5 Days
23
More than A week
15
Not Addressed at all
2
15. How much are you satisfied with the Products and Services of the Bank?
No.
Very Satisfied
17
Satisfied
36
Less Satisfied
19
Dissatisfied
11
16. What is the reason(s) of choosing SBI? Brand Image Highly Secured Better Products and Services Customer- Friendly Widely available Salary Account
No. 38 25 40 15 29 13
17. Would you like to switch if better products and services will be provided by another Bank?
No.
Yes
53
No
30
19. Which other Bank(s) are you associated with? Allahabad Bank Canara Bank Andhra Bank HDFC Bank ICICI Bank
No. 13 19 11 10 2
20. Why did you choose other bank(s) over SBI? Prompt Service Customer- Friendly Less Fees and Charges Less Documentation Good Communication No Technical Problem Better Products and Services
No. 35 29 14 13 18 4 11
FINDINGS
Most of the customers have faced problems in the bank and complaint about delay in delivery, bad customer service and technical problems, which are addressed late by the bank due to which they are switching to other banks providing better products and services.
Most of the customers are unaware of the products and services of the bank.
Most of the customers are switching to other banks for loans due to its complex procedures.
Cross-selling products are less availed by customers.
PSB’s like Canara Bank, Andhra Bank and Allahabad Bank are the major competitors of the bank in that area as they provide prompt and customer- friendly services.
RECOMMENDATIONS
More branches should be established in neglected areas to get more helping hands for the customers.
Awareness about the digital products should increase to decrease the hassle of customers visiting the branch for a minor work.
Pensioners, Senior Citizens and Women should have separate counter in the branches.
Customers should be suggested/ guided for investing the surplus money in Mutual Funds.
Loan procedure should be made simpler for the convenience of the customers.
A convenient help desk in every branch is required for helping the customers in solving their problems quickly.
Proper marketing of the products and services should be done to compete with the new generation banks.
Customer service of the bank needs to improve. Employees should be trained to deal nicely with the customers.
REFERENCES
www.sbi.co.in
https://www.onlinesbi.com
http://bfsi.eletsonline.com/sbi-unleashing-the-digital-journey-in-banking/
https://www.ndtv.com/business/state-bank-of-india-yono-app-open-sbi-digitalaccount-in-less-than-five-minutes-1784143
https://bonnevie.news/state-bank-indias-digital-transformation-takingdigitisation-flame-digital-2-0-digital-3-0/
https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=8 74487
https://business.mapsofindia.com/banks-in-india/state-bank-of-india.html
https://www.ndtv.com/business/stock/state-bank-of-india_sbin/reports
http://www.referenceforbusiness.com/history2/22/State-Bank-of-India.html
https://www.sbicard.com/en/personal/credit-cards/shopping/simplysaveadvantage-card.page
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