icici bank kanchan final1

8/7/2019 Icici Bank Kanchan Final1

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DO YOU EXPECT FROM A BANK WHILE OPENING AN ACCOUNT

FEATURES / ATTRIBUTES

QUICKSERVICE ,

44%

PROPERINFO, 14%

WORKINGHOUR, 28%

LESSFORMALITIE

S, 8%

VARIETY OFPRODUCTS,

6% QUICK SERVICE

PROPER INFO

WORKING HOUR

LESSFORMALITIES

VARIETY OFPRODUCTS

IMPLICATIONS: When a customer visits a bank the first and foremost thing he

looks, that how quickly he is served, how his problem is entertained by the bank

employee and what is the working hour of the bank. Thats why these three things

contribute the maximum of this pie chart. Less formalities and variety of products

although contributes less but it has a major impact on the customer. So bank should

follow on these things also. Service sector like banking, preference should be given to

make.

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WHICH OF THE FOLLOWING ATTRIBUTES COMPELLED YOU MOST TO

OPEN SAVING ACCOUNT IN ICICI BANK

SAVINGS A/C ATTRIBUTES

ATM CUMDEBIT

CARD, 26%

VALUEADDED S.A/C, 48%

CHEQUEBOOK, 16%

PHONE /INTERNETBANKING,

10%

ATM CUM DEBITCARD

VALUE ADDED S.A/C

CHEQUE BOOK

PHONE /

INTERNETBANKING

IMPLICATIONS: As we found in our finding that majority of the people like the

saving account, this chart reveals that what are the factor and their contribution making

their product really leading product of ICICI Bank. VALUE ADDED SAVING

ACCOUNT is undoable a unique sub product of ICICI Bank. Since it has the appeal

catch maximum customer as it provides the facility of FIXED deposit in saving account

ATM cum debit card is also a major attributes as it made the banking easy. Personalized

chequebook is also a major attraction in this section. As far as other factors are concern

they are showing less appearance in this chart.

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ACCOUNT TYPE

SAVING54%CURRENT

18%

FIXED15%

NRI8%

OTHER5%

SAVING

CURRENT

FIXED

NRI

OTHER

WHAT TYPE OF ACCOUNT DO YOU HAVE IN

ICICI BANK?

IMPLICATIONS: Saving account is the leading and attractive product for the ICICI

Bank as it has occupied a major chunk in this chart. This number and percentage clearly

shows that this product has all the quality to give the customer best services and ability to

satisfy them. On the second and third position current and fixed deposit has also been

helpful to increase the customer base but still their performance needs to be improved. As

far as NRI and other accounts are concerned they have less appearance. So majority of

the business is moving around few leading products. Reason could be either people are

not aware about the various products of the bank or bank has limited range of products.

So bank must ascertain that where things are going wrong and for that what sort of

necessary step could be taken.

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IN COMPARISION TO OTHER BANKS HOW WOULD YOU RATE ICICI

BANK?

COMPARISON

EXCELLENT

27%

GOOD47%

AVERAGE14%

POOR5%

CAN'T SAY7%

EXCELLENT

GOOD

AVERAGE

POOR

CAN'T SAY

IMPLICATIONS: Comparison with other banks depends on its overall performance in

the eyes of the people. In this chart it is clearly showing that 74% of the people are

satisfied with ICICI Bank. In a short span of time of its existence in this city with strong

competition from major public sector bank like SBI and other private players bank has

done well it has occupied a different position in the peoples mind.

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WOULD YOU RECOMMEND ICICI BANK TO OTHERS?

RECOMMANDATIO

YES95%

NO5%

YES

NO

IMPLICATIONS: As per the chart we show that 5% of the people dont want to

recommend ICICI Bank to others. Bank must find the reason of their dissatisfaction

because in this competitive world we have to achieve this target.

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CHAPTER 7

FINDINGS

After doing the survey and found so many things. Some findings are given:

Rich people wants quick service and less paper work.

Education is also a major factor which is affected the service of icici bank. The

reason behind it, most of the people dont know the complete use of ATM

cards, debit cards, credit cards etc.

Age factor is also a common factor which is affected the services of icici bank.

for example 50 to 60 means senior citizen does not faith on private banks. Theyonly use the services of post office and government banks.

Most of the people dont know the concept of e-banking and phone banking.

Most of the people are much influenced by the advertising media

After the survey and found that 50% people open the account in ICICI bank,

30% people of HDFC bank and 20% other banks.

Most of the people wants the total service of e-banking and banking while

opening a account.

Most of the people satisfy the services of icici bank.

Most of the business man wants the facilities of overdraft from the banks.

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CONCLUSION

More than a bank you need a trusted partner- is the core principle on which Private

Banking at ICICI Bank is structured.

Though products have been added and modified in the past but the motto has not

changed which is to grow and develop relationship with top end client age and generate

returns for the bank. Private banking at ICICI Bank has been a great success lately thanks

to their expertise in financial advisory, skilled team of Relationship Managers and being

proactive in approach right from the beginning. The analysis of the research shows that

around two-third of their client age are banking with them from more than two years

which is commendable in terms of client retention. Also for nearly all of their clientsICICI Private banking is the only solution provider. From a high net worth individual

aspect the private banking is truly a brilliant experience to be recognized and treated as a

priority customer.

Relationship Managers need to be more proactive in approach and concentration

should be on enlarging the customer base of HNI clients and also stress should be given

on client retention techniques.

To sum up ICICI is going great guns with its Private Banking division but this

business model is still at its growing stage of life cycle in India and there is still a lot

more to be achieved by everyone involved with this.

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SUGGESTION & RECOMMENDATION

Since the customer and his needs remain in focus in banking, it would be appropriate to

have a view of the customers banking needs which include financial security,

convenience, quick service, personalized service, investment counseling, return of

investment, support by way of credit prestige, wide range of service, etc. and to be the

best on these aspects ICICI Bank has and is trying its best, and has been successful too,

but still there is some scope for improvement, which I observed during my training in this

bank.

CUSTOMIZED SERVICE

Nowadays, customers are more service driven than product driven and are not

homogeneous in their behavioral pattern, attitude, needs and expectations. Therefore, a

through understanding of the customer is a pre requisite to offer him satisfaction through

providing services. ICICI Bank should also focus on to have the provision to make some

changes in its core products on the basis of region, purchasing power of the people etc.

because customers want that their special case must be considered, for that branches need

to be empowered. In other word it can be said bank should alter its existing service to

satisfy the customer needs, as and when it is needed in special cases. Bank should begin a

clear understanding of the entire customer base in particular, of those customers are the

most profitable.

SINCERE PRICING OF THE CORE PRODUCT

Pricing is in fact a very critical and sensitive issue while launching any product or

inducing more features in existing product in such a highly competitive market of

banking before the management of any bank. Because, price driven competition is one

of the significant emerging trend in bank marketing. ICICI Bank should also be very

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careful while reconsidering the price of any core and leading product by closing

understanding the behavior up to what extent customers are in the position to tolerate it,

since customers price sensitivity is not same across product categories. Price of any

product is kept same across the country but for the some places is always not correct, like New Delhi where delta increase in the price of any product matters for the customers. As

it has been seen in the case of increase in charges of QAB of savings account that

resulted in many closures of the account. The reaction of this increment in the charges

from the customer was aggressive. So bank must price any product by keeping the view

of region factor too-where people needs, attitude and purchasing power must be closely

understood by the management of the bank. For this, branches also needs to be

empowered to the some extent-where they can make necessary changes in the price of

some selected core products, as they have better understanding of the behavior of their

customers than the policy makers of the bank. There should be effective publicity of new

products of new products and relaunching of existing one too. Monitoring and customer

feedback of all the new and old products should be one regular basis.

CUSTOMER AWARENESS

Bank should provide effective publicity of new product launched and educate the

customer to go in for these products by highlighting the advantages of the products.

Because if banks aim is to provide service matching the best in the banking industry so

that it can get the most effective publicity, especially through word of mouth for this at

the same it is inevitable to educate the customer about banks product and facilities

available on it. As the products and services of the ICICI Bank are almost technology

oriented where most advanced software are used and most of the banking work are

executed on computer through Internet. In such situation where more technicalities is

involved in both products and services there is a need to educate the customers so that

they can easily use and avail all the facilities available on all the product. During my

training, I observed that many customers, not to ask about Internet banking, Phone

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Banking even dont know how to use ATM, which is really a area of concern. Customers

do not know the complete rules and regulations and procedures of banks and bankers

preserve them for themselves and do not take interest in educating the customers because

if you are giving a product in the hands of the customers keeping the view to serve them better, it is equally important to aware not only about the facilities that are available on

any product but also how to use them. Until and unless this thing is practices as a

campaign, it would be difficult to retain existing customers as it is said retaining the

existing customers is less expensive than creating new one. For this bank need to educate

the customer from the grass root of banking.

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QUESTIONNAIRE

Dear Sir / Madam, I am conducting a survey on ICICI. I shall be very thankful to you to

give your few minutes to me for answering my few questions below.

Name Address

Sex

Occupation

Q1) which attributes, while opening an account do you expect from a bank?

1) Quick Service

2) Varity of Product

3) Less formalities of Documents

4) Working Hours

5) Proper Information

Q2) which of following banks do you have account?

1) ICICI Bank

2) IDBI Bank

3) HDFC Bank

4) UTI Bank

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Q3) which features compelled you most to open an account in ICICI Bank?

1) Quick Services

2) Variety of Products

3) Less Formalities of Document

4) Working Hour

5) Proper Information

Q4) who influenced to open an account in ICICI Bank?

1) Bank Employees

2) Prospectus

3) Advertisement

4) Friend

Q5) what kind of account do you have in ICICI Bank?

1) Saving Account

2) Current Account

3) Fixed Deposit

4) N.R.I. Services

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Q6) which of the following attributes compelled you most while opening a Saving

Account?

1) ATM Cum Debit Card

2) Cheque Book Facility

3) The Internet Banking

4) Value Added Saving Account

5) Phone banking

Q7) would you recommend ICICI Bank to other?

1) YES

2) NO

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BIBLIOGRAPHY

BOOKS-

KNOOTZO DONNEL

Essentials of management concepts

PHILIP KOTLER

Marketing Management

C .R. KOTHARI

Research Methodology

www.icicibank.com

June & July issue of IBA Bulletin

Brochures of ICICI BANK LTD .

www.iciciuniverse.com

Business Magazines