TABLE OF CONTENTS
TITLE
S.NO 1
ACKNOWLEDGEMENT
PAGE NO 06
2
EXECUTIVE SUMMARY
7-9
3
INTRODUCTION
10-16
4
FRAMEWORK OF STUDY
17-19
5
RESEARCH DESIGN
20-21
6
METHODOLOGY
22-23
7
ANALYSIS OF DATA
24-45
8
FINDINGS SUGGESTIONS AND CONCLUSIONS
46-48
9
APPENDIX
49-52
10
BIBILOGRAPHY
53
1
STUDY ON ONLINE SERVICES OF SBI INTERNSHIP REPORT SUBMITTED By S.KEERTHI.
Internship Report submitted to SBI completion of the requirement of Summer Internship at State Bank of India.
NAME OF THE STUDENT: S. KEERTHI. JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY
PROJECTMENTOR/ REPORTING OFFICER AT THE STATE BANK OF INDIA, MIYAPUR BRANCH.
MAY___ 2013 TO JULY____ 2013
2
PREFACE
As per the curricular of JNTU college of KUKATPALLY, Hyderabad. I was assigned to undergo an internship report in a bank. To conduct this study, I choose STATE BANK OF INDIA, During the period of this study, I tried to discover as much as possible about the online savings bank account application and customers response to the services, and conducted a research on online savings bank account application. The purpose of this project work was to relate the theoretical knowledge acquired and gain practical Knowledge as well as experience. The project also had an intention to help me understand, analyze and present, The basic practices of STATE BANK OF INDIA, it also helped me to gain an insight of various services provided by the bank.
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SIGNATURE PAGE: I/WE certify that I/WE have read this document and in my/our opinion, it is satisfactory in Scope and quality as internship program in partial fulfillment for MBA course held at Jawaharlal Nehru Technological University, kukatpally, Hyderabad held during the year 2013.
(Signature) Project Evaluator.
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DECLARATION
I, the undersigned declared that this project entitled is a result of my own study and research carried out in the year 2013. It has not been previously submitted to any other universities or Examination.
Signature: S.keerthi, MBA 2012- 2014, JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY.
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ACKNOWLEDGEMENT
I express my immense feeling to those people and institutions that have throughout extended Their help in various ways in order to complete this project. I am greatly obliged to thank and express my gratitude to Jawaharlal Nehru Technological University, For designing such a curriculum which allows the student to acquire as well as enhance knowledge of real work setting through internship. I am even thankful to state bank of India local head office koti, state bank of India (miyapur), for Accepting me as an intern and giving the opportunity to learn more. I am indebted to Mrs. Lavanya, Mr.Anish and Mr. Rajesh who helped me a lot in completing this project successfully. At the same time I am also grateful to those people who guided me and helped me in getting an insight into the functioning of different departments. I would even like to especially thank Jawaharlal Nehru Technological University, my special thanks to Director Mr.Aryasri and Mr.Nainar sir for always guiding me. Last but not least I would like to thank everyone who has directly or indirectly helped me in this Project.
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EXECUTIVE SUMMARY
State Bank of India (SBI) is a multinational banking and financial services company based in India. It is a government owned corporation with its headquarters in Mumbai, Maharashtra. As of December 2012, it had assets of US$501 billion and 15,003 branches, including 157 foreign offices, making it the largest banking and financial services company in India by assets. The bank traces its ancestry to British India through the Imperial Bank of India to the founding in 1806 of the Bank of Calcutta making it the oldest commercial bank in the Indian. Bank of Madras merged into the other two presidency banks—Bank of Calcutta and Bank of Bombay—to form the Imperial Bank of India, which in turn became the State Bank of India. Government of India nationalized the Imperial Bank of India in 1955, with Reserve Bank of India taking a 60% stake, and renamed it the State Bank of India. In 2008, the government took over the stake held by the Reserve Bank of India. SBI was ranked 285th in the Fortune Global 500 rankings of the world's biggest corporations for the year 2012. SBI provides a range of banking products through its network of branches in India and overseas, including products aimed at Non-Resident Indians (NRIs). SBI has 14 regional hubs and 57 Zonal Offices that are located at important cities throughout the country. The functions of SBI can be grouped under two categories, viz., the Central Banking functions and ordinary banking functions. A. Central Banking Functions (1) Banker to the Government (2) Banker's Bank. (3) Currency Chest. (4) Acts as Clearing House. (5) Renders Promotional Functions.
B. General Banking Functions 1. Accepting deposits from the public under current, savings, fixed and recurring deposit accounts. 2. Advancing and lending money and opening cash credits upon the security of stocks, securities, etc. 3. Drawing, accepting, discounting, buying and selling of bills of exchange and other negotiable instruments. 7
4. Investing funds, in specified kinds of securities. 5. Advancing and lending money to court of wards with the previous approval of State Government 6. Issuing and circulating letters of credit. 7. Offering remittance facilities such as, demand drafts, mail transfers telegraphic transfers, etc. The bank is concerned with rendering quick and prompt bank services to the customers. The bank focuses on customer services and extends personalized service to gain confidence of the customers. I choose to perform my internship at banking industry to better understand the role of banks in the economy.
PROFILE OF THE STUDENT:
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I S. KEERTHI pursuing my MASTERS OF BUSINESS ADMINISTRATION (2 semester) from JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY. Find that it is a great opportunity to be a part of STATE BANK OF INDIA, as an intern.
PROFILE OF PROJECT MENTOR AT THE BANK: Mrs. Lavanya who has been selected by passing the bank clerical examination was my mentor and I am happy that she helped me a lot in gathering the information with all the knowledge, she has made my project easier to me. I am thankful to her for allotting her precious time for completion of my project.
NATURE OF THE PROJECT: I was assigned the project regarding the savings bank online account application, my project is to get the information from the customers regarding the services provided by STATE BANK OF INDIA.
OBJECTIVES OR RESPONSIBILITIES ASSIGNED BY THE PROJECT MANAGER: My objective was to know the details of the customers who have opened the account by online mode .The main objective was to find the reason why the customers are dropping, without completely following the procedure and the ways to make the customers follow the process in order to increase the percentage of online account applications.
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INTRODUCTION BANKING SYSTEM IN INDIA: Banking in India in the modern sense originated in the last decades of the 18th century. The first banks were Bank of Hindustan (1770-1829) and The General Bank of India, established 1786 and since defunct. The largest bank, and the oldest still in existence, is the State Bank Of India which originated in the Bank Of Calcutta in June 1806, which almost immediately became the bank of Bengal. This was one of the three presidency banks, the other two being the bank of Bombay and the bank of madras all three of which were established under charters from the British East India Company. The three banks merged in 1921 to form the Imperial Bank of India which, upon India's independence, became the state bank of India in 1955. For many years the presidency banks acted as quasi-central banks, as did their successors, until the Reserve Bank of India was established in 1935. By 2010, banking in India was generally fairly mature in terms of supply, product range and reach-even though reach in rural India still remains a challenge for the private sector and foreign banks. In terms of quality of assets and capital adequacy, Indian banks are considered to have clean, strong and transparent balance sheets relative to other banks in comparable economies in its region. The Reserve Bank of India is an autonomous body, with minimal pressure from the government. The stated policy of the Bank on the Indian Rupee is to manage volatility but without any fixed exchange rate and this has mostly been true.
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BANKING SYSTEM OF SBI: State Bank of India (SBI) is a multinational banking and financial services company based in India. It is a government –owned corporation with its headquarters in Mumbai, Maharashtra .As of December 2012, it had assets of US$501 billion and 15,003 branches, including 157 foreign offices, making it the largest banking and financial services company in India by assets. SBI provides a range of banking products through its network of branches in India and overseas, including products aimed at non-resident Indians (NRIs). SBI has 14 regional hubs and 57 Zonal Offices that are located at important cities throughout the country. A. Primary Functions of Bank: These primary functions of banks are explained below. 1. Accepting Deposits The bank collects deposits from the public. These deposits can be of different types, such as :a. Saving Deposits b. Fixed Deposits c. Current Deposits d. Recurring Deposits
a. Saving Deposits This type of deposits encourages saving habit among the public. The rate of interest is low. At present it is about 5% p.a. Withdrawals of deposits are allowed subject to certain restrictions. This account is suitable to salary and wage earners. This account can be opened in single name or in joint names.
b. Fixed Deposits Lump sum amount is deposited at one time for a specific period. Higher rate of interest is paid, which varies with the period of deposit. Withdrawals are not allowed before the expiry of the period. Those who have surplus funds go for fixed deposit. c. Current Deposits This type of account is operated by businessmen. Withdrawals are freely allowed. No interest is paid. In fact, there are service charges. The account holders can get the benefit of overdraft facility.
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d. Recurring Deposits This type of account is operated by salaried persons and petty traders. A certain sum of money is periodically deposited into the bank. Withdrawals are permitted only after the expiry of certain period. A higher rate of interest is paid. 2. Granting of Loans and Advances The bank advances loans to the business community and other members of the public. The rate charged is higher than what it pays on deposits. The difference in the interest rates (lending rate and the deposit rate) is its profit. The types of bank loans and advances are :a. Overdraft b. Cash Credits c. Loans d. Discounting of Bill of Exchange
a. Overdraft This type of advances are given to current account holders. No separate account is maintained. All entries
are made in the current account. A certain amount is sanctioned as overdraft which can be
withdrawn within
a certain period of time say three months or so. Interest is charged on actual amount withdrawn. An overdraft facility is granted against a collateral security. It is sanctioned to businessman and firms. b. Cash Credits The client is allowed cash credit up to a specific limit fixed in advance. It can be given to current account holders as well as to others who do not have an account with bank. Separate cash credit account is maintained. Interest is charged on the amount withdrawn in excess of limit. The cash credit is given against the security of tangible assets and / or guarantees. The advance is given for a longer period and a larger amount of loan is sanctioned than that of overdraft. c. Loans It is normally for short term say a period of one year or medium term say a period of five years. Nowa-days, banks do lend money for long term. Repayment of money can be in the form of installments spread over a period of time or in a lump sum amount. Interest is charged on the actual amount 12
sanctioned, whether withdrawn or not. The rate of interest may be slightly lower than what is charged on overdrafts and cash credits. Loans are normally secured against tangible assets of the company. d. Discounting of Bill of Exchange The bank can advance money by discounting or by purchasing bills of exchange both domestic and foreign bills. The bank pays the bill amount to the drawer or the beneficiary of the bill by deducting usual discount charges. On maturity, the bill is presented to the drawee or acceptor of the bill and the amount is collected.
B. Secondary Functions of Banks The bank performs a number of secondary functions, also called as non-banking functions. These important secondary functions of banks are explained below.
1. Agency Functions The bank acts as an agent of its customers. The bank performs a number of agency functions which includes a. Transfer of Funds b. Collection of Cheques c. Periodic Payments d. Portfolio Management e. Periodic Collections f.
Other Agency Functions
a. Transfer of Funds The bank transfer funds from one branch to another or from one place to another.
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b. Collection of Cheques The bank collects the money of the cheques through clearing section of its customers. The bank also collects money of the bills of exchange. c. Periodic Payments On standing instructions of the client, the bank makes periodic payments in respect of electricity bills, rent, etc. d. Portfolio Management The banks also undertake to purchase and sell the shares and debentures on behalf of the clients and accordingly debits or credits the account. This facility is called portfolio management. e. Periodic Collections The bank collects salary, pension, dividend and such other periodic collections on behalf of the client. f. Other Agency Functions They act as trustees, executors, advisers and administrators on behalf of its clients. They act as representatives of clients to deal with other banks and institutions. 2. General Utility Functions The bank also performs general utility functions, such as :a. Issue of Drafts, Letter of Credits, etc. b. Locker Facility c. Underwriting of Shares d. Dealing in Foreign Exchange e. Project Reports f.
Social Welfare Programmes
g. Other Utility Functions
a. Issue of Drafts and Letter of Credits Banks issue drafts for transferring money from one place to another. It also issues letter of credit, especially in case of, import trade. It also issues travelers cheques. b. Locker Facility The bank provides a locker facility for the safe custody of valuable documents, gold ornaments and other valuables. 14
c. Underwriting of Shares The bank underwrites shares and debentures through its merchant banking division. d. Dealing in Foreign Exchange The commercial banks are allowed by RBI to deal in foreign exchange. e. Project Reports The bank may also undertake to prepare project reports on behalf of its clients. f. Social Welfare Programmes It undertakes social welfare programmes, such as adult literacy programmes, public welfare campaigns, etc. g. Other Utility Functions It acts as a referee to financial standing of customers. It collects creditworthiness information about clients of its customers. It provides market information to its customers, etc. It provides travellers' cheque facility.
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FRAMEWORK OF STUDY ONLINE SAVINGS ACCOUNT: An online savings account (OSA) is a savings account managed and funded primarily on the Internet. It is the form that you would have to fill before opening an account with the bank. The bank would ask your full name, address, contact number, address proof, identity proof, photographs etc before letting you open an account. You would have to provide all these information in the form too. An online savings account is an essential money management tool that allows you to maximize the interest rate you get on your money, while minimizing the risk associated with higher interest rate investments like stocks, bonds or other investment vehicles. An online savings account is simply a method of putting your money into a savings account and earning interest. All transactions, including most customer service activities, are conducted over the Internet. The online banks take advantage of these lower overhead costs to pass the savings on to consumers in the form of higher interest rates. This helps online banks attract customers and encourages customers to invest their savings in one of these Internet institutions. The questions are the same as those you need to answer when opening up any bank account but the do it yourself approach usually saves you quite a bit of time. Since there are no fees imposed when transferring funds from one account to another, you may find that you want to open more than one online savings account and take advantage of any higher interest rates being offered. There is no limit to the amount of transfers you can make between accounts. It also provides option to choose account number of your choice. Options to upload know your customer information. Investing in other investments may offer higher returns, but an online savings account lets you transfer funds without penalties or added fees.
THEORITICAL FRAME WORK : 16
An online savings bank account (OSB) is a savings account managed and funded primarily on the Internet With technology playing a big role in the banking space, now you have the option of opening a bank savings account online. An online savings account is simply a method of putting your money into a savings account and earning interest. An online savings account may have many benefits over a more traditional The main benefit is that you tend to earn a higher interest rate on money in an online savings account. How does it work? To start with, go to the bank’s website and click on the relevant link. The questions are the same as those you need to answer when opening up any bank account but the do it yourself approach usually saves you quite a bit of time. Since there are no fees imposed when transferring funds from one account to another, you may find that you want to open more than one online savings account and take advantage of any higher interest rates being offered.
• There is no limit to the amount of transfers you can make between accounts. • It also provides option to choose account number of your choice. • Options to upload know your customer information. In the account opening form, you have to fill in your name, mobile number, email address, and the city and branch that you prefer. Once you enter these details the bank will send an authentication code on your mobile number. You will have to enter this code on the website to continue further. This code is for verification purpose only. They will also send you a reference number on your mobile which you can use for any other future transactions. This number is sent to you immediately after the authentication code. After this you will be prompted to enter your personal details such as occupation, marital status, annual income and mailing address, there after you have to select the account type you need, facilities you adopt and your nominee details.
Verification process You will be asked to provide your know-your-client (KYC) documents. In case of State Bank of India, you can only fill the form online, and have to visit the bank to submit the documents. 17
Once the verification is done, you can start using the account. The bank will send you the bank account kit to your mailing address with the cheque book and automated teller machine card, among other essentials. Visiting the branch after filling the details helps you save on time in terms of the account’s activation.
ADVANTAGES: Superior online website interface: Since 99% of your interactions with an online bank will be through a website, online banks typically have very sophisticated websites with plenty of features and a very fast response time. Many brick and mortar banks that offer online capabilities often do so as an afterthought. Opening an account is quick and easy: As a result of being entirely online, anything you need to do can be done online at any time. If you feel like opening a new CD on Sunday night, you can. You don't have to wait for a branch to be open, you don't have to drive to the branch, wait in line, and then fill out paperwork or meet with a banker. You can do your banking on your own terms.
Drawbacks of Online Banks: Websites can go down: While rare, it's not unheard of for the websites of to go down a technical failure may occur. In the end, it’s still a website, and websites can become inaccessible, which could force you to use the phone, or worse, be unable to make an important transaction. You can't go to a branch: There is something comforting about being able to go somewhere and talk to someone face to face. With online banks, the relationship aspect of banking, which is most critical when dealing with loans, is gone.
RESEARCH DESIGN: Research methodology shows the overall outline of the study and this study discusses the methodology which begins with research question followed by the formulation of objectives. The framework of the research design includes scope, limitations and data collection procedure.
OBJECTIVES OF THE STUDY: To study the profile of online application services of customers and savings account
application in particular. 18
To examine the problems faced by the customers, during the process of opening an online
account and reasons for dropping in the middle. To explain the problems encountered while processing an account by the customers. To study the percentage of the customers who are satisfied by the service provided by the
bank. To find the customers who had opened an online account application but couldn’t complete
the process. To examine whether the customers are interested to continue with the services of SBI. To know the customers’ expectations.
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SCOPE OF STUDY:
•
The study has been conducted to know the reasons of the customers who have dropped in between without proceeding further for online application.
•
The study provides the extent of awareness of customers who had opened an online account.
•
It identifies the number of customers who are interested to continue with the services of the bank.
•
It gives information about what the customers are expecting from the bank.
LIMITATIONS OF STUDY: The scope and period of study is restricted to the following. •
In this study only the savings account customers are focused rather than considering other account customers.
•
The study focuses on online account applicants issues.
•
The study is limited to the operations of SBI.
•
The information obtained from the primary limited to state bank of India.
•
The key information was taken from May to July 2013.
PERIOD OF STUDY:
The duration of internship for the period of 2months.
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METHODOLOGY: RESEARCH METHODOLOGY It is a methodology for collecting all sorts of information and data pertaining to the subject in the question. The objective is to examine all the issues involved and conduct situational analysis. The methodology includes the overall research design, research tools the field work done and finally The analysis procedure. The methodology used in the study consist of sample survey using both primary and secondary data. The primary data has been collected with the help of questionnaire as well as personal observation. The secondary data has been collected by referring websites. The questionnaire has
been
drafted and presented by the researcher himself. SAMPLE SIZE: Sample of 220 customers was taken into study, and their data was collected. DATA COLLECTION: Collection of data is done by secondary data and through questionnaire PRIMARY DATA: The data is collected by questionnaire. SURVEY RESEARCH: Research was done to know whether the customers with online account application service provided by the bank have followed the whole procedure. And the reasons for not continuing the services. DATA ANALYSIS : After data collection I am able to analyze customers views, ideas and opinions related to online account. From this SBI will get to know customers requirements.
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RESEARCH TOOL: Research was done through telephonic conversation. A questionnaire was prepared and the customers respond was noted. The customers were asked each question regarding the online account application to find out whether if they had faced any difficulty while opening an account. This method also gave scope of understanding the customer’s perception better. Out of the total respondents, the respondents who responded logically were taken into account while going into statistical details and analysis of data. Data interpretation is done by using statistical tools like pie diagrams.
NEED FOR STUDY: Internet has been widely spread it has been used for several purposes. The online account application is a service provided by the bank for its customers which helps the customers to save their time and provides a facility to open an account through online without going to the bank and waiting for long hours. As to open an account they have to go to the nearest branch and should fill in other details, which they may feel that it is a time taking process. So in order to increase their customers it has come up with this new service in order to approach a wide area of people.
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ANALYSIS OF DATA
1) Age Group.
INTERPRETATION: Most of the customers are of the age 31-50 (50%)& 19-30, they belong to young and middle age group.
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2)
Occupation
INTERPRETATION: Most of the customers i.e (45%) come under service and others categories, among the others category the majority of the customers are students.
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3) For the past how many years are you using the bank services?
INTERPRETATION: Many of the customers(61%), who had opened an account through online are recent account holders and next to it Comes the customers who are using the services for the past 1 year .
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4) Type of account
INTERPRETATION: Almost all of the customers opened a savings account.
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5) Type of savings account application?
INTERPRETATION: Among the customers who had opened an account through online only few of them dropped and continued through offline, if their problems are considered and solved it may result in total customer satisfaction.
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7) Reason for choosing online mode of savings account application?
INTERPRETATION: Most of the customers (55%) had opted for online mode of application in order to save the time and next comes convenience.
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8) Did you follow the whole procedure of online Application and opened an account?
INTERPRETATION: Many of the customers who had applied through online had followed the whole procedure of opening an account.
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9) If No, what is the reason you have dropped in the middle without proceeding further?
INTERPRETATION: The main reason for the customers who have dropped in the middle without proceeding further is lack of sufficient information.the percentage is about 61%
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10) Do you think the procedure to open an account with the bank was easy?
INTERPRETATION: Majority of the customers found easy to open an account through online and only few of them had problems during opening an account by online mode.
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11) If No, what is the reason?
INTERPRETATION: The number of percentage(63%) of the customers who found it little difficult to open an account was due to less interaction with the staff in case of doubts and The staff should respond to the customers quickly.
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12) Do you always get prompt service whenever you need it?
INTERPRETATION: Most of the customers are satisfied with the service provided by the bank.
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13) Do you think that your bank caters all your banking needs?
INTERPRETATION: Majority of the customers i.e (89%) feel that the bank caters all the needs of the customers and they are happy with services provided by the bank.
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14) If No what is the reason?
INTERPRETATION: The percentage of the customers (54%) who feel that the bank do not caters the needs of the people are due to the time consuming process.
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15) How satisfied are you with the services provided by the bank?
INTERPRETATION: Most of the customers i.e (48%) are very satisfied with the services provided by the bank.
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16) Do they charge unnecessarily for not maintaining minimum balance in your account?
INTERPRETATION: This shows that the bank does not charge unnecessarily for maintaining minimum balance in your account so it can be considered that most of the customers have no complaints regarding unnecessary charges.
37
17) Is the information on the website updated often?
INTERPRETATION: Many of the customers feel that the information on the website is frequently updated, many of the customers are availing the service of the bank.
38
18) When you think of your bank, what comes first in your mind?
INTERPRETATION: According to this the first thing that comes in mind to the customers when they think of the bank is computerized banking(54%), later comes customer service.
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19) If in the case of any help you need what service would you use?
INTERPRETATION: Many of the customers prefer to visit the branch directly in case of any service.
40
20) Are you provided with any information for the transactions you make?
INTERPRETATION: Majority of the customers have no complaints regarding the information of the transactions they make.
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21) If yes, what service you have asked to be provided for?
INTERPRETATION: Many of the customers had preferred the sms alerts for the transactions they make and the next comes the emails.
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22) Have you satisfied with the services provided?
INTERPRETATION: Customers are very satisfied with the services only a few of them are unsatisfied felt that the customers felt that it is a time taking process. As the customers visit to the nearest branch, they are asked to visit the branch frequently without any clarification of the purpose of their visit. The staff should help the customers by responding quickly.
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23) If you answered NO, what improvements would you suggest we make?
INTERPRETATION: The customers suggested that the staff should respond quickly and also as the customers are new to the online account application procedure, there should be proper guidance in case of any doubts. By following the guidance, the customers can know the steps or procedures to complete the process of online account application completely.
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FINDINGS SUGGESTIONS & CONCLUSIONS
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PROJECT FINDINGS From the project it was found that SBI has satisfied majority of its customers and many of the customers i.e about (86%) have completed the whole procedure of opening an account. Among the sample member’s majority have satisfied with the services provided by the bank. Most of the customers who prefer online account application are students and middle age group people i.e(50%). The response from the customers is so clear and good. REASONS FOR CHOOSING ONLINE APPLICATION: 1) Less paper work. 2) Time saving. 3) Convenience.
Suggestions: •
•
To increase the percentage of the applicants, bank should make people aware about the online account application service by following activities of advertisements such as : 1) Hoardings and banners. 2) Print media. 3) Distribution of leaflets containing details of information. As some of the customers (40%) felt that the staff is not quick in responding, when the customers complete the filling of the application form, the bank has to send sms mentioning that a representative will be sent to the customer’s house on a particular date, so that they can keep their documents handy. This not only saves the applicant’s time but also helps the bank to receive documents in time.
•
In order to keep in touch with the existing customers: 1) Thank you emails: Send your customers a thank you note and ask them if they have any suggestions for better service. 2) Birthday clubs: Ask customers for their date of birth and send them a coupon for their special day, like online greetings should be sent to their email-id.
•
The sb online account application procedure should be provided with a video which should consist of the steps and procedures to be followed while opening an account and the video should be provided with language options. With the help of this video option, many of the customers queries (like details of the proofs which has to be submitted will be mentioned in detail as some of the customers during the research were confused about the submission of the documents) , if this is done then the 46
applicant’s will feel comfortable while filling the online application.A s 30% of the customers felt that the information is not sufficient. •
There will be times customers will not want or be able to ’self serve’ from your website. In these cases there should be a helping hand for your customers. 1) Make sure your customer service telephone number or email address easy to find by highlighting
the required options, so that in case of any grievances the customers can contact to the specified number and also they can complete the process. 2) You can also consider offering customers live chat with an experienced customer service
representative. 3) Live chat can be an inexpensive way of answering questions visitors and reduce the call volume
for your call center. (It should start an online feedback system).so, that the customers (41%)who get struck in the middle will go further, as few customers had some doubts regarding the joint account opening, these kind of doubts can be clarified immediately. •
The bank should motivate its staff and impart right knowledge about online account application.
•
As few of the customers said that the bank failed to respond to the customers(63%), If the staff is polite, quick in responding and courteous towards it’s online account applicants ,which in turn will increase the
satisfaction of the customers by which the customers themselves act as a good
marketing source to the bank, by introducing new applicants to the bank. •
Continuous Technological Updation with focus on customer needs & satisfaction.
•
Provide a full progress meter: The ideal progress bar includes both numbered steps and their titles, helping show applicants how close they are to finishing the application. Every progress meter should include all steps in a main navigation bar or provide sub-steps to indicate where applicants are in the form.
•
Customer’s awareness program must be conducted so that more people should attract towards the online application.
Conclusion: From the analysis part it can be concluded that majority of customers have a good response towards SBI. The bank has wide customer base, so the bank should concentrate on this to retain the customers. Improving the online experience for customers is a major business issue for banks as demand for online service is increasing. It should also consider the above given suggestions to retain its existing and to attract new customers. 47
APPENDIX Online SB Account Application Questionnaire: Name: Annual Income: Age Group: YourOccupation? a) Service b) Business c) Retired d) Others. 1) For the past how many years are you using the bank Services? a)Recent account holder b) For the past 1year c)For the 5 years d) more than 5 years. 2) Type of account a) Savings b) Current c) Fixed.
3) Type of savings account application. a) Offline mode b) Online mode. 4) Reason for choosing offline mode of savings account Application. a) Safety b) lack of computer knowledge c) No access to Internet d) Illiterate. 5) Reason for choosing online mode of savings account Application a) Convenience b) Time saving c) Easy transactions d) All the above. 48
6) Did you follow the whole procedure of online Application and opened an account. a) Yes
b) No
7) If No, what is the reason you have dropped in the middle Without proceeding further? a) Processing takes time b) Not trust worthy c) No sufficient information d) lengthy formalities 8) Do you think the procedure to open an account with The bank was easy? a) Yes
b) No
9) If No, what is the reason? a) Time Limit b) Instructions are only in English .
c) No interaction in case of any doubts. d) Others. 10) Do you always get prompt service whenever you Need it? a) Yes b) Takes time c) Not Promptly. D) No. 11) Do you think that your bank caters all your banking Needs? a) Yes
b) No.
12) If No what is the reason? a) Time consuming b) Delay in response c) Others. 13) How satisfied are you with the services provided by the bank? a) Very satisfied b) Satisfied c) Somewhat satisfied d) Dissatisfied. 49
14) Do they charge unnecessarily for not maintaining Minimum balance in your account? a) Yes
b) No
15) Do you use the service of alternative bank? a) Yes
b) No
16) Is the information on the website updated often? a) Yes
b) No
17) When you think of your bank, what comes first in Your mind? a ) personalized service b ) customer service c) Computerized banking d) loan provider. 18) If in the case of any help you need what service Would you use? a) Sms b) Telephone call c) Direct visit to the branch d) Email. 19) Are you provided with any information for the Transactions you make? a) Yes
b) No
20) If yes, what service you have asked to be provided For? a) Sms alerts b) Email.
21) Have you satisfied with the services provided? a)Very Satisfied b)Satisfied c)Somewhat Satisfied d) Dissatisfied. 50
22) If you answered NO, what improvements would You suggest we make?
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BIBILOGRAPHY:
Websites Browsed: www.onlinesbi.com www.google.com www.wikihow.com
Other information : Information collected from customers through telephonic conversations.
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