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Transcript of Term Paper of Srvice(Axix Bank)
TERM PAPER OF SERVICE MARKETING
TOPIC: AXIS BANK
SUBMITTED TO:
MR. PUNEET BAWA SIR
SUBMITTED BY:
MANINDER PAL SIGNH
MBA-IV SEM
ROLL NO: RS1802B47
LOVELY PROFESSIONAL UNIVERSITY
TABLE OF CONTENTS
SR.NO PARTICULARS
1 EXECUTIVE SUMMARY
2 SERVICE MARKETING ENVIRONMENT
3 PROFILE OF AXIS BANK
4 MARKETING MIX
5 MARKETING SEGMENTATION
6 CUSTOMER REQUIREMENTS AND EXPECTATIONS
7 QUALITY CONCERNS
8 INTEGRATED GAP MODEL
9 SERVICE BLUEPRINT
10 SERVICE RECOVERY STAGES
11 POSITIONING MAP
12 SERVICESCAPE
13 CUSTOMER AND EMPLOYEES ROLE IN SERVICE DELIVERY
14 MARKETING COMMUNICATION SYSTEM
15 SERVICE INTERMEDIARIES
16 MANAGING WAITING LINES
17 BIBLIOGRAPHY
EXECUTIVE SUMMARY
The Axis bank has extended collaboration without borders to the next level. It has adopted an
enterprise wide IT strategy aimed at integrating its service channels, ramping up its efficiency
levels, and enabling it to roll out a new generation of products − by building a converged IP
network. In doing so, the bank has demonstrated the true meaning of unified communications as
distinct from simply allowing a proliferation of different communications capabilities. Axis bank
is India’s largest and the world’s fifth largest bank, with more than 90 million customers, 15,000
branches and 7,000 ATMs in India and 40 other countries
Business Challenge
Executing an enterprise wide IT strategy to integrate one’s service channels is no mean feat for
any organisation. When your operations are scattered across a myriad of geographies and time
zones, it’s even trickier. ASxis bank recognised that success required the company to enlist the
expertise of a partner to design, build, and manage a converged network capable of carrying all
its present and future traffic. The integrator would also be responsible for bandwidth, all
networking equipment, software, and management as well as a 24x7 helpdesk, service level
agreements, and the management of scheduled and unscheduled network outages.
Solution Provided
Over a period of eight years, starting in 2002, Datacraft worked with the Cisco Internet Business
Solutions Unit, built and deployed an integrated IP network that powers all the bank’s business
processes in some of the world’s most high-tech cities as well as in India’s most remote rural
areas. Applications powered by the network range from core banking, treasury operations and
trade finance to inter-branch voice communication and unified messaging. The project, which
has met all budget and timeline requirements, was executed in five phases. Phase I covered 1,400
branches in 49 cities. Phase II covered 3,400 branches in more than 300 cities. Phase III involved
networking the remaining 6,100 branches. Phase IV covered an additional 2,800
SERVICE ENVIRONMENT OF AXIS BANK
INTERNAL ANALYSIS (SWOT)
Strengths:
BRAND NAME : Axis Bank has earned a reputation in the market over the period of time(Being the oldest bank in India tracing history back to 1806)
Market Leader : Axis bank is ranked at 380 in 2008 Fortune Global 500 list, and ranked 219 in 2008 Forbes Global 2000. With an asset base of $126 billion and its reach, it is a regional banking behemoth.
Distribution Network Wide : Excellent penetration in the country with more than 10000 core branches and more than 5100 branches of associate banks (subsidiaries).
Diversified Portfolio : Axis Bank has all the products under its belt, which help it to extend the relationship with existing customer. SBI Bank has umbrella of products to offer their customers, if once customer has relationship with the bank. Some Products, which axis Bank is offering are: Retail Banking Business Banking Merchant Establishment Services (EDC Machine) Personal loans & Car loans Insurance Housing Loans
Government Owned : Government owns 60% stake in axis bank. This gives axis bank an edge over private banks in terms of customer security.
Low Transition Costs : axis bank offers very low transition costs which attracts small customers.
Weaknesses:
The existing hierarchical management structure of the bank, although strength in some respects ,is a barrier to change. Though axis cards are the 2nd largest player in the credit card industry, it has the highest no performing assets (NPAs) in the industry, which stand out to be at 16.28 % (Dec 2007).Modernisation: axis bank lags with respect to private players in terms of modernisation of its processes, infrastructure, centralisation, etc.
Opportunities:
Merger of associate banks with axis bank : Merger of all the associate banks (like UTI , etc) into axis bank will create a mega bank which streamlines operations and unlocks value. Planning to ads 2000 branches and 3000 ATMs in 2008-2009. This will further increase its reach. Increasing trade and business relations and a large number of expatriate populations offers a great opportunity to expand on foreign soil.
Threats:
Advent of MNC banks: Large numbers of MNC banks are mushrooming in the Indian market due to the friendly policies adopted by the government. This can increase the level of competition and prove a potential threat for the market share of axis bank.
Consumer expectations have increased many folds in last few years and the bank has not been responsive enough to meet them on time.
Private banks have started venturing into the rural and semi-urban sector, which used to be the bastion of the State Bank and other PSU banks
Employee Strike: There was an employee strike in the year 2006 which disrupted SBI’s activities. This can be repeated in the future
EXTERNAL ANALYSIS (PESTAL ANALYSIS)
Political and legal environment
Government and RBI policies
Declaration of measures like waiver of short-term agricultural loans,
to attract the farmer’s votes.
Exploitation of various banks in the cooperative sector, open and run by the politicians.
Chairmen of the various banks appointed by the govt.
Economic environment
Existence of banking in one form or the other from time to time. Commencement of the present era in banking with establishment of bank of Bengal in 1809 under the government charter and with government participation in share capital.
Every year RBI declares its 6 monthly policy and accordingly the various measures and rates implemented which has an impact on the banking sector.
Union budget affects the banking sector to boost the economy by giving certain concessions or facilities. For e.g. encouragement of the savings in the Budget, relaxation of the FDI limits.
Social environment
Nationalization of the banks in 1969 –
Only big business houses and the effluent sections of the society getting benefits of banking in Indi
To adopt the social development in the banking sector and speedy economic progress, consistent with social justice.
Help economically weaker section of the society and provide need-based finance to all the sectors of the economy with flexible and liberal attitude. e.g. various types of loans to farmers, working women, professionals, traders, loans, housing loans, consumer loans etc.
Banks having big clients or big companies have to provide services like personalized banking to their clients.Banks have changed the culture of human life in India and have made life much easier for the people.
Technology environment
• Much important and wider role of technology in bank’s internal control mechanisms and services offered by them.
• Change of the concept of ‘branch banking’ to ‘anywhere banking’.
• An era of ‘cashless society’ with ‘electronic-purse’.
• Use of SMS and Internet as major tool of promotions and utility to customers.
• Simplified operations and customer handling.
• Home banking and Internet banking.
ABOUT AXIS BANK
Axis Bank was the first of the new private banks to have begun operations in 1994, after the
Government of India allowed new private banks to be established. The Bank was promoted
jointly by the Administrator of the specified undertaking of the Unit Trust of India (UTI - I), Life
Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC) and
other four PSU insurance companies, i.e. National Insurance Company Ltd., The New India
Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance
Company Ltd.The Bank today is capitalized to the extent of Rs. 405.17 crores with the public
holding (other than promoters and GDRs) at 53.09%.The Bank's Registered Office is at
Ahmedabad and its Central Office is located at Mumbai. The Bank has a very wide network of
more than 1000 branches and Extension Counters (as on 31st March 2010). The Bank has a
network of over 4055 ATMs (as on 31st March 2010) providing 24 hrs a day banking
convenience to its customers. This is one of the largest ATM networks in the country.The Bank
has strengths in both retail and corporate banking and is committed to adopting the best industry
practices internationally in order to achieve excellence.
Goals:
1. Promote and encourage the adoption of exceptional customer service as a fundamental
principle in the delivery of motor-vehicle-related services.
2. Foster awareness of the vital role every service provider plays in achieving service
excellence and promote the importance of providing each individual with the knowledge,
skills and tools to deliver quality service.
3. Encourage and facilitate the sharing of ideas, technologies and practices which contribute
to the achievement of customer service excellence.
4. Identify and share those service delivery techniques which most effectively and
efficiently meet customer expectations.
5. Identify and share methods of obtaining customer expectations and measuring the level of
satisfaction with the quality of services, products and information provided.
6. Recognize individuals and jurisdictions making substantial contributions to the
enhancement of service quality.
7. Exchange information with other AAMVA standing committees and work to achieve
mutual goals.
MARKETING MIX OF AXIS BANK
PRODUCT MIX
ATM Network7-Day BankingTelebankingiConnect-Internet BankingIt includes all different product lines a company offers to its customers.Savings AccountRewardsDial-A-DraftCredit Limit Increase24-Hour ATMsConcession on Personal RemittancesOverdraft FacilityFree ATM CardOther FeaturesCredit Cards
PRICE MIX
It is nothing but the interest rates charged by the different banks.ATM Card Issue Free2 ATM cards issuedCurrent AccountSavings AccountTransactionChargesCheques bookIssue of duplicate statement
PLACE MIX
It is the location analysis for banks branches. Some of the factors affecting the location analysis are :-
The Trade AreaPopulation CharacteristicsCommercial StructureProximity to other convenient Outlets
Real Estate RatesProximity to Public TransportationLocation of CompetitionVisibilityAccess
PROMOTION MIX
It is making the customer more and more aware of the services and benefits provided by the banks.
Different ways of promotion are :-
Public RelationsPersonal SellingSales PromotionWord-of-mouth PromotionTelemarketingInternet
PEOPLE
An essential ingredient to any service provision is the use of appropriate staff and people. Recruiting the right staff and training them appropriately in the delivery of their service is essential if the organisation wants to obtain a form of competitive advantage. Consumers make judgements and deliver perceptions of the service based on the employees they interact with. Staff should have the appropriate interpersonal skills, aptititude, and service knowledge to provide the service that consumers are paying for.
PROCESS
The process mix constitutes the overall procedure involved in using the services offered by the bank. A process should be such that the customer is easily able to understand and easy to follow.
1. Producing of proper documents
2. Filling up of application form
3. Paying for the initial down payment.
PYSICAL EVIDENCE
Physical evidence is the overall layout of the place i.e. how the entire bank has been designed. Physical evidence refers to all those factors that help make the process much easier and smoother. , the physical evidence would be the placement of the customer service executive‟s desk, or the location of the place
for depositing cheques. The more the bank does to make the service easier and better the more satisfied will be the customer.
MARKET SEGMENTATION BY AXIS BANK
Axis Bank is eyeing rural India for increasing exposure in view of the huge demand for banking in the rural sector. Axis Bank has set up 8,000 “touch points” across the country for penetrating rural pockets and is developing low-priced ATMs. The bank has also disbursed Rs 2,500 crore towards rural sector financing. The Bank is expecting good rural credit to off take in the current year and has also rolled out "Ashan" ATMs for the urban and semi-urban markets in India. This is certainly a very positive move from Axis Bank. Until now, Axis was more focused on the retail banking and home loans segments in urban areas. Axis has been very successful in these areas; in the home loan segment, Axis the number one private sector bank and in retail, they have a good amount of market share too.
Demographics variables
Location
Metros & divisional cities
Occupation
Business persons
Salaried class (both Govt. and private)
Working woman
Age
Senior citizens
Minor
But India is a country of villages and more than 70% of the population still lives in rural areas.
The demand for credit in the rural markets was Rs 1.5 lakh crore, while the supply was only Rs
4,000 crore. Until now, the rural banking segment was controlled by government owned SBI, but
now things are changing. Rural India is developing very fast-- the growing economy is leading to
increase in business activities, which in turn has people in villages wanting many more services
from a bank than simply depositing their money.
CUSTOMER REQUIREMENTS AND CUSTOMER EXPECTATIONS
FROM AXIS BANK
CUSTOMER REQUIREMENTS
We need safeguard, according to strict standards of security and confidentiality, any information company share with us. To limit the collection and use of customer information to the minimum and require to deliver superior service to customers, which includes advising customers about products, services and other opportunities, and to administer business. To permit only authorized employees, who are trained in the proper handling of customer information, to have access to that information. Employees who violate our Privacy Promise will be subject to our normal disciplinary process. To not reveal customer information to any external organization unless we have previously informed the customer in disclosures or agreements, have been authorized by the customer, or are required by law. To always maintain control over the confidentiality of our customer information. It may, however, facilitate relevant offers from reputable companies. These companies are not permitted to retain any customer information unless the customer has specifically expressed interest in their products or services. To tell customers in plain language initially, and at least once annually, how they may remove their names from marketing lists. At any time, customers can contact us to remove their names from such lists. Whenever company hire other organizations to provide support services, it will require them to conform to their privacy standards and to allow the audit them for compliance. For purposes of credit reporting, verification and risk management, we will exchange information about our customers with reputable reference sources and clearinghouse services. To not use or share - internally or externally - personally identifiable medical information for any purpose other than the underwriting or administration of a customer's policy, claim or account, or as disclosed to the customer when the information is collected, or to which the customer consents. To attempt to keep customer files complete, up-to-date, and accurate. And to tell customers how and where to conveniently access their account information (except when they are prohibited by law) and how to notify us about errors which we will promptly correct.
CUSTOMER EXPECTATIONS
Give you clear information explaining the key features of the services and products you tell us you are interested in .give you information on any type of account facility which we offer and may suit your needs
tell you what information we need from you to prove your identity and address and to comply with legal and regulatory requirements,
We will make sure that all advertising and promotional material is clear, fair, reasonable and not misleading. We will treat all your personal information as private and confidential [even when you are no longer a customer]. We will not reveal transaction details of your accounts to a third party, including entities in our group, other than in the following four exceptional cases when we are allowed to doTaking care of your cheques, passbook, cards, PINs and other security information is essential to help prevent fraud and protect your accounts.Never give your account details password or other security information to anyone unless you know who they are and why they need them.
QUALITY CONCERNS OF AXIS BANK
"Best IT Team of the Year Award"
at the IDRBT Banking Technology awards for the year 2005-06.
SKOTCH Challenger Award for Change Management
Best IT User in Banking & Financial Services Industry - 2004
by NASSCOM in partnership with Economic Times
Golden Peacock Award for Excellence in Corporate Governance - by Institute of Directors
FICCI's Rural Development Award for Excellence in Rural Development -
Skotch Challenger Award for Exemplary use of Technology
for becoming a pioneer in Public Banks
Golden Peacock National Training - by Institute of Directors
National Award for Excellence in SSI Lending
Ranked 2nd for 4 consecutive years
Banking Technology Awards 2004 Runner up in 'Best IT Team of the Year Award 2005'
Jointly Adjudged by IBA, Finacle & TFCI
Money Outlook Award - 2004Runner up in 'Best Bank (public
Sector) of the year Award' -2005
Niryat Bandhu Gold Trophyfor excellence in export perforamnce by Federation of Indian Exporters Organization (FIEO)
21st Amongst Top 500 Companiesby the leading Financial Daily The Economic Times, June 2005
9th amongst India's Top 50 Most Trusted Service Brands
A.C Nielson Survey, The Economic Times Dec 2004
3rd Rank amongst Banking Sector in India 323rd Rank in the World
The Bankers' Almanac, January 2006
368 amongst Top 1000 Global Banks
The Banker, London July 2005
Skoch Challenger Award for Exemplary Use of Technolgy
Winner for becoming a pioneer in public banks by Skoch consultancy services pvt ltd, Gurgaon 2005
FICCI's Rural Development Award Award for excellence in rural development 2005
INTEGRATED GAP MODEL OF AXIS BANK
I GAP OF AXIS BANK
It refers to the difference between customers’ expected service and management’s perceptions of customers’ expectations . This gap means that management may not correctly perceive customer expectations.
II GAP OF AXIS BANK
It refers to the difference between management perceptions of customers’ expectations and service quality specifications . This gap means that although the people in management level may perceive the correct expectations of the customers, they may not have suitable and sufficient service quality specifications.
III GAPOF AXIS BANK
It refers to the difference between service quality specifications and the real service delivery . This gap means that although the service providers may have suitable and sufficient service quality specifications, they may not have the satisfactory service delivery in the real situation. That may be because service providers lack well-trained employees to deliver satisfactory service.
IV GAP OF AXIS BANK
It refers to the difference between the service delivered and external communication about the service with customers. It is, the service providers may not have suitable and sufficient communication with the customers or the service providers may have commitments that exceed what they can do or they may not sufficiently inform the customers of what they have done.
V GAP OF AXIS BANK
It is the difference between consumer expectation and their perception of service quality - measured by the difference between what customers expect and what customers perceive about the service. This means that the service quality is closely related to management perception, marketing, personnel management, communications with customers, service specifications and delivery.
STRATEGIES ADOPTED BY AXIS BANK TO CLOSE THE GAP FOR EFFECTIVE COMMUNICATION AND DELIVERY OF SERVICES
Internal and external research What do customers really want from service & create value
Listening to what customers and employees feel about performance
Improve the technical service quality as well as functional service quality
Evaluation of performance
Action
Monitoring
Improving
Motivation
METHODS FOR ENHANCING SERVICE QUALITY
Internal performance analysis Customer satisfaction analysis
Specialist market research
SERVICE BLUEPRINT OF AXIS BANK
FRONT OFFICE:
service delievery begins with loan application which is further processed through
frontline officers.
Customers are notified through a telephone and income levels are verified and initial
screening is done.
LINE OF VISIBILITY:
Credit checks are made
Employer receives the payments through confirmation of credit bureau.
Issue of checks in the form of print payment book and closing of accounts with help of
customers.
BACK OFFICE:
Supporting activities which may includes:
Database records
Branch records through accounting
Closing accounts if verifying procedure fails with the customer records.
SERVICES RECOVERY STAGES OF AXIS BANK
Description of Charges
Revised Basis of Recovery
Account Opening Charge
Nil (Statutory Charges would recovered)
NA
Account Closing Charge
Nil NA
Annual Maintenance
Rs. 500 p.a. for customer authorizing Bank to debit DP
AMC for existing Demat Accounts to be recovered up-front in April. New
Charge charges from Bank account maintained with Axis Bank.
Accounts would be charged on pro-rata basis from the Next Day of Account Opening.
Rs. 2,500 p.a. for customer who has not authorized bank to debit DP charges from Bank account maintained with Axis Bank.
Demat Charges Rs. 5 per certificate subject to a minimum of Rs.50 per request.
Demat Charges to be recovered through monthly bill.
Remat Charges Rs. 20 for every 100 securities or part thereof or Rs. 50 per request whichever is higher
Remat Charges to be recovered through monthly bill.
Debit Transactions
0.04% (Min Rs.20 per Instruction)
Sell Transaction Charges to be recovered through monthly bill.
Failed / Rejected Instruction
Rs.10 per Instruction Failed/ Rejected Instruction Charges to be recovered through monthly bill.
Ad-hoc Statement
Rs.100 per Statement Statement Charges to be recovered upfront.
Pledge
Creation 0.04% (Min Rs. 25) + NSDL Charges Rs.25/- per instruction
Pledge Creation Charges to be recovered through monthly bill.
Closure 0.04% (Min. Rs. 50) per Instruction
Pledge Closure Charges to be recovered through monthly bill.
Invocation 0.04% (Min. Rs. 50) per Instruction
Pledge Invocation to be recovered through monthly bill.
Speed-e
SPEED-e Annual Maintenance charges
Rs. 20 per User ID for Password Users.
SPEED-e AMC charges to be recovered up-front in the month of April every year.
Rs. 1000 per User ID for Smart Card / E- Token Users.
SPEED-e Debit Transactions
Rs.20 per instruction Sell Transaction Charges to be recovered through monthly bill.
Freezing Instruction on SPEED-e
Rs. 125 per instruction Freezing Instruction Charges to be recovered through monthly bill.
POSITIONING MAP OF AXIS BANK
High Price
Low
F
E A B
High
Quality
D
C
Quality
LowPrice
Positioning maps are a useful tool for giving you a graphical idea of where your product stands vis-à-vis other products in the market at a given time. In the above map, for instance, the maker of product C would know that there are no products directly competing with it and that it has a distinct position in the market. The maker of product B, on the other hand, would note that product A is competing too closely with it, so product A can be deemed as a direct competitor, while product E is a close competitor as well. Of course, while no product is competing with product D in its position above, it is a bad position to have: low price and low quality equate to being an inferior product.
SERVICESCAPE FOR AXIS BANK
There are service settings where there is little or no customer involvement in the servicescape. Telecommunications, insurance and call centres etc., are examples of remote encounters. These use remote servicescapes. They are back office .The place has to be designed to keep employees’ motivation and morale high. The servicescape should premeditate ergonomically to facilitate teamwork, supervision and operational efficiency. In axis bank a large part of the floor is marked as restricted, leaving little space in the form of an arrow aisle along the outer walls of the hall for customers. The message is clear –customer must not enter the restricted area, that is where the most important job of the bank, internal operations, is conducted and by entering t0hat area , customers will be interfering with that task. Whereas private banks approach customers with conviviability. The air conditioned lounge with comfortable seats and a cold water dispenser as you pass through a spotlessly clean glass door, makes customers feel welcome . They are allowed more space to move and occupying a seat across from executives desks suggest that customer are indeed central to all activity. The service with public bank also suggests that customers have a formal –official relationship with public bankers, whereas servicescapes in private banks encourage casual –affable interactions.
EMPLOYEES AND CUSTOMER ROLE IN SERVICE DELIVERY
EMPLOYEES ROLE AND RESPONSIBILITY
customers are treated fairly at all times
Complaints raised by customers are dealt with courtesy and in time
customers will be fully informed of avenues to esacalate their complaints/grievances within the organization and their rights to alternative remedy, if they are not fully satisfied with the response of the bank to their complaints
The Bank will treat all complaints efficiently and fairly as they can damage the Bank's reputation and business if handled otherwise.
The employees will work in good faith and without prejudice to the interests of the customer.
The Bank will inform customers where to find details of procedures for handling complaints fairly and quickly.
If the customer complaint is received in writing, we will endeavour to send an acknowledgement/a response within a week. If customer complaint in relayed over phone at our designated telephone helpdesk or customer service number the bank shall provide a complaint reference number and keep customers informed of the progress within a reasonable period of time.
After examining the matter, bank will send the final response or explain why we need more time to respond and shall endeavour to do so within 30 days of receipt of complaint and will tell customers to take their complaint further if they are still not satisfied.
Suggestion Box and complaint Book are provided in all the branches. Any written complaint is instantly and promptly acknowledged.
All branches other than small branches have " May I help you counters ".
Counter staff are provided with training and additional inputs.
If counter staff/Supervisor is unable to resolve a grievance, the branch in-charge intervenes and tries to resolve the issue.
Customers' Day is observed on 15 th of every month. On this day branch in-charge will make himself available at the branch between 3 p.m. and 5 p.m. to meet customers without any prior appointment.
Customer Service Committee meetings is held every month at all Branches, Circle Offices. The sole task of the
Committee is to find out ways and means to render service to the satisfaction of the Customers. For this purpose
Committee will meet regularly at stipulated intervals to discuss in detail the strengths and deficiencies of the services presently rendered and take steps to improve it.
Special Customers' Meet is conducted on special occasions.
CUSTOMER’S ROLE IN SERVICE DELIVERY
by spreading positive word of mouth.
By delivering and selling its services by working as the agent for the bank.
Building up good relations with the bank and accepting its terms and conditions.
Keeping themselves up to date regarding the services being provided by axis bank.
By bringing up more and more customers to avail the services provided by axis bank.
AREAS OF REPONSIBILITY OS AXIS BANK FOR THEIR CUSTOMERS
Provide superior customer service in a friendly and knowledgeable manner. Process transactions efficiently and accurately. Refer enquiries to the appropriate staff. Maintain a general knowledge of the bank’s common products and services. Ensure all Bank & Industry service standards and codes of conduct are adhered to. Take ownership of client complaints/issues, initiating action or resolving the problem
within 24 hours and keeping the clients informed during the process.
MARKET COMMUNICATION SYSTEM OF AXIS BANK
Participation in national and international exhibitions is a common form of communication which has several advantages. It is possible to demonstrate products to a larger part of the target group, and it gives an opportunity to establish personal contacts with customers as well as potential suppliers, sub-suppliers and colleagues.
It is costly to participate in fairs. It therefore requires considerable and thorough preliminary work to get a sufficient yield from participating. It can be an advantage to participate in fairs together with one or more companies with products which supplement one’s own product programme. This will reduce the costs of the fair.
Impersonal contact. The impersonal contact is mainly in the form of advertising in various media and sending out brochures and other sales material. The effect is largest when advertising in magazines etc. which cover the target group best. A media index exists which lists the number of persons and the types reading the individual newspapers and magazines. Personal contact can be:
Advertisements . The price of advertising depends on the number of persons expected to see the media used (newspapers, magazines, directories, telephone directories, cinema, TV, radio, streamers, posters, etc.). When evaluating the price of advertising, it should be seen in relation to the expected effect of inserting the advertisement, such as number of responses to the advertisement or the number of products sold.
The advertisement should have a telling headline or an illustration to catch the reader’s attention. The message should be brief and to the point, and it is important that the reader can see what to do to get the product. Address and telephone number should therefore be included.
Brochures. A brochure describing the company and its products, can support personal sales.
Sales letters. A comparatively inexpensive way of contacting potential customers is to send out sales letters, perhaps supplemented by a brochure or specimen. The purpose of a sales letter is to create a positive attitude to the product so that the customer orders the product or requests more information.
SERVICE INTERMEDIARIES OF AXIS BANK
AGENTS : These are those agents who work as the part of Axis bank but there work is
external to the bank services internally. They are paid agents where as some are unpaid
agents.
BROKERS: these are those people who work as the part of the bank in selling its
products such as shares, bonds, loans, mutual fund, debentures, policies, insurance, etc.
they are provided by the fixed brokerage rate by Axis bank.
FRANCHISEE OUTLET : Axis bank had opened its some of franchisee outlets in many
places in order to serve the customers at their nearby places. They are commission based
employees and get profits at the time of higher earnings.
CUSTOMER ITSELF : these are the customers who had there accounts in Axis bank.
Sometime they work for the bank in selling their products and services by spreading
positive word of mouth.
POSTAL AGENTS : these are agents of post offices who provide different services of
banks in nearby post offices located in different areas. They offer various services and
schemes to the customers such as fixed deposit, cash withdrawal, RD, etc.
BANK EMPLOYEES : these are the internal working employees who work as an
intermediary between bank and its customers. They offer various services such as
account opening, cash withdrawal, cash deposit, demand draft.,etc.
MANAGING WAITING LINES AT AXIS BANK
Internet banking also known as Online banking or e-banking is one of the most recent technological innovations, which is becoming a need for every common man. It uses Internet as a medium for delivery banking services. Today, banking is not limited to branches, where a person goes to bank for withdrawal of cash or request a statement of accounts or to deposit a check. An inquiry or transaction can be handled online without any reference to the branch any time through Online banking.
Internet Banking provides benefits to both banking systems and customers:
Fast: Normal banking is slow and time consuming, as customer needs to wait in tiresome queue for request of statement or transaction. But in Online banking transfer of money (funds) from one account and other can be done in minutes.
Convenient: Customers can access many accounts in a bank efficiently. They can carry out financial transactions comfortably from home, if they have Internet.
Cost effective: Bank can handle thousands of customers at a time through Online banking. The administrative (official) work of bank can be reduced highly as bank operations can be performed by less number of cashiers and clerks.
All time accessibility: Bank account can be accessed any time (24 hours of a day and 7 days of a week) and from anywhere (at any location). Customers can easily transfer money from their
accounts or receive money in their accounts electronically. Acceptability of digital signatures in all banks is of great advantage.
Flexibility: Customers can easily apply for loan and get it without going to local bank. Bank accounts can be used to buy or sell stocks and securities through Online banking. Without any paper work and without visiting bank, new accounts can be created and old accounts can be closed through Online.
BIBLIOGRAPHY
http://www.axisbank.com/aboutus/aboutaxisbank/About-Axis-Bank.asp
http://www.axisbank.com/aboutus/promoters/Promoters.asp
http://www.axisbank.com/aboutus/ourmissionandvalues/Our-Mission-And-Values.asp
http://www.docstoc.com/docs/3873614/Banking-Services-Marketing/
http://www.icicibank.ca/personalbanking/popup_careers_csr.htm
http://www.equitymaster.com/detail.asp?date=4/22/2005&story=1
http://www.axisbank.com/corporate/treasury/treasury.asp
http://www.axisbank.com/corporate/treasury/foreignexchangedesk/foreign-exchange-desk.asp
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http://www.emeraldinsight.com/fig/0850050401003.png
http://www.axisbank.com/personal/investments/demataccount/demat-account-Schedule-of-Charges.asp?ucode=Personal&ccode=Accounts&pcode=demataccount
http://www.google.co.in/search?hl=en&source=hp&q=services+recovery+stages+for+axis+bank&btnG=Google+Search&meta=&aq=f&aqi=&aql=&oq=&gs_rfai=
http://www.aima-ind.org/ejournal/articlesPDF/1DrShaliniNTripathi122020071805683.pdf
http://www.thecompanymarketing.com/banking/online-banking/internet-banking-is-becoming-a-need-to-have-service/
http://www.aamva.org/MembershipLeadership/Committees/DiscCSD/
http://pw1.netcom.com/~jstorres/internalaudit/basle1.html
http://www.bbmms.org/2010/01/marketing-communication-system-and-the-promotion-mix/
http://www.businessballs.com/customer_service.htm
http://www.ifmr.ac.in/pdf/workingpapers/9/blueprint.pdf
http://seekingalpha.com/article/13257-icici-bank-to-focus-on-rural-indian-banking-segment-ibn
http://www.wikinvest.com/stock/AXIS_Bank_(BOM:532174)
http://www.axisbank.com/privacypolicy/Privacy-Policy.asp
http://www.google.co.in/search?hl=en&source=hp&q=requirements+of+customers+of+axis+bank&btnG=Google+Search&meta=&aq=f&aqi=&aql=&oq=&gs_rfai=
http://www.axisbank.com/aboutus/bankersfairpracticecode/Bankers-Fair-Practice-Code.asp?disp=none&seltab=20&tottab=23
http://pnbindia.in/english_web/pnbaward.htm
http://manager.smetoolkit.org/philippine/en/content/en/6373/Using-Positioning-Maps
http://www.slidefinder.net/p/physical_evidence_servicescape_chapter/6987500
http://www.123oye.com/job-articles/advertising-sales-management/servicescape.htm
http://www.axisbank.com/english/scripts/GrievanceRedressalPolicy.aspx
http://www.google.co.in/search?hl=en&source=hp&q=how+customers++of+canara+bank+are+helping+in+service+delivery&btnG=Google+Search&meta=&aq=f&aqi=&aql=&oq=&gs_rfai=