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HDFC BANK.The Housing Development Finance
Corporation
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Consumers Perception on HDFC Bank:An Empirical Study
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During the thesis, a survey was conducted regarding the awareness level ofDirect Banking channels, which offers customers the convenience of banking inthe manner of their choice.
Further the satisfaction level of customers was assessed with regard to thevarious services provided and the problems faced by them in dealing with thebank.The report also includes the remarks and suggestions given by the customersregarding the services offered as well as the recommendations deduced fromthe study inferences.The bank may consider the suggestions and recommendations in chalking out
their future plans and strategies for the enhancement of work procedures andthe brand image of the bank.The objective of the research is:- To measure the awareness level of people regarding direct banking channels,
products offered by HDFC Bank.- To evaluate the overall satisfaction level of customers regarding
services and products offered by the bank.- To assess the customer contribution towards the growth of the bank.
Introduction:
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Customer Service is the sum total of what anorganization does to meet customer
expectations and produce customer satisfaction. Thecombination of services that you deliver tocustomers depends upon a number of factors:
The core product or service being delivered
The organization delivering the service The individual delivering the service
The customer receiving the service
Let us see - What Does
Customer Service Comprise?
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Higher Rates Discourage Borrowing
Marginal international presence
No next line of leadership
Not very aggressive in M&A space, growing onlyorganically
Possible takeover target
WEAKNESS OF BANK
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HDFC Bank - not receive statementHDFC Bank - DELAY OF PASSPORT
HDFC Bank - business loan not provided efficiently.HDFC Bank - Wealth management Services not activatedHDFC Bank - Misguide and not issue Debit Card in Minor
A/cHDFC Bank - Irresponsible Behavior while taking Loans
HDFC Bank - pan card not received. Delay in service.HDFC Bank - uninformed DD commission chargesHDFC Bank - credit card statement not provided.HDFC Bank - Charged money without any information
More HDFC Bankcomplaints.
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A rise in this rate causing a number of effects: Slowdown in Lending
The most immediate effect of a rise in interest rates is a slowdown in borrowing andlending.
or example, who may be weighing the purchase of a new car or a house -- may staywith his older car and continuing renting instead of taking out a loan to buy them.
Slowing of Spending
Just as a rise in interest rates will cut down on lending, which leads to drop inconsumer spending.
Also, because the interest rate is higher, people are more likely to save their moneyand allow it to collect interest. When interest is higher, people make more money
from savings accounts. Lower Inflation
Generally, the interest rate and the rate of inflation move inversely to each other.
Lower Economic Output
When rates are low, businesses will be more encouraged to borrow money to expandtheir businesses. This leads to a higher economic output.
By contrast, when rates are high, the economy can slow down as businesses pull back
on expansion.
Causes due to rise in
INTEREST RATE.
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Borrowing at a high interest rate results in higher monthly
payments, which can lead to dramatic differences in the overallcost of a long-term loan. A reduction in willingness to borrow
means that banks may not be able to make as many loans whileinterest rates are high, but this reduction is mitigated by the factthat each loan they do make will yield more profit over timedue to the higher rate. On the other hand, more burdensomethe interest rates will tend to lead to more defaults on loans,which makes lending at high interest rates more risky forbanks. Since it is often preferable to a bank to accept a lower
interest rate than to force a borrower into foreclosure orbankruptcy, banks may be willing to renegotiate rates even if itmeans they will make significantly less money from a givenloan than they originally planned.
SUGGESTION
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ReliabilityThe quality attached to a productPrompt delivery of an item
Correct numbers of products requested in a delivery
Responsiveness Service recovery processes in the case of problems, with adequate
compensation, if appropriateResponding to internal customers needs on timeHelping internal customers resolve problems and difficulties
CommunicationPre-purchase product informationAfter-sales services and informationProviding accurate and timely information for internal customers
Understanding CustomersTaking the trouble to check on customers requirements
CHARACTERISTICS OF
SERVICE.
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The Components of
Excellent Customer Service
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HDFC Bank merged with TIMES BANK in 2000
HDFC Bank merged with CENTURION BANK OF
PUNJAB in 2007.HDFC Bank wins the Asian Banker Best Retail Bank
in India Award 2008 for outstanding performance.
HDFC Bank chosen as one of Asia Pacifics best 50companies by
Forbes magazine.'Best Bank in the PrivateSector2008.'
HDFC Bank ties up with Qatar National Bank
Achievements
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HDFC Bank, the banking arm of HDFC is expected to go on stream. Thebank already has good number of employees on board and is recruitingpersonal banker heavily to take the headcount to many more. It is on thebrim of increasing its customers through its attractive schemes and offer.The project opportunities provided was market segmentation and identifying prospective customers in potential geographical locationand convincing them to attract more customers so that new businessopportunities of the bank can be explored. Through this project, it couldbe concluded that people are not much aware about the various productsof the bank and many of them not interested to open an account, to investmoney at all. services was considered as unsought good which requirehard core selling, but in changing trend in income and people becomingfinancially literate, the demand for banking sector is increasing day byday. So, at last the conclusion is that there is tough competition aheadfor the company from its major competitors in the banking sector.
CONCLUSION
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