International Journal of Management Research & Trends Volume 3, Issue 2, 2012

ISSN: 0976-9781 Rani & Panchantham

Strategies Adopted By HDFC Bank

Uma Rani T.S. Asociate Prof, MBA Department, Indra Ganesan College of Engineering, Trichy Dr. Rtn. N. Panchanatham, Professor & Head, Department of Business Administration, Annamalai University, Chidambaram.

ABSTRACT Change is continuous process in all sectors of the world. Another significant impact of banks today is the technology issue. In this study the business banking products of HDFC bank, that best suits the needs of the borrower were analysed. The Customer feels that loans to be obtained require a process that is extremely complicating and time consuming. This calls for an ombudsman setup separately for the domain. The observation and findings of the study have helped to give useful recommendations to bank. The implementation of the suggestion can help to improve strategies and build competencies over that of their competitors. This study has there by helped the researcher by giving exposure into new concepts in todays banking scenario as the interface shifts from service to products. KEY WORDS: HDFC Bank, Business Banking products, Marketing Strategies, Customer satisfaction, Documentation, Interest rates and the factors that influence the Bank Marketing Strategy.

INTRODUCTION Banks play a positive role in economic development of a country as repositories of communitys savings and as purveyors of credit. Indian Banking has aided the economic development during the last fifty years in an effective way. The banking sector has shown a remarkable responsiveness to the needs of planned economy. It has brought about a considerable progress in its efforts at deposit mobilization and has taken a number of measures in the recent past for accelerating the rate of growth of deposits. As recourse to this, the commercial banks opened branches in urban, semi-urban and rural areas and have introduced a number of attractive schemes to foster economic development. The activities of commercial banking have growth in multi-directional ways as well as multidimensional manner. Banks have been playing a catalytic role in area development, backward area development, extended assistance to rural development all along helping agriculture, industry, international trade in a significant manner. In a way, commercial banks have emerged as key financial agencies for rapid economic development. By pooling the savings together, banks can make available funds to specialized institutions which finance different sectors of the economy, needing capital for various purposes, risks and durations. By contributing to industries, government securities, bonds and debentures of termlending institutions in the fields of agriculture and now housing, banks are also providing these

International Journal of Management Research & Trends Volume 3, Issue 2, 2012

ISSN: 0976-9781 Rani & Panchantham

institutions with an access to the common pool of savings mobilized by them, to that extent relieving them of the responsibility of directly approaching the saver. This intermediation role of banks is particularly important in the early stages of economic development and financial specification. A country like India, with different regions at different stages of development, presents an interesting spectrum of the evolving role of banks, in the matter of inter-mediation and beyond. Technology in Banking Innovations in information and communication technology are perceived to be the important factor for productivity and growth. The relationship between IT and Banking is fundamentally high. Because of which expected to reduce costs, increase volumes and facilitate customized products. Public sector must adopt the technology adoption in order to compete with Private and public sector banks Retention of the customers can be made through adoption of new technology like ATM, telephone banking, on-line bill payment and Internet banking. Market Focused or Customer Focused Any Bank whether a market-focused, or customer-focused, must first determines who are its potential customers desire, and then builds the business or service. Marketing theory and practice is justified in the belief that customer use a product or service because they have a need, or because it provides a perceived benefit. Two major factors of marketing strategy are The recruitment of new customers (acquisition) and the retention and expansion of relationships with existing customers (base management). II THE ORGANIZATION PROFILE HDFC Bank was incorporated in August 1994 at Mumbai, and, currently has an nationwide network of 761 Branches and 1977 ATM's. It commenced operations as scheduled Commercial Bank in 1995.HDFC Bank is a young and dynamic bank, with a youthful and enthusiastic team. Our business philosophy is based on four core values - Customer Focus, Operational Excellence, Product Leadership and People. We believe that the ultimate identity and success of our bank will reside in the exceptional quality of our people and their extraordinary efforts. For this reason, we are committed to hiring, developing, motivating and retaining the best people in the industry. HDFC Bank began operations in 1995. Mission is to be "a World Class Indian Bank", benchmarking ourselves against international standards and best practices in terms of product offerings, technology, service levels, risk management and audit & compliance. The objective is to build sound customer franchises across distinct businesses so as to be a preferred provider of banking services for target retail and wholesale customer segments, and to achieve a healthy growth in profitability, consistent with
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the Bank's risk appetite. We are committed to do this while ensuring the highest levels of ethical standards, professional integrity, corporate governance and regulatory compliance. We provide business loan for short or long term financial needs of business organizations. A lot of times it is important for businessmen to acquire a certain amount of money for running their enterprise. It is well known that without the required capital no business can run. For any business whether in initial stage or in growth phase, capital is required to keep up the momentum. Increase our market share in Indias expanding banking and financial services industry by following a disciplined growth strategy focusing on quality and not on quantity and delivering high quality customer service. Business Strategy of HDFC Bank Emphasis the Following Leverage our technology platform and open scaleable systems to deliver more products to more customers and to control operating costs. Develop innovative products and services that attract our targeted customers and address inefficiencies in the Indian financial sector. Continue to develop products and services that reduce our cost of funds. Focus on high earnings growth with low volatility.

III REVIEW OF LITERATURE Saritha. P and P. Mohan Reddy, (2009) Marketing strategies vary industry wise. The marketing strategies of service industry are quite different form production sector. Within the service industry, financial services industry requires a unique advertising strategy. The present paper is an attempt through a light on marketing strategies in public and private sector banks. The prevalence of competition in the banking sector has necessitated banks to differentiate their products and services by adopting different marketing strategies; therefore a comparative study of marketing strategies of public sector banks and private sector banks is done in this research paper. The study made it clear that there is no significant difference in the marketing strategies of public and private sector bank. Roig et al., (2006) analyzed the dimensionally of the concept of customers perceived value in the banking sector of Spain. A total of 200 customers were selected for survey. The result of confirmatory factor analysis and linear regression analysis indicated that customers perceived value in banking sector composed of six dimensions; functional value of the establishment. Functional value of the personnel, functional value of the service, functional value of price emotional value and social value.
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International Journal of Management Research & Trends Volume 3, Issue 2, 2012

ISSN: 0976-9781 Rani & Panchantham

Bodla B.S. (2004) has made a study an service quality perception in banks . An indian perspective. The objective of the study is to examine and measure the quality of services provided by commercial banks in India . Empirical survey is conducted to determine expectation and perception of the quality of services offered by the banks. The scope of this study is restricted to Chandigarh, Delhi and Haryana and the study covers four private sector and four public sector Banks. The SERVQUAL instrument developed by Paramusraman, zeithmal and Berry has been used for the measurement of service quality in selected banks. The study reveals that actual delivery of services by both private and public sector banks falls short of expectations of customer on a large majority of the elements of service quality . Never the less private sector are found to have an edge over public sector banks in terms of quality services being offered to customer. Sureshchandear et al. (2003) investigated the critical factors of customer-perceived service quality in the banks of India. The three groups of banks in India (Public sector, Private sector and foreign banks) were compared with respect to each of the five factors of service quality (core services, human element, tangibles of service and social responsibility). A total of 452 customers from 51 different banks were approached, from whom 277 (from 43 banks) valid responses were obtained. The results of confirmatory factor analysis and ANOVA showed that as regards customer perception of service quality, the technological factor(i.e., core service and systematization of the service delivery) contributed more in differentiating the three sector while the people-oriented factor(i.e., human element of service delivery) contributed less to the discrimination. The results also indicated that foreign banks were performing well, followed by private sector banks and public sector banks. Michael Porter (1990), in his later research quoted that the competitive advantage is achieved through innovation. In its broadest sense this includes both new technologies and new processes. New bases for competing better means of competition new production process and new marketing approaches are all aspects of innovation. Encouraging firms to make major long run innovations is particularly critical. Michael Porter (1990) in another journal cited that companys developing strategies to achieve the competitive advantage would invaluably establish a competitive edge for their country. OBJECTIVES OF THE STUDY To analyze the marketing strategies adopted by HDFC Banks to sell its products. To evaluate the factors that influences the Bank Marketing Strategy of HDFC Bank. To evaluate the personal profiles that influence the Marketing Strategies adopted by HDFC.
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International Journal of Management Research & Trends Volume 3, Issue 2, 2012

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SCOPE OF THE STUDY The survey is confined to opinion survey about HDFC Bank Ltd products at Trichy The study also involves identifying and analyzing the purpose of bank products. LIMITATIONS OF THE STUDY As the survey has been conducted only on 100 respondents Unwillingness of some respondents to provide information is another limitation. Findings of the study are influenced by personal bias of the respondents. There was a time constraint which disabled a personal interaction with the customers

IV RESEARCH METHODOLOGY Research Design Location Sampling technique Descriptive study Trichirappalli District (Both Urban and Rural) Stratified Random Sampling (Data collected from Customers having Saving Account) Sample size Research Approach Sources of Data Statistical Tools 175 Structured questionnaire through Interview Schedule Both Primary and Secondary data Inter Correlation, Friedman Rank Test & Regression

V ANALYSIS AND INTERPRETATION Table 1 Inter Correlation among the various Marketing Strategies and Overall Bank Marketing Strategy
Customer Functional Oriented Strategies Functional Oriented Strategies Sig. (2tailed) Customer Relationship Mangement Sig. (2tailed) Infrastructur Pearson AJCUT Pearson Correlation Pearson Correlation Relationship Mangement Strategies Infrastru cture Strategies Value Added Services Strategies Promotion al Strategies Overall Bank Marketing Strategies

.000

.613(**)

.000 .269(**) .296(**) 1 5

International Journal of Management Research & Trends Volume 3, Issue 2, 2012 e Strategies Correlation Sig. (2tailed) Value Added Services Pearson Correlation Sig. (2tailed) Promotional Strategies Pearson Correlation Sig. (2tailed) Overall Bank Marketing Strategies Sig. (2tailed) N Pearson Correlation

ISSN: 0976-9781 Rani & Panchantham

.000 .454(**) .000 .324(**) .000

.000 .337(**) .000 .270(**) .000 .351(**) .000 .181(**) .000 .588(**) .000 1 1

.677(**)

.679(**)

.472(**)

.656(**)

.497(**)

.000 175

.000 175

.000 175

.000 175

.000 175 175

** Correlation is significant at the 0.01 level (2-tailed). A bivariate correlation was undertaken between the various Marketing Strategies adopted by Banks. The output confirms that significant positive relationship exists between all the Bank Marketing Strategies. The relationship between Functional Oriented Strategies towards Customer Relationship Management (0.613(**)) and Overall Marketing Strategy are highly Positive Correlated (0.677(**)). The relationship between Functional Oriented Strategy towards Value added Services Strategy (0.454) and Promotional Strategy (0.323) are Moderately Correlated and Infrastructure Strategy (0.269) are just correlated with the Functional Oriented Strategy. No significant negative relationship exists between the various Marketing Strategies and with Overall Marketing Strategy. The CRM Strategy is highly positive correlated with Overall Bank Marketing Strategy (0.679). CRM is moderately correlated with Value added Services (0.337) and Infrastructure (0.296) and Promotional Strategy (0.270) are just correlated with the CRM Strategy. Thus customer Relationship Management Strategy, Functional Strategy and Value added services Strategy are High Positively correlated towards the Overall Bank Marketing Strategy.

International Journal of Management Research & Trends Volume 3, Issue 2, 2012

ISSN: 0976-9781 Rani & Panchantham

Friedman Rank Test Table 2 Factors influence the Customer Perception towards the Current Marketing Strategies adopted by banks. Friedman test has been used to find out if there exist a significant difference between the customer perception towards the factors that influence the Bank Marketing Strategies. S.No Factor influencing the Bank Marketing Strategy 1 Location Convenience Mean Rank 4.65 Rank (Ascending Order) 3 Inferential Statistics

Account Security

4.08

Easy accessibility

4.10

Availability of online banking

5.66

N=175

5 Mobile banking 6 Tele banking 7 Better service& Friendly staff 8 Greater spread of ATMs 9 Bank's Image 10 Recommendations by friends/relatives 8.39 11 5.98 7 5.87 6 6.54 8 7.15 9 5.70 5 ChiSquare=904.562 Df = 11 P=0.000* Significant

11 *p<0.0
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Employer's insistence for salary a/c

7.88

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ISSN: 0976-9781 Rani & Panchantham

In the above table, it can be found that there exists a significant difference towards the customer Perception on the factors that influence the marketing Strategies of Banks. (p-value<0.01). It can also be found that the high ranking factor is Account Security having a mean rank of 4.08 followed by Easy accessibility (4.10) and Locational Convenience (4.65). The following review support the above table saying that the factors influence the selection criteria of Banks. Devlin and Gerrard (2005) studied that the Indian financial market is very diverse and the preferences of services change. Results showed that relatively rudimentary factors such as locations, recommendation and relationships were important choice criteria when choosing a right bank. Whereas here more preference are given to Account Security, Easy accessibility, locational Convenience etc. Table 3 Demographic factors influencing the Bank Marketing Strategies

Unstanda R Demographic factors R value square value F value Constant rdized coefficient (B) T value Significance

Respondent Status in the Family 0.133 0.018 8.809 2.392 -.158** -2.968 .003

Gender Age

0.043

0.002

0.912

1.348

-.024

-.955

.340

0.124 Eductional Level Occupation 0.099 Monthly Income 0.249 0.065

0.015

7.728

1.806

.186*

2.780

.006

0.004

2.058

4.011

.091

1.435

.152

0.010

4.882

2.341

-.141*

-2.210

.028

0.062 25.232

.958

.339**

5.023

.000

International Journal of Management Research & Trends Volume 3, Issue 2, 2012

ISSN: 0976-9781 Rani & Panchantham

Regression Regression test was applied to predict the nature and closeness of relationship between Bank Marketing Strategy and Respondent Status in the Family, gender, age, educational qualification, Occupation, Monthly Income. The result found was there is significant association between Bank Marketing Strategy and Respondent Status in the Family, age, Occupation, Monthly Income. The other demographic factors like, Gender and educational Level does not influencing Bank Marketing Strategy. R value indicates the relationship between independent variable and dependent variable, i.e. the relationship between Respondent Status in the Family, gender, age, educational qualification, Occupation, Monthly Income and Bank Marketing Strategy in terms of Percentage. R Square value indicates that the variables explained with the Percentage of variations towards Overall Bank Marketing Strategy. R Square value for Respondent Status in the Family is 1.8 %, gender is 0.2%, age is 1.5%, educational qualification is 0.4%, Occupation is 1%, Monthly Income is 6.2 % of variations towards the Overall Bank Marketing Strategy. Multiple regression equation Y = X (B value) Y-----Dependent variable, Here Bank Marketing Strategy is the Dependent Variable X------Independent variable, Demographic Factors are Independent Variable. For Respondent Status in the Family, X=-0.158, Gender, X= -.0024, Age, X=0.186 Educational qualification, X=0.09, Occupation, X= -0.141, Monthly Income X= 0.339. If p value is less than 0.01 or 0.05, then the significant relationship exist between independent variable and dependent variable. For Respondent Status in the Family, Monthly Income, p value is less than 0.05 and Age, Occupation, the p value is less than 0.01. So association exist between Bank Marketing Strategy and Respondent Status in the Family, age, Occupation, Monthly Income. Regression depends on how and to what extent the demographic variables influencing the Customer Perception towards the Bank Marketing.

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International Journal of Management Research & Trends Volume 3, Issue 2, 2012

ISSN: 0976-9781 Rani & Panchantham

Demographic factor influencing the Bank Marketing Strategies Table 4 R R Demographic factors value square value F value Constant Unstanda rdized coefficient T value (B) Sig

Marital status

0.204

0.042 21.360

1.727

-0.125**

-4.622

0.000

Religion Current Residence Status current Residence Stay with the Family Possessing Own a House a of

0.067

0.005

2.244

1.143

0.043

1.498

0.135

0.115

0.013

6.604

1.997

-0.120*

-2.570

0.011

0.013

0.000

.083

2.230

-0.015

-.0288

0.773

0.047

0.002

1.094

1.102

0.020

1.046

0.296

0.020

0.000

.202

1.375

0.012

0.450

0.653

Note: *p<0.05, **p<0.01 Regression test was applied to predict the nature and closeness of relationship between Bank Marketing Strategy and Marital Status, Religion, Current Residence , Status of current Residence, Stay with the Family and Possessing a own House. The result found was there is significant association between Bank Marketing Strategy and Marital Status, current Residence. The other demographic factors like, Religion, Status of current Residence, Stay with the Family and Possessing a own House does not influence the Bank Marketing Strategy. R value indicates the relationship between independent variable and dependent variable, i.e. the correlation between Marital Status, Religion, Current Residence , Status of current Residence, Stay with the Family and Possessing a own House and Bank Marketing Strategy. R Square value indicates that percentage of variation with Overall Bank Marketing Strategy. R Square value for Marital Status is 4.2 %, Religion is 0.5%, Current Residence is 1.3%, Stay with the Family is 0.2%. Multiple regression equation Y = X (B value) Y-----Dependent variable, Here Bank Marketing Strategy is the Dependent Variable
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X------Independent variable, Here Demeographic factors are Independent Variable. For and Marital Status, X= -0.125 Religion, X= .0043 Current Residence , X=-0.120 Status of current Residence, X = -0.015, Stay with the Family X=0.020 and Possessing a Own House X=0.012. If p value is less than 0.01 or 0.05, then the significant relationship exist between independent variable and dependent variable. For Marital Status, p value is less than 0.01 and Current Residence the p value is less than 0.05. So association exist between Bank Marketing Strategy and Marital Status and current Residence of the Respondent. Regression depends on how and to what extent the demographic variables influencing the Customer Perception towards the Bank Marketing. Table 5 Current position of the respondent Position influencing the Bank Marketing Strategies

Current Position of the respondent R value

R square value F value Constant

Unstandardiz ed coefficient(B) T value Significance

Paying Housing Loan

of .095 .009 4.431 2.318 -.084*

2.105 .036

Critical Stage of Documentation In which Bank you have an .452 .205 126.37 1.480 .110** 11.24 1 .000 .057 .003 .273 2.318 -.084 -.522 .603

account Type of account with the Bank Type of dealing with frequented Bank Any Other most

.127

.016

7.989

1.878

.120**

2.827

.005

.233 .054 15.142 2.407 -.083** 3.891 .000

Bank account
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.038

.001

.713

2.131

-.058

-.845

.399
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ISSN: 0976-9781 Rani & Panchantham

Bank Maximum of

with no. ATM .325 of .090 .008 3.968 2.183 -.044* .106 57.943 1.653 .080** 7.612 1.992 .047 .000

Transaction Frequency visit

Note: *p<0. 05, **p<0.01

Regression test was applied to predict the nature and closeness of relationship between Bank Marketing Strategy and Pay Housing Loan, Critical Stage of Documentation, In which bank you have an account, Type of account in the Bank, Type of dealing with the Bank, Any Other Bank Account, Bank with Maximum no. of ATM transaction and frequency of visit. The result found was there is significant association between Bank Marketing Strategy and Paying Housing Loan, In which bank the respondent has an account, Type of account in the Bank, Type of dealing with the Bank, Bank with Maximum no. of ATM transaction and frequency of visit.. The other factors like, Critical Stage of Documentation and any other Bank Account does not influence the Bank Marketing Strategy. R value indicates the relationship between independent variable and dependent variable, i.e. the correlation between Paying of Housing Loan, Critical Stage of Documentation, In which bank you have an account, Type of account in the Bank, Type of dealing with the Bank, Any Other Bank Account, Bank with Maximum no. of ATM transaction and frequency of visit and Bank Marketing Strategy. R Square value indicates that percentage of variation with Overall Bank Marketing Strategy. R Square value for Marital Status is 4.2 %, Religion is 0.5%, Current Residence is 1.3%, Stay with the Family is 0.2%. Multiple regression equation Y = X (B value) Y-----Dependent variable, Here Bank Marketing Strategy is the Dependent Variable X------Independent variable, Here Demeographic factors are Independent Variable. For and Marital Status, X= -0.125 Religion, X= .0043 Current Residence , X=-0.120 Status of current Residence, X = -0.015, Stay with the Family X=0.020 and Possessing a Own House X=0.012. If p value is less than 0.01 or 0.05, then the significant relationship exist between independent variable and dependent variable. For Marital Status, p value is less than 0.01 and Current Residence the p value is less than 0.05. So association exist between Bank Marketing Strategy and Marital Status and current Residence of the Respondent. Regression depends on

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how and to what extent the demographic variables influencing the Customer Perception towards the Bank Marketing. FINDINGS Inter correlation coefficient was found among the various dimensions of marketing strategies like Functional Strategies, Customer Relationship Management Strategies, Infrastructure Strategies, Value added services Strategies and Promotional Strategies. Multiple Regression was applied to find out the relationship that exists between the Customer Perception on Marketing Strategies and the Demographic factors. The result shows that there exist relationship between the Age of the respondent, Occupation, Monthly Income, Education Level, Marital Status and Respondents Status in the Family. Regression test was applied to predict the nature and closeness of relationship between Bank Marketing Strategy and Respondent Status in the Family, gender, age, educational qualification, Occupation, Monthly Income. The result found was there is significant association between Bank Marketing Strategy and Respondent Status in the Family, age, Occupation, Monthly Income. The other demographic factors like, Gender and educational Level does not influencing Bank Marketing Strategy. Regression test was applied to predict the nature and closeness of relationship between Bank Marketing Strategy and Marital Status, Religion, Current Residence , Status of current Residence, Stay with the Family and Possessing a own House. The result found was there is significant association between Bank Marketing Strategy and Marital Status, current Residence. The other demographic factors like, Religion, Status of current Residence, Stay with the Family and Possessing a own House does not influence the Bank Marketing Strategy. Regression test was applied and the result found was there is significant association between Bank Marketing Strategy and Paying Housing Loan, In which bank the respondent has an account, Type of account in the Bank, Type of dealing with the Bank, Bank with Maximum no. of ATM transaction and frequency of visit.. The other factors like, Critical Stage of Documentation and any other Bank Account does not influence the Bank Marketing Strategy. SUGGESTIONS The customers are very enthusiastic in using more reliable and innovative net banking services. So net banking service must be provided with free from cyber crimes.

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The interest rates of frequently changing and the customers get confused with the actual interest rate at the current date. And the bank must inform each and every customer must be personally informed about the interest rates.

The customers are not fully satisfied with the speed and quick service of banking. This must be formulated and speedy services must be provided to the customers. Since the different age group of the customers requires different category of product features and services they must be provided accordingly to their expectations. Periodic meetings must be conducted by HDFC in order to provide necessary information and details to the customers. Customer relationship management strategy, functional oriented strategy, value added services strategy are the most influencing factors adopted by the banks. Yet

infrastructure and promotional strategies are to be improved in order to delight its customers. CONCULSION As we all know that Indian banks are becoming more and more innovative and gradually dominating the market. They are capturing market share from their counterpart of the foreign bank by offering services by an innovative way. The observation and findings of the study have helped to give useful recommendations to bank. The implementation of the suggestion can help to improve strategies and build competencies over that of their competitors as a straight forward opinion from a sample of customers have been obtained to make observations. BIBLIOGRAPHY Bodla.B. S. (2004)service quality perception in banks . An indian perspective. An Indian Perspective, Prajnam, Volume XXXIII, Number 4th , PP 321-335. Jyotsna Sethis & Nishwan Bhatia, (2008) Elements of Banking and Insurance, PHI, New Delhi, Khan M.Y, (2005), Indian Financial Market: Theory and Practice, Vikas Publishing House, New Delhi. Micheal Porter, (1990) The competitive advantage of nations Harvard Business Review March-April 1990.P.No 73-93, New Global strategies for competitive advantage, planning review, May-June 1990.P.N0.4-14 Philip Kotler, Marketing Management, Prentice Hall of India Pvt Ltd, 12th Edition, 2005 John Wiely & sons (Asia) Pvt Ltd, 4th Edition.

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Roig Juan Carlos Fandas, Garcia Javer Sanchez, Tena Miguel Angel Moliner and Monzonis Jaume Llorens (2006), Customer Perceived Value in Banking Services, International Journal of Bank Marketing, Vol.24.No 5. Pp.266-283

S.M. Jha,(1994) Services Marketing, Himalaya Publishing House, Mumbai, 1994. Saritha. P and P. Mohan Reddy (2009) Marketing Strategies of Financial Services In Banks- A Comparative Study AJBMR, Volume 4, No.2. Suresh Chandrasekaran, Anantharaman and Kamalanbhan,(2002) Managements perception of Total Quality Service in Banking Sector of a Developing Economy, A critical Analysis, The International Journal of Bank Marketing Volume 20, PP 181196.

WEBSITES www.wikipedia.com www.hdfcbank.com www.google.com

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