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Brac Bank
Subject: Banking | Topics: Internship Report
Strong Corporate Iidentity BBL is the leading provider of financial services nationwide. With its
strong corporate image and identity it can better position in the minds o
customers. This image has helped BBL grab the personal banking
sector of Bangladesh very rapidly.
Distinct Operating BBL in known nationwide for its distinct operating procedure. The
Procedures companys Managing for Value strategy better satisfy customers needs
and also keeps the firm profitable.
Efficient
The selection & recruitment of BBL emphasizes on having the skilled
Performance
graduates & postgraduates who have little or no previous work
experience. The logic behind is that BBL wants to avoid the problem o
garbage in & garbage out. & This type young & fresh workforce
stimulates the whole working environment of BBL.
Young The human resource of BBL is extremely well thought & perfectly
Enthusiastic Workforce managed. As from the very first, the top management believed in
empowered employees, where they refused to put their finger in every
part of the pie. This empowered environment makes BBL a better place
for the employees. The employees are not suffocated with authority bu
areable to grow as the organization matures.
Companionable Environment
All office walls in BBL are only shoulder high partitions & there is no
executive dining room. Any of the executives is likely to plop down at a
table in its cafeteria & join in a lunch chat with whoever is there. One o
the employees has said, ITS exciting to know you maysee & talk to
the top management at any time. You feel a part of things.
MBO
BBL also has Management by Objectives (MBO) everywhere. Each
person has multiple objectives. All the employees must have to get the
approval of their bosses on what they are going to do. Later they review
as how well they have performed their job with their management as
well as the peer group.
Modern BBL owns the best banking and information technology equipments in
Equipment & Technology Bangladesh. It ultra modern banking systems starting from terminal pcs
to HUBs are based on the international banking standards and are the
latest.
Weaknesses:
Absence of
Strong Marketing Activities BBL currently dont have any strong marketing activities through mass
media e.g. Television. TV ads play a vital role in awareness building
BBL has no such TV ad campaign.
Lack of
AS BBL is fairly new to the banking industry of Bangladesh average
Customer
customers lack the confidence in BBL and judge the bank as an average
Confidence
new bank.
Too
BBL has contract workers who lack the commitment with superior quality
Many
service and also are pretty dissatisfied as being a contract worker. This
Contract
hampers the banks service quality as a whole.
Workers
Opportunities:
High Demand
Since housing is one of the basic needs of people, there is a high
of
demand of housing loans. BBL personal banking division can focus on
Housing Loans
this category of products and grab these segments of customers.
Distinct
BBL is noted for its distinct operating procedures. Repayment capacity
Operating
as assessed by BBL of individual client helps to decide how much one
Procedures
can borrow. As the whole lending process is based on a clients
repayment capacity, the recovery rate of BBL is close to 100%. This
provides BBL financial stability & gears up BBL to be remaining in the
business for the long run.
Countrywide Network
The ultimate goal of BBL is to expand its operations to whole
Bangladesh. Nurturing this type of vision & mission & to act as required
will not only increase BBLs profitability but also will secure its existence
in the log run.
More
The top management team of BBL is expert in banking activities. The
Experienced & Managerial
operating policies established by them are unique & unified. They
Know-how
equally contributed to BBLs superior leadership, by carrying out thei
unique roles. They worked well together, respecting each others
abilities, & arguing openly & without any rancor when they disagree.
Threats:
Upcoming
The upcoming private local & multinational banks posses a serious
Banks
threat to the existing banking network of BBL. it is expected that in the
next few years more commercial banks will emerge. If that happens the
intensity of competition will rise further and banks will have to develop
strategies to compete against and win the battle of banks.
Absence of various products such AS HOUSING loans are causing various custome
Lose of to detract from BBL. This is a serious threat for BBL Bangladesh.
Customers
Moderate
BBL should continuously improve its customer service strategies and
Levels of Customer
the overall service quality needs to win the customer satisfaction
Satisfaction
undoubtedly.
Default
As BBL is a very new organization, the problem of non-performing
Culture
loans or default loans is very minimum or insignificant. However, as the
bank becomes older this problem will arise enormously and the bank
may find itself in a more threatening environment. Thus BBL has to
remain vigilant about this problem so that proactive strategies are
taken to minimize this problem.
N %
Cases Valid
50 100.0
Excludeda
0 .0
Total
50 100.0
a. Listwise deletion based on all variables in the procedure.
Reliability Statistics
Cronbachs Alpha N of Items
.743 18
By doing the reliability test I got Cronbachs Alpha .743 which is more than .50. It means
the data are reliable. Cronbachs Alpha .743 > 0.50, so farther analysis is possible
because the data are reliable.
Frequency Table and Graphical Analysis:
In the frequency distribution and graphical presentation I have included the important
questions which can be effective figuring out the customer satisfaction level of credit card
holders of Brac bank.
From the above graph and frequency table it can be identified that from the 50
respondents 35 (70%) were male and 15 (30%) were female.
From the 50 respondents 26 were visa classic card holders, 11 were visa gold holders, 8
and 5 were universal visa classic and gold holders.
Time of call
22% of the respondents call with in 7a.m. to 1p.m. 32% call with in 1-7 p.m., most of the
people 21% call within 7am-1pm, the least amount of people 4% call during 1am-7am.
Most of the customers (58%) agreed that they never face problems enquiring over the
phone. 24% were neutral and 8%, 8% and 2% strongly agreed, disagreed and strongly
disagreed.
54% agreed that customer care officers are quick and skilled. 36% were neutral and 6
and 4 % were strongly agreed and disagreed. Brac needs to emphasize on this matter
pull the 36% to the 54%.
64% people agreed that problem solving duration of credit card service is satisfactory.
Other 24% were neutral regarding it. So Brac is quite good in maintaining problem solving
duration.
From the above showed table and graph it can be clearly said that Bracs customer
officers are knowledgeable and professional.
Most of the people (54%) think quality of the card is satisfactory. So it can be seen that
Brac has maintained quality of its credit card.
46% people think that annual fee for the credit cards are not low in Brac bank. On the
other hand only 18% thinks its low.
I am very satisfied with the over all service provided by Brac bank for credit cards
52% of the respondents are satisfied with the over all service provided by Brac bank. So
by judging the situation it can be said Brac banks credit card holders are quite satisfied.
RegressionAnalysis:
Here I applied regression analysis to figure out whether the service and card related
issues are well taken care of or not.
Model Summary
Model
R R Square Adjusted R Square Std. Error of the
Estimate
1
.713a .508 .382 .517
a. Predictors: (Constant), 24 hours service is essential, Customer service officers are quick and skilled, Knowledge a
professionalism of the customer service officers are up to mark, Customers never face problems inquiring over the phone, C
waiting duration is satisfactory, The problem solving duration is satisfactory, 24 hours service is more satisfactory to t
customers, The number of phone lines should increase, Right information is always provided by the service personnel, T
officers provide adequate time in listening to the problem
Here we can see that R square is .508 and it is above the standard level. So it can be
said that Brac bank is quite good with its customer service
ANOVAb
Model
Sum of df Mean Square F Sig.
Squares
1 Regression
10.782 10 1.078 4.028 .001
Residual
10.438 39 .268
Total
21.220 49
a. Predictors: (Constant), 24 hours service is essential, Customer service officers are quick and skilled, Knowledge a
professionalism of the customer service officers are up to mark, Customers never face problems inquiring over the phone, C
waiting duration is satisfactory, The problem solving duration is satisfactory, 24 hours service is more satisfactory to t
customers, The number of phone lines should increase, Right information is always provided by the service personnel, T
officers provide adequate time in listening to the problem
b. Dependent Variable: I am very satisfied with the over all service provided by Brac bank for credit cards
Here the F value is 4.028. So it can be said that the service involvement is quite
satisfactory.
Model Summary
Model
R R Square Adjusted R Square Std. Error of the
Estimate
1
.761a .579 .497 .467
a. Predictors: (Constant), No hidden charges are available regarding credit cards, The durability of the cards is long, The ann
fee for the credit card is low, Information about all the charges/fees for credit cards is very clear, The quality of the card
satisfactory, The validity period of the card is enough, The color and design of the card is really satisfactory, The renewab
charge is low
Here R square is .579 which is higher than the standard. So it can be said that card Brac
is quite good at quality of the cards.
ANOVAb
Model
Sum of df Mean Square F Sig.
Squares
1 Regression
12.290 8 1.536 7.053 .000
Residual
8.930 41 .218
Total
21.220 49
a. Predictors: (Constant), No hidden charges are available regarding credit cards, The durability of the cards is long, The ann
fee for the credit card is low, Information about all the charges/fees for credit cards is very clear, The quality of the card
satisfactory, The validity period of the card is enough, The color and design of the card is really satisfactory, The renewab
charge is low
b. Dependent Variable: I am very satisfied with the over all service provided by Brac bank for credit cards
F is 7.053. So it can be said that card related involvement is quite good for Brac bank.
I have conducted factor analysis to figure out the week data.
Component
1 2 3 4 5 6
Customers never face problems
inquiring over the phone .108 .230 .680 .264 -.097 -.197
24 hours service is more
satisfactory to the customers .256 .313 .319 .385 .011 -.264
Customer service officers are
quick and skilled .394 .656 -.019 .326 -.043 -.086
The problem solving duration is
satisfactory .048 .800 .145 -.012 .095 .046
Call waiting duration is satisfactory
.620 .245 .055 .125 .239 .160
Knowledge and professionalism of
the customer service officers are .683 -.176 .273 -.191 -.468 .123
up to mark
Right information is always
provided by the service personnel .635 .278 .171 .092 -.322 -.172
The officers provide adequate
time in listening to the problem .793 .174 .010 .246 .102 .070
The number of phone lines should
increase -.296 -.182 -.073 -.626 .391 .029
24 hours service is essential
.147 -.028 .029 -.130 .888 -.097
The color and design of the card
is really satisfactory .827 -.198 .120 .075 -.073 -.175
The durability of the cards is long
.720 .347 .048 .145 .281 .063
The renewable charge is low
.281 .650 .356 .110 .141 .034
The validity period of the card is
enough .146 .561 -.009 .319 -.269 -.253
The quality of the card is
satisfactory .029 .148 .758 .058 .024 -.015
The annual fee for the credit card
is low .042 -.052 -.050 .047 -.091 .906
Information about all the
charges/fees for credit cards is .081 -.053 .305 .826 .028 .130
very clear
No hidden charges are available
regarding credit cards -.104 .652 .290 -.130 -.121 -.027
I am very satisfied with the over all
service provided by Brac bank for .443 .212 .636 .260 .036 .312
credit cards
Extraction Method: Principal Component Analysis.
So there are some negative values. Those are the people who responded negatively.
Findings:
Call waiting duration is long enough to bother consumers.
Numbers of phone lines are not enough.
Only a few number of people call after 1am.
The annual fee is high in the perception of the consumers.
Information and charges are not that clear to the consumers.
BBL has 5 types of credit cards.
BBL does not have sufficient information in their official site.
No annual fee for the users who transact 18 times (10 POS included is not good enough.
BBL does not have sufficient booths in the country.
During the survey it has been found that many respondents answered many questions
with confusions.
Many respondents chose the option neutral in many questions.
There are not enough booths outside the country.
There are many strong competitors in the market against BBL.
There are some competitors whose offers are more attractive.
Recommendation:
Call duration problem should be solved quickly.
BBL should increase the number of phone lines.
Few people call after 1 am. So BBL should shift its customer managers from night to day.
BBL should reduce its annual fee so that the customers can be satisfied.
Information and charges are two important issues to the consumers. So its better for BBL
to clear their confusions soon enough.
The category for credit cards should be increased.
Official site should be enriched with information.
The range of the offer for annual charge reduction should be reduced.
BBL should increase their booths in the country.
BBL should increase their booths outside the country.
BBL should make their customers more aware of their company and products. So that no
doubts or confusions stay.
BBL should do something that would make the customers more agreeable than to be
neutral
BBL should give more attractive offers. So that they can compete with their competitors.
Conclusion
As the old bank BRAC Bank is still regarded as a reliable bank and the growing number
of its customers indicates its acceptance among clients. It is very common statistical
saying that it is five times costly to get a new customer than retaining the customer. So it
should enough to retain the customers, nor only in cards but also in other division. It is
also noted that getting a credit card and closing it is expensive. Since BBL has been able
to increase the number of cardholders, it now should take care the matter of customer
satisfaction and quality of service.
Remembering this, the credit card division has launched 24 hours card customer
service. Most of the customers have appreciated this initiative. The overall customers
satisfaction is definitely higher than the before. The major findings of the first and major
proposition indicates that that customer satisfaction in general has been increased on a
average but there are some issues like annual charge and call waiting duration in
which the level of customers satisfaction is not up to the optimum level. But in case of
other issues the customers satisfaction level has increased in the expected levels.
Overall it has become easier and user friendly for the customers to deal with the credit
card.
Here different benefits on different issues have been found, which customers found out
from their experiences. The close relation between the consumers life styles and their
perception towards the credit cards is very much interesting. As the main mode of
communication increasing of telephone service can have a great role. Not only the
businessmen but also all kind of customers is being beneficiate by the customer service.
And lastly it was also have seen that the overall customers suggestions are very much
needed in order to know them, understand them and make profit in the long run.
It is very true that the most of the customers do not hesitate to term BBL as a better than
other bank. But it should be considered that the customers have very few choices of
banks with which they can actually compare the online service of BBL. Other private
banks have limited operation in limited locations. Like BBL other local banks have
recently focused their attention to customer service, satisfaction and also credit card
service. Moreover there are a good number of private banks that are coming into the
competition soon.
Therefore it is better for BBL not to let the situation be worst and should emphasize on
serving customers effectively and efficiently to ensure better service.
Reference
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John E. G. Bateson, Managing Service Marketing, Ed 4, 121.
Bateson, J.E. (1995), Managing Service Marketing, The Dryden Press,
HarcourtBraceCollege Publisher, Hinsdale, IL.
Johnson, Michael D., Eugene W. Anderson and Claes Fornell (1995), Rational and
Adaptive Performance Expectations in a Customer Satisfaction Framework Journal of
Consumer Research, 21 (March), 695-708.
Bruce R. Jewell (1996), An Integrated Approach to Business, Third Edition,
OxfordUniversity Publishing.
www.bracbank.com
www.wikipedia.org
www.answers.com