HSBC BANK Service Excellence and Market Competitiveness a Case of HSBC Bank IIPM Thesis 93p

8/19/2019 HSBC BANK Service Excellence and Market Competitiveness a Case of HSBC Bank IIPM Thesis 93p

1/86


2/86

Through this research I have tried to develop an understanding of the importance of

services in the banking industry. I also learned about the service standards applicable

in HSBC and also got to study the comparative analysis of various banks (HSBC

Bank Citibank and ICICI Bank! on the basis of service. Several people played a

significant role to"ards the successful completion of my research. I "ould like to take

this opportunity to thank them all.

There are several individuals "ho facilitated me in undertaking my research "ork. To

start "ith I "ant to thank my #$ternal %uide M#. V$#% S#'($)*$($ A#+$ S$,+) &

S+#('+ M$$+# for guiding all the "ay throughout my pro&ect and helping me even

in the smallest of my problems. I "ould also like to thank all my colleagues for their

co'operation and for bearing me "ith all my faults and failures. astly and most

importantly I "ould like to thank all the Branch )anagers for their support. *ithout

the co'operation all the above mentioned people this pro&ect "ould surely have not

been a success. I thank you all once again.

PUSHNEET SINGH BHATIA

+


3/86

E/ECUTIVE SUMMARY

The customer service study revealed that no specific tactic technology or mission

statement is the key to effective customer service delivery. In fact "hat is clear is that

effective customer service delivery is organi,ation specific since services are

designed around the targeted customers- desires and the frontline employees

delivering the services. The components of the process for producing effective

customer service delivery include appropriately identifying and targeting the ideal

customer establishing a customer'focused vision that is consistent "ith the prioriti,ed

desires of the target customers establishing the operational procedures and internal

infrastructure that support customer service continuously measuring customer and

employee satisfaction embracing change and striving persistently to improve. The

customer service literature clearly demonstrates that both profit'seeking and public

agencies that implement effective customer service strategies reali,e financial

benefits either through increased profits or through reduced costs associated "ith

long'term informed customers customer referrals employee retention improved

information e$change and streamlined service delivery

Thus service e$cellence assumes utmost importance in any industry. It can help an

organi,ation to gain an edge over its competitors by providing better services to its

customers and satisfying their need so as to keep them loyal to"ards their

organi,ation and do great business for the organi,ation.

In this respect platform service of the banks proved to be of great help to any banking

institution to provide better services to its customers. / comparative analysis of banks

"ould help in coming to an ultimate conclusion about the service levels of various

banks. *e have conducted #$ploratory 0esearch "herein "e have used bservation

)ethod and Secondary 2ata Collection. In this research of comparative analysis of

3


4/86

various banks(HSBC Banh Citibank and ICICI Bank! I made an attempt to find out

the difference in the three banks on the basis of services provided by them and also

the preference of customers to bank "ith "hich particular bank.

The study is a modest effort to"ards preparing a report "hich lays do"n the role of

ho" HSBC Bank makes its customer happy in the present scenario.

/s per "eb definition 4service that e$ceeds the needs and e$pectations of the

customer5 is called service e$cellence. It is no coincidence that bank "hich focus on

the customer and invest in their staff are the market leaders in their sectors.

Customer service representative roles is to actively communicate "ith customers to

ensure the Bank delivers the products and services that help them achieve their

financial needs and lifestyle goals.

6


5/86

TABLE OF CONTENT

CHAPTER 1 INTRODUCTION 1-7

History of Banking in India +

7 8-s of )arketing 9

CHAPTER 2 LITERATURE REVIE" -6

HSBC: Company 8rofile ;

2epositary 0eceipts ;

HSBC 8o"er

)utual =unds 1>

9


6/86

Service #$cellence 17

8latform Services +?

Service e$pected by Customers +1

Comparative /nalysis of 6

CHAPTER 6 RECOMMENDATIONS & SUGGESTIONS 65-6

CHAPTER 7 BIBLIOGRAPHY 6-70

>


7/86

CHAPTER APPENDICES 71-76

Auestionnaire 7+

8latform Services 79

7


8/86

LIST OF TABLE

T$,+ 8. P$#*'%,$#) P$+ 8.

1. )ulti attributes )odel of /ttitude 91

LIST OF FIGURES

F'%#+ 8. P$#*'%,$#) P$+ 8.

1. 2id the staff greet you 66

+. The staff try 69

3. The staff e$cuse himself before attending 6>

6. Staff 8olite 67

9. *ould you like to be invited to the branch events 6@

>. Customers preferences for using various services 6;

7. 8reference to Bank "ith a 8articular Bank 93

@. The 8references of Customers 96

;. 8articular Bank eeds Improvement 99

1?. Comparison of customer base of different banks 97

@


9/86

;

CHAPTER -1

INTRODUCTION


10/86

INTRODUCTION

H')*8#9 8 B$;' ' I


11/86

⇒ e" phase of Indian Banking System "ith the advent of Indian =inancial D

Banking Sector 0eforms after 1;;1.

⇒ To make this "rite'up more e$planatory I prefi$ the scenario as 8hase I 8hase II

and 8hase III.

P=$)+ I

The %eneral Bank of India "as set up in the year 17@>. e$t came Bank of Hindustan

and Bengal Bank. The #ast India Company established Bank of Bengal (1@?;! Bank

of Bombay (1@6?! and Bank of )adras (1@63! as independent units and called it

8residency Banks. These three banks "ere amalgamated in 1;+? and Imperial Bank

of India "as established "hich started as private shareholders banks mostly

#uropeans shareholders.

In 1@>9 /llahabad Bank "as established and first time e$clusively by Indians 8un&ab

ational Bank td. "as set up in 1@;6 "ith headEuarters at ahore. Bet"een 1;?>

and 1;13 Bank of India Central Bank of India Bank of Baroda Canara Bank Indian

Bank and Bank of )ysore "ere set up. 0eserve Bank of India came in 1;39.

2uring the first phase the gro"th "as very slo" and banks also e$perienced periodic

failures bet"een 1;13 and 1;6@. There "ere appro$imately 11?? banks mostly small.

To streamline the functioning and activities of commercial banks the %overnment of

India came up "ith The Banking Companies /ct 1;6; "hich "as later changed to

Banking 0egulation /ct 1;6; as per amending /ct of 1;>9 (/ct o. +3 of 1;>9!.

0eserve Bank of India "as vested "ith e$tensive po"ers for the supervision of

banking in India as the Central Banking /uthority.

11


12/86

2uring those days public has lesser confidence in the banks. /s an aftermath deposit

mobili,ation "as slo". /breast of it the savings bank facility provided by the 8ostal

department "as comparatively safer. )oreover funds "ere largely given to traders.

P=$)+ II

%overnment took ma&or steps in this Indian Banking Sector 0eform after

independence. In 1;99 it nationalised Imperial Bank of India "ith e$tensive banking

facilities on a large scale especially in rural and semi'urban areas. It formed State

Bank of India to act as the principal agent of 0BI and to handle banking transactions

of the Fnion and State %overnments all over the country.

Seven banks forming subsidiary of State Bank of India "as nationalised in 1;>? on

1;th Guly 1;>; ma&or process of nationali,ation "as carried out. It "as the effort of

the then 8rime )inister of India )rs. Indira %andhi. 16 ma&or commercial banks in

the country "ere nationalised. Second phase of nationali,ation Indian Banking Sector

0eform "as carried out in 1;@? "ith seven more banks. This step brought @? of the

banking segment in India under %overnment o"nership.

P=$)+ III

This phase has introduced many more products and facilities in the banking sector in

its reforms measure. In 1;;1 under the chairmanship of ) arasimham a committee

"as set up by his name "hich "orked for the liberali,ation of banking practices.

The country is flooded "ith foreign banks and their /T) stations. #fforts are being

put to give a satisfactory service to customers. 8hone banking and net banking is

introduced. The entire system became more convenient and s"ift. Time is given more

importance than money.

1+


13/86

The financial system of India has sho"n a great deal of resilience. It is sheltered from

any crisis triggered by any e$ternal macroeconomics shock as other #ast /sian

Countries suffered. This is all due to a fle$ible e$change rate regime the foreign

reserves are high the capital account is not yet fully convertible and banks and their

customers have limited foreign e$change e$posure.

7 P>) 8 M$#;+*'

/ comparative analysis of marketing strategy of public private and foreign banks

"ith respect to 78s of marketing vi,. 8roduct place promotion price people

physical evidence and procedures have revealed the follo"ing findings. The analysis

of the 4product related strategies5 of public private and foreign banks "ith respect to

their products and services reveal that 8FBS generally offer services "hich are

traditional in nature. The strategy adopted is 4modification in the e$isting products5.

n the other hand 8


14/86

4vigorous promotional strategy5 "hich emphasi,es on personali,ed sales pioneer

advertising product demonstration etc. =BS concentrate on promotional activities

"hich stress upon 4relationship banking5. This strategy helps a bank to convert single

services users into multi'user clients.

The 4price related strategies5 of various categories of bank sector reveals that 8FBS

have adopted a 4lo"er pricing strategy5 for their customers. 8


15/86


16/86

1>

CHAPTER -2

LITERATURE REVIE


17/86

LITERATURE REVIE"

HSBC: C8?@$9 P#8',+

HeadEuartered in ondon HSBC Holdings plc is one of the largest banking and

financial services organi,ations in the "orld.

The HSBC %roups international net"ork comprises some >9?? offices in 7@

countries and territories in #urope the /sia'8acific region the /mericas the )iddle

#ast and /frica.

*ith listings on the ondon Hong Jong e" Kork and 8aris stock e$changes

shares in HSBC Holdings plc are held by around 1;???? shareholders in some 1??

countries and territories. The shares are traded on the e" Kork Stock #$change in

the form of /merican

D+@8)'*$#9 R++'@*)

Through a global net"ork linked by advanced technology including a rapidly

gro"ing e'commerce capability HSBC provides a comprehensive range of financial

services: personal commercial corporate investment and private banking trade

services cash management treasury and capital markets services insurance

consumer and business finance pension and investment fund management trustee

services and securities and custody services.

150 Y+$#) ' I


18/86

1@99. The follo"ing hundred years "ere in many "ays propitious for the )ercantile

Bank. In 1;9? it moved into its ne" head office building in )umbai. at =lora

=ountain.

The acEuisition in 1;9; by The Hong Jong and Shanghai Banking Corporation

imited of the )ercantile Bank "as a decisive factor in laying the foundation for

todays HSBC %roup. =ounded in 1@>9 to serve the needs of the merchants of the

China coast and finance the gro"ing trade bet"een China #urope and the Fnited

States HSBC has been an international bank from its earliest days. /fter the

)ercantile Bank "as acEuired by The Hong Jong and Shanghai Banking

Corporation the =lora =ountain building became and remains to this day the Head

ffice of the HSBC %roup in India.

Through the 1;;?s HSBC has vigorously developed its role as one of the leading

banking and financial services organi,ations in the "orld. Its strategy of managing

for value emphasi,es the %roups uniEue balance of business and earnings bet"een

older mature economies and faster'gro"ing emerging markets. HSBC in India is

proud to have retained the %roups pioneering streak by being an active partner in the

development of the Indian banking industry ' even giving India its first /T) "ay

back in 1;@7. The organi,ation-s adaptability resilience and commitment to its

customers have further enabled it to survive through turbulent times and prosper

through good times over the past 19? years.

HSBCs *ealth )anagement Services offer you a reliable partnership that takes care

of all your personal and business banking reEuirement

HSBC P#+?'+#

HSBC 8remier offers banking and financial solutions tailored to your needs

1@


19/86

A D+


20/86

Fnlimited =ree Transactions (Cash "ithdra"als and balance enEuiries! at 19???

HSBC and non'HSBC


21/86

⇒ Take a home loan from HSBC.

⇒ 0

⇒ Hold a minimum investment of 0s 9????? purchased through HSBC.

⇒ To e$perience these e$clusive advantages tailor'made to your needs open a 8o"er


22/86

HSBC BUSINESS SELECT

A E,%)'(+ R+,$*'8)='@ M$$+#

Business Select provides you "ith a dedicated personal 0elationship )anager to

understand your financial needs. So "hether youre looking for cash management

solutions trade related services or simply cash pick'up from your business premises

the personal attention your relationship manager provides is invaluable in helping you

choose the right solutions.

P#++#+*'$, P#'' 8 T#$


23/86

*ith our global net"ork "e not only ensure that your foreign e$change transactions

are seamless but also provide you "ith preferential rates on all your foreign e$change

remittances routed through us.

N8 B8%+ C=+%+ P#8*+*'8

Business Select offers you a no'bounce limit of up to 0s.+????? on cheEues

irrespective of the balance in your current account. This service can be obtained

through prior arrangement. =or more information and an application form please

contact your branch.

FREE I*+#+* B$;' 8# B%)'+))+)

)anage your finances "ith ease.


24/86

*ith the Smart )oney /ccount make your fi$ed deposits "ork for you. /vail of an

overdraft against your fi$ed deposits at attractive rates.

Thats not all... fast path processing of reEuests rapid cheEue clearance faster

remittances salary accounts and many more benefits leaving you "ith time and

energy to focus on your business. Business Select accounts need to maintain an

average Euarterly balance of I0 1??????.

M%*%$, F%


25/86

• The benefits of scale in brokerage custodial and other fees translate into lo"er

costs for investors.

• Transparency

• 0egulated for investor protection

• The )utual =unds sector is regulated to safeguard the investors interests.

S+#('+ E+,,++

"=$* ') %)*8?+# )+#('+

Customer service is not merely customer relations or ho" nice frontline "orkers are

to customers. 0ather satisfying or even delighting customers is the goal of e$cellent

customer service. Because customers for different types of services have different

needs customer service strategies "ill differ and must be tailored to the target

customer.

%ood customer service is essential for all businesses and providing it isnt that

difficult if bank and their employees enact these 1? basic rules:

• Commit to Euality service. #veryone in the company needs to be devoted to

creating a positive e$perience for the customer. /l"ays try to go above and

beyond customer e$pectations.

• Jno" your products. Conveying kno"ledge about products and services "ill help

you "in a customers trust and confidence. Jno" your companys products

services and return policies inside out. Try to anticipate the types of Euestions

customers "ill ask.

• Jno" your customers. Try to learn everything you can about your customers so

you can tailor your service approach to their needs and buying habits. Talk to

+9


26/86

people and listen to their complaints so you can get to the root of customer

dissatisfaction.

• Continually ask the target customers "hat they "ant and then give it to them: this

"ill help an organi,ation better understand their customers and "ill be able to

come up "ith ne" an improved products as per their needs

#stablish an rgani,ational Culture Supportive of Customer Service: Ftili,ing the

information gathered establish the company-s customer'focused vision. The vision

statement should be simple and may also identify "hat the company does not "ant to

be. #$press and .. Bean-s promise N%uaranteed. 8eriod. ive up to "hat is

promised by concurrently developing and applying e$ternally and internally oriented

strategic service concepts that reflect the vision. If the organi,ation does not

implement both internally and e$ternally oriented service strategies consistent "ith

the vision the organi,ation "ill have good intentions but poor customer service

(Thompson!.

Treat people "ith courtesy and respect. 0emember that every contact "ith a customer

O "hether its by email phone "ritten correspondence or face'to'face meeting O

leaves an impression. Fse phrases like Nsorry to keep you "aitingN Nthanks for your

orderN Nyoure "elcomeN and Nits been a pleasure helping you.N

ever argue "ith a customer. Kou kno" darn "ell that the customer isnt al"ays right.

But instead of focusing on "hat "ent "rong in a particular situation concentrate on

ho" to fi$ it. 0esearch sho"s that 7 out of 1? customers "ill do business "ith you

again if you resolve a complaint in their favor.

2ont leave customers hanging. 0epairs callbacks and emails need to be handled "ith

a sense of urgency. Customers "ant immediate resolution and if you can give it to

+>


27/86

them youll probably "in their repeat business. 0esearch sho"s that ;9 percent of

dissatisfy customers "ill do business "ith a company again if their complaint is

resolved on the spot.

/l"ays provide "hat you promise. =ail to do this and youll lose credibility O and

customers. If you guarantee a Euote "ithin +6 hours get the Euote out in a day or less.

If you cant make good on your promise apologi,e to the customer and offer some

type of compensation such as a discount or free delivery.

/ssume that customers are telling the truth. #ven though it sometimes appears that

customers are lying or giving you a hard time al"ays give them the benefit of the

doubt. The ma&ority of customers dont like to complain in fact theyll go out of their

"ay to avoid it.

=ocus on making customers not making sales. Salespeople especially those "ho get

paid on commission sometimes focus on the volume instead of the Euality of the sale.

0emember that keeping a customers business is more important than closing a sale.

0esearch sho"s that it costs si$ times more to attract a ne" customer than it does to

keep an e$isting one.

)ake it easy to buy. The buying e$perience in your store on your *eb site or through

your catalog should be as easy as possible. #liminate unnecessary paper"ork and

forms help people find "hat they need e$plain ho" products "ork and do "hatever

you can to facilitate transactions.

#mbrace change and persistently strive to improve (be a learning organi,ation!: this

"ill help an organi,ation to attract more customers because in this fast moving "orld

customers al"ays e$pect more than "hat you presently offer

P,$*8#? S+#('+)

+7


28/86

8latform services are the most important services offered by a particular bank.

8latform services are important for any banking organi,ation because the services

provided at the platform help an individual develop an overall picture of a particular

bank and its overall services. Customers have most of the interaction "ith the people

at the platform 8eople at the platform help out the customers "ith "hatever problems

they have. Customers can come up "ith all their problems and Eueries to the bank and

discuss them in detail "ith the staff at the platform. The better the staff at the platform

treats the customer the more satisfied they are "ith the bank and therefore the more

loyal they are to"ards a particular brand. Hence in order to increase the customer base

as compared to other banks one should try to "in over the customers by providing

better services to them as compared to other banks as it is rightly said that customers

are a key to success for any business.

/t HSBC great efforts are made to provide e$cellent services to its customers "hish

ultimately results in customer retention. 8latform services have increasingly gained

importance in banking industry. /t HSBC attempts are made by the platform service

team to satisfy the customer to ma$imum possible e$tent.

HSBC South #$tension has the best platform service team all over the globe. /s a

customer enters the branch there is a lobby manager at the may I help you desk "ho

tries to assists the customers and maintains the record of all the customers "alking

into the branch "ith "hat ever Eueries they have. /t HSBC "e have a system of first

come first serve "hereby the person "ho enters the branch first "ould be attended

first. Hence there "ould be no bias among customers. Then "e have a team of 9

platform service managers "ho listen to the customers and help them overcome the

problem they are facing in the best possible manner so that they are fully satisfied.

The platform team is also important because it helps people "orking at all other levels

+@


29/86

to pitch the customers "ho can give the bank huge amount of business in terms of

investments and insurance by making the customers a"are of the products offered by

the bank and develop a need for these products in them. Hence good platform services

are important not only because it helps in "inning over the confidence of the

customers but also because they help in discovering potential customers for the

organi,ation on "hom the financial planning managers can pitch.

S+#('+ +@+*+< 9 C%)*8?+#)

Customers should be made feel comfortable "hen they enter the branch. This is

important because if they are not treated properly they "ould not like to visit the

branch again and may opt to bank "ith some other banks "hich provide them better

services. This is so because there is hardly any difference in the products offered by

each bank "hat make a particular customer bank "ith a particular bank is the

services and facilities offered by them. / customer "ould choose a bank "hich

provides it better services. Hence service assumes the most role as far as the success

of a particular organi,ation is concerned as compared to its competitors. In general a

bank should take care of the follo"ing services:

• #nvironment in the bank

• 8roper desks at each counter

• 8roper "aiting area

• *ater being served at regular intervals

• Snacks offered

• 2Pcor

• Clean carpets

• 8ipe music

+;


30/86

• /ttitude of the staff to"ards the customers

3?


31/86

COMPARATIVE ANALYSIS OF VARIOUS BAN!S

CUSTOMER DELIGHT

*hen a brand meets customer e$pectations it is ensuring customer satisfaction.

Ho"ever "hen customers get value or benefits beyond "hat they had e$pected the

brand has ensured customer delight. Common sense suggests that a delighted

customer may be more loyal to your brand than a satisfied customer.

Customer delight is not &ust about better product performance. Consumers have a

certain degree of functional e$pectation from a brand and in most cases the brand is

likely to deliver a level of performance pretty close to that e$pected by the customer.

This is precisely the reason "hy functional parameters have ceased to be meaningful

differentiators for customers to choose one brand over the other.

So "hat is customer delight all aboutQ Ho" is it ensured by brandQ Customer delight

is about demonstrating and providing a set of tangible and intangible benefits beyond

the functional features a combination of "hich provides value beyond "hat the

customer had e$pected to receive from the brand.

It is important to recogni,e that customer delight is a moving target. It is not a fi$ed

benchmark to be achieved. /s competition intensifies and responds the po"er of

some benefits to act as differentiators gets diluted or erased. Brands therefore have to

constantly monitor customer satisfaction and delight levels in relation to competitive

offerings. Then they must create both more and innovative value propositions for

customers to continue to feel delighted.

In many categories brands have taken the easy route of providing higher value

through lo"er price. Ho"ever not only is there no guarantee of it being a sustainable

advantage (because it is replicable by other players too! but it also strips the brand of

31


32/86

much needed profitability to create and sustain alternate benefits. /part from a

sensible price point customers look at brand imagery service and other intangible

parameters for selecting bet"een brands. =or a brand that seeks to provide ever'

increasing service levels and standards competing on price "ill seriously limit its

ability to invest in technology and resources to provide the desired service levels.

In a digitally enabled business environment it has become relatively easier for a

brand to plan and implement strategies to provide customer delight. Though it

reEuires an initial investment in time resources and technology creating a robust

database of customers is the first step in making the task of providing continued

customer delight easier and efficient for the organi,ation.

Some of the "ays of ensuring customer delight through a customer base that is

captured digitally are:

L89$,*9 @#8#$?): These programs provide incentives for customers to stay "ith

your brand. The biggest value of a loyalty program to a customerOin terms of

incentives or discountsOis Nthe more you buy the more you benefit.N oyalty

programs bind the customer to the brand by Nraising e$it barriers.N /s the customer

collects more points (or any other form of incentives! the barrier to e$it from the

brand rises. Typically airlines credit card companies and supermarkets have used

loyalty programs effectively.

C8,,$8#$*'(+ ?$#;+*': Collaborative marketing is a customer centric business

strategy to provide value to customers through marketing partnershipstie'ins "ith

brands that are relevant to the customers in your database. In other "ords

collaborative marketing is about identifying brands that your customers "ould be

interested in and then creating an opportunity for those brands to offer an incentive to

3+


33/86

your customers that "ould not have been possible on an individual level. Its a "in'

"in'"in situation for all entities. Kour customers benefit because they get value from

your brand that is beyond the product or service that you market the participating

brand benefits because they get to interact one'on'one "ith a large cluster of potential

customers and your organi,ation benefits because you strengthen the customers

satisfaction "ith your brand by providing greater value for them to belong to your

database.

P#8$*'(+ ?$#;+*': 8roactive marketing is defined as identifying customer needs

before they do to supply them "ith information andor service and to help them

decide about a purchase. The concept is clearly about informing consumers about ne"

or higher version products or services that they "ill reEuire "ithout "aiting for them

to discover it on their o"n. =or e$ample a computer manufacturer can use this

concept by proactively informing e$isting consumers about product upgrades or ne"

services that the organi,ation (or its business partners! has to offer. / television or

music system marketer can use this in a similar fashion. #ntertainment companies if

they kno" the consumers preferences can send marketing information of ne"

releases in that genre to consumers so that they do not have to "ait for the consumer

to chance upon the ne" product "hile perusing the store. (=or e$ample did you kno"

that most music buyers are not NactiveN buyersQ They do not seek out a particular

album but tend to impulse buy "hen they happen on an album they like.!

C#8))-)+,,': This marketing method identifies the most relevant products from a

companys portfolio that your customer "ill benefit from and offers it to them...

perhaps at an incentive for being a member of your brand. ets take the e$ample of a

financial organi,ation having interests in banking credit cards personal loans

housing loans insurance etc. In the old "orld format of business each business entity

33


34/86

managed a separate list of customers and data "as rarely shared across the enterprise.

Ho"ever in a digitally enabled environment the entire enterprise can maintain a

common repository of customer data and tag them for all the relationships that the

customer has "ith the entire enterprise. This allo"s the organi,ation to get a 3>?R

vie" of its entire customer base. This kno"ledge can be used intelligently to ensure

that the organi,ation gets a higher lifetime value from the customer by selling them as

many relevant products as possible from its portfolio.

S',+ )+#('+ '


35/86

• /utomated response system that can be used for sending alerts and e'mails (e.g.

sending automated mails to a bank customer "hen hisher check is credited!

• Inbound mail management system ("ith features like auto responders

preformatted mail responses to increase speed of response I'mail collaboration

tools etc.! and

• /ssisted self'service "herein the customer can access relevant parts of the

organi,ations site assisted by a virtual service agent.

• In each of these initiatives (and the many more that are possible! there is potential

to offer an ever'increasing set of benefits. It is left to the dynamism and innovative

spirit of the organi,ation to harness it to the ma$. 0emember: a delighted

customer has the potential to be more loyal to your brand than a satisfied

customer.

• The Customer 2elight 8rinciple )c%ra"'Hill 8rofessional Books.htm

• Heres ho" your company can take customer satisfaction to a ne" level and reap

the profitsM

The Customer 2elight 8rinciple sho"s ho" customer delight '' not mere satisfaction

'' drives repeat purchasing and customer loyalty. The book details ho" your company

can build a customer delight'oriented organi,ation and reveals many of the roadblocks

that you are likely to encounter. Ho" to monitor customer delight results including

measurement and validation against revenue is covered as is formulating payback

curves for a customer delight investment allocating resources for continued customer

delight improvements and the continued benchmarking of results.

39


36/86

Statistics sho" that customer satisfaction alone is not enough. ver >? of customers

lost by companies have reported that they "ere at least NsatisfiedN in their e$perience

"ith the company

Striving for more than customer satisfaction is a key strategy in Customer

0elationship )arketing (C0)! the predominant marketing approach of todays most

successful traditional and dot'com companies.

TechniEues to )ove Kour Customers beyond )ere Satisfaction''at #very 8oint of

Contact

%lobal competition today is fierce and customers "ho are merely satisfied "ith your

companys products or services "ill soon be lured a"ay by your competition. The

Customer 2elight 8rinciple reveals ho" todays leading marketers consistently retain

and gro" their customer bases by moving beyond satisfaction to discover and fill each

customers unseen yet essential needs. Comprehensive in scope yet focused in

treatment this book reveals ho" to dramatically increase your organi,ations positive

customer e$periences virtually eliminate the negative and drive your customers to

ne" levels of repeat purchasing loyalty and sheer delight.

Satisfied customers are good for business success''&ust not good enough.

CUSTOMER DELIGHT AT HSBC

HSBC has recogni,ed the importance of customer delight in "inning the confidence

of customers and keeping them loyal to"ards their o"n brand. HSBC does a lot for its

customers as far as customers are concerned. /t HSBC the policy "hich rules is that

4the key to success for HSBC is providing personali,ed services to its customers to

keep them loyal to their to their brands for years to come5. /t HSBC each and every

employee is trained to make the customer happy. They try to understand "hat

3>


37/86

problem the customer is facing and then make an attempt to solve it "ithout making

him "ait for long. The customers are given a feeling of pride by giving them

importance "ho so ever he may be. This is important because it makes the customer

feel that they hold importance to the bank and ultimately increase their satisfaction

level. HSBC keeps on organi,ing events for their customers as a part of customer

delight to develop good relations "ith them and to make them feel that "e care for

them and they are important to us. #very Saturday at HSBC is the day devoted for

customer delight. )any events have been organi,ed till date to "in the confidence of

the customers. Some of them are:

HSBC organi,es a birthday event every last Saturday of the month "here it invites all

those customers "hose birthday falls in that particular month. They organi,e snacks

for the customers and usually on the birthday event they arrange for a taro card reader

and an astrologer "hereby people can discuss "hatever they "ant to "ith them.

Then one "eek they had organi,ed as children-s "eek "here they had arranged for

small gifts for children and "ere given to those children "ho had "alked into the

branch during that "eek. This "as follo"ed by a magic sho" and some art and craft

learning on Saturday "hen the bank made an attempt to call all customers "ho had

small kids to en&oy the magic sho" and have fun

ne "eek they had organi,ed a luck dra" "herein the customers "alking into the

branch "ere asked to drop in their visiting cards and on Saturday there "as a luck

dra" in "hich some of the customers "on movie tickets for + at the pvr nearest to

their residence

37


38/86

n 9th Gune as it "as environment day "e had celebrated an environment "eek in the

branch. This "eek "e had arranged for small siblings to be handed over to customers

"alking into the branch during that "eek.

/s far as premier customers are concerned along "ith the above mentioned "ays of

providing delight to them they are given e$clusive personali,ed services by the banks

staff along "ith the follo"ing other services:

• =ree tickets for the entire family to the movie of their choice

• Tickets for different matches life cricket football etc

• unch and dinner parties hosted at five star hotels

• Invitation for important events of banks

• )usic sho"s and concerts by "ell kno"n personalities

• / "eekend tour and many more

2elighting customers is an ongoing process in HSBC and has also proved to be

fruitful to the company as it "as able to develop better relations "ith their customers

and "in their confidence so that they can help bank get better business from them. But

one thing "hich is al"ays kept in mind is that no business is discussed during these

events. These events are meant for fun and en&oyment and therefore the sho" must go

on uninterrupted.

/part from delighting customers HSBC also tries to delight its employees to the

fullest possible e$tent so as to make them feel that they are important to the

organi,ation and their contribution matters them a lot. 2elighting staff helps in

3@


39/86

developing enthusiasm among the staff to "ork hard and to meet their targets "ell in

time. Some of the policies adopted by HSBC to delight is employees are:

HSBC is the first and only banking organi,ation to organi,e an incentive scheme for

all its employees from top to bottom. /nd these incentives are so attractive that one

can make incentives even more than their monthly salary. This is actually a

motivating factor for the staff to "ork hard and sho" their potentials to the

organi,ation and in turn make huge amounts of money for them

HSBC organi,es events for its staff on various occasions including festivals by having

performance by various celebrities and dramas organi,ed by the staff itself

It also organi,es dance parties for their staff and having competitions among various

branches by organi,ing cricket match bo"ling matches and many more.

3;


40/86

"+$,*= M$$+?+*

8rivate banking"ealth management addresses the need of high net "orth individuals

to manage their "ealth. It provides a comprehensive range of client centered advice

products and services individually tailored for "ealthy clients on the "orld catering to

their "ealth management needs in their home countries (onshore! and at the large

international financial centers (offshore!. The challenge of a private banker is to

combine strong personal relationships "ith resources that are available from across

the globe and provide a full range of "ealth management services from asset

management to estate planning and from corporate finances advice to art banking. The

idea being to give clients access to a "ide array of pre'screened top'Euality products

from third party providers that complements in'house products.

Client focus is the main driver of the business of "ealth management. / "ealth

manager is committed to proactively and consistently delivering customi,ed and

unbiased financial solutions of the highest Euality to its clients. The business of

private banking and "ealth management lies on the pillars of long'term personal

relationships. The consistent delivery of a truly consultative advisory process

combined "ith a comprehensive product positioning frame"ork is essential to putting

"ealth management-s value proposition into action.

T=+ "+$,*= M$$+?+* P#8+))

The "ealth management process can be broken do"n into four clear mutually

enhancing steps. In the first step advisors take the time to understand "hat it is it tat

their clients "ant and need and look at all the different factors that might affect their

goals and "illingness to take risk. /s a second step the advisor formulates investment

proposals crafted for their client-s specific reEuirements by selecting from the best

products and services available. In the third step the client agrees "ith the advisor

6?


41/86

"hich of the solutions should be implemented. The fourth step rounds out the "hole

process "ith comprehensive monitoring and reporting of investment performance to

the client by the advisor as "ell as regular communication bet"een the t"o in "hich

goals and strategies are constantly evaluated and ad&usted as reEuired. / clearly

structured advisory process helps client advisors add value at each step and provide

clients "ith a consistent and comprehensive e$perience.

In the heart of the relationship bet"een the clients and their financial advisors is a

consultative process during "hich each advisor profiles and creates an investment

plan for his or her client based on individual needs reEuirements and goals. It takes

the client-s risk tolerance into account and follo"s the appropriate asset allocation

strategy. The plan is normally designed to help the client accumulate preserve and

transfer "ealth. nce the plan is put in place advisors hold regular portfolio revie"s

that help ensure that the client-s long'term goals are met.

Training is essential to make the process a success. *ealth managers provide

e$tensive training to client advisors on products and processes so as to make them

fully versed in all aspects of a structured advisory process. )ost "ealth managers

make all their ne" advisors undergo training program that are designed to provide

them "ith the necessary financial planning analysis client relationship management

and legal and compliance kno"ledge. *ealth managers commit considerable

resources to further develop and e$pand the e$pertise of their financial advisors. The

process of training is continuous and does not end "hen an advisor starts "orking at a

branch. #$perience of senior private bankers across the globe sho"s the training

programs are a key factor in helping to develop long'term mutually beneficial

relationships "ith clients.

P#8


42/86

)ost "ealth managers offer "ealth management services to "ealthy individuals and

families "ith investible assets of at least FS2 1 million. Some high'end speciali,ed

"ealth managers offer "ealth management services to clients "ith a minimum of

FS2 1? million to invest "ith the average account si,e normally substantially larger

than the cut off.

The gro"ing si,e of the mass affluent market globally has also lured "ealth managers

to provide preferred banking and speciali,ed services to this segment as people

freEuently move from the higher end of the mass affluent category to become "ealth

management clients. %lobally banks like HSBC (HSBC 8remier! Citibank (Citi

%old! /B (


43/86

8roducts could include banking related needs such as current and savings accounts

personal and home loans cards and also insurance and investment services including

securities trading. Such services are no" increasingly delivered via self'service

terminals phone banking and the Internet. Comprehensive financial planning

services covering customers- investment retirement personal and asset protection

needs are offered through specialist financial advisors.

The credibility and reputation of a "ealth manager hinges on its ability to ensure that

clients receive the best products and services available regardless of "hether they are

produced internally or are sourced from e$ternal agencies. Ho"ever as the intention

of premier "ealth managers is not to become a one'stop financial supermarket they

carefully choose and screen third'party offerings selecting those that meet the high

standards that there clients- demand. 2epending on their financial situation and

individual preferences clients have varying reEuirements regarding the level of

service they e$pect. 8roducts on offer could both be on the assets and liabilities side.

I(+)*?+* P#8


44/86

investments for high net "orth individuals. They provide alternative investments

ranging from o"n hedge funds to third party private eEuity funds and fund of funds

products and also offer their clients "ith a "ide range of structured products covering

eEuity linked note products principal protected notes enhanced appreciation

securities and hedge fund underlying structured products. *ealth managers also offer

a broad range of fee'based money management programs that utili,e the e$pertise of

professional money managers both internally and through third parties.

66


45/86

69

CHAPTER -!

OBJECTIVE " METHODOLOGY


46/86

OB3ECTIVE OF STUDY

The ob&ective of the research is to analy,e the services provided by HSBC Bank

Citibank and ICICI Bank. To try to find out "hat do customers e$pect from an

organi,ation and try to deliver that level of satisfaction to them. =or the same purpose

I have taken into various attributes relating to service that may be responsible for the

success of a particular bank like geographical location ambience products offered

etc to name a fe".

SCOPE OF THE STUDY

egative buying e$periences are almost al"ays linked to shoddy customer service.

These days its rare to find good customer support even though most businesses claim

that they put people first. But customer service hasnt gone the "ay of the dodo. In

fact after consumer groups and the media took potshots at e'commerce sites last year

for leaving customers in the lurch many businesses started to pay more attention to

the levels of service they provide.

The scope of the study has been limited to distilling out and detailing the techniEues

used by HSBC bank to provide service e$cellence to its customers.

SIGNIFICANCE OF RESEARCH

There are a huge number of banks in the market today differing on service style

ambience products offered credit rating and branding. In such a market "here

suppliers are many and varied it becomes an increasingly difficult task for various

customers to choose one from. This research study therefore takes a step for"ard in

this direction to look into the nitty'gritty of this lucrative and competitive market it-s

suppliers and it-s customers based on the underlying variables.

6>


47/86

RESEARCH DESIGN AND METHODOLOGY

The research design adopted for the study is one of the e$ploratory cum descriptive

research process "hich has been elaborately discussed belo":

In e$ploratory research the ma&or emphasis is on the discovery of ideas and insights.

/s such the research design appropriate for such studies must be fle$ible enough to

provide opportunity for considering different aspects of a problem under study. Inbuilt

fle$ibility in research design is needed because the research problem broadly defined

initially is transformed into one "ith more precise meaning in e$ploratory studies

"hich fact may necessitate changes in the research procedure for gathering relevant

data. %enerally the follo"ing three methods in the conte$t of research design for such

studies are talked about: (a! the survey of concerning literature (b! the e$perience

survey and (c! the analysis of insight'stimulating- e$amples.

The research design adopted for the study is one of the e$ploratory cum descriptive

research process "hich has been elaborately discussed belo":

/ttempt has been made to apply concepts and theories developed in different research

conte$ts to the area in "hich "ork is done. Sometimes the "orks of creative "riters

also provide a fertile ground for hypotheses'formulation and as such may be looked

into by the researcher.

/s far as the descriptive research is concerned it commences "ith describing the

characteristics of a particular individual or of a group. / descriptive study therefore

concerns itself "ith studying the specific predictions "ith narration of facts and

characteristics concerning individuals group or situation all being e$amples of such a

process of study. )ost of the social research comes under this category. In descriptive

the researcher must be able to define clearly "hat he "ants to measure and must find

67


48/86


49/86

T#+$*?+*: Fnder descriptive designs no attempt is made to solve or modify the

e$isting or present causes of the problem.

F'+,< E@$)'8: This is one field "here the kno"ledge about the problem has not

been developed properly. In such circumstances descriptive designs are more useful

and effective as compared to other designs.

8rimary Euestionnaire method "as used to complete the dissertation and secondary

sources (books "ebsite! "ere also taken. +9? respondents "ere chosen to complete

the survey.

S$?@,+ L8$*'8 The sample location selected by us is the ational Capital 0egion

U 2elhi (India! and C0.

S$?@,+ S'+ Ho" many people should be surveyedQ for this research I have

randomly selected a population of +9? people of any age group "ho "ere already

banking "ith HSBC

S$?@,+ P#8+


50/86

9?


51/86

DATA ANALYSIS

A$,9)') 8 P,$*8#? S+#('+) 8 HSBC

There "as a small Euestionnaire "hich the branch used to get filled by all the

customers "alking into the branch "ith their Eueries so as to have an insight of ho"

do the customers feel about the services rendered by them and the areas "here a

particular platform service manager needs to improve. I have used the same

Euestionnaire in my analysis to study "hat customers feel about HSBC-S platform

services

S$?@,+ )'+- 100

1. T=+ '#)* %+)*'8 $);+< $)- D'< *=+ )*$ #++* 98%

91


52/86

K#S''''''''''''''''''''''''''''''''''''''';>

'''''''''''''''''''''''''''''''''''''''' 6

F'%#+ N8. - 1

INTERPRETATION

The analysis of it revealed that ;> of the customers said that they "ere greeted

by the staff and only 6 of them said that they "ere not properly greeted by staff.

2. D'< *=+ )*$ *#9 *8 =+,@ 98%

K#S'''''''''''''''''''''''''''''''''''''''''''''''' @6

9+


53/86

''''''''''''''''''''''''''''''''''''''''''''''''''1>

F'%#+ N8. - 2

INTERPRETATION:

n analysis it "as found that @6 of the customers felt that the staff had tried to

help them out but 1> of the customers "ere not satisfied. /lthough it "as a huge

number but it because people coming "ith problems relating to credit card and

housing loan could not be attended as the branch did not had staff to deal "ith

problems relating to credit card division and housing loans. /nd the branch has

recogni,ed this problem and "ould shortly overcome it.

. D'< *=+ )*$ +%)+ ='?)+, +8#+ $**+


54/86

''''''''''''''''''''''''''''''''''''''''''''''''' +

2id not '''''''''''''''''''''''''''''''''''''''''''7

F'%#+ N8. -

INTERPRETATION:

n analysis it "as found that ;1 of the customers ans"ered that the staff had

e$cused himself herself before doing any other "ork apart from attending him.

+ of the customers "ere not satisfied on this point "hereas 7 of the customers

said that they didn-t attend to the call.

4. "$) *=+ )*$ @8,'*+

K#S'''''''''''''''''''''''''''''''''''''''''''''''' ;9

''''''''''''''''''''''''''''''''''''''''''''''''' ?9

96


55/86

F'%#+ N8. - 4

INTERPRETATION:

/nalysis of this Euestion revealed that the staff at HSBC "as very polite "ith its

customers as 1?? of the customers ans"ered the Euestion as yes

99


56/86

5. "8%,< 98% ,';+ *8 + '('*+< *8 *=+ #$= +(+*)

K#S'''''''''''''''''''''''''''''''''''''''''''''''' 73

''''''''''''''''''''''''''''''''''''''''''''''''' +7

F'%#+ N8. - 5

INTERPRETATION:

The analysis revealed that 73 of the customers "ere interested in attending the

branch events and +7 of the customers said they "ould not like to visit the

branch for the events.

9>


57/86

Customers preferences for using various services provided by various banks indicates

that most of the customers use the /T) facility provided by various banks follo"ed

by internet banking "hich is gaining importance these days. This is follo"ed by

phone banking and then door step banking.

F'%#+ N8. - 6

97


58/86

FISHBEIN MODEL

1. "=$* ') $ A**'*%


59/86

M%,*' $**#'%*+ M8


60/86

Thus the product here is 1.9(+.9@!V3.@7. n the other hand he or she believes that

the service style of a bank is e$tremely important (3! and the observed average being

+.@7 on this attribute. Thus "e no" have 3(+.@7!V@.>1. Had these t"o beliefs been

the only beliefs the customers held his or her total or aggregated attitude "ould have

been 3.@7Z@.>1V1+.6@. In practice of course customers tend to have many more

beliefs that must each be added to obtain an accurate measurement.

In our study "e have considered the various parameters or factors affecting

success of a banking institution. Their "eights "hen multiplied "ith the observed

averages and summed up give an aggregated attitude of [email protected]+.

/nalysis of importance of promotional schemes of banks to the preferences of

customers

*hen asked about the importance of promotional schemes >3 of the customers

said that promotional schemes offered by a bank have an influence on the

selection of a particular bank to do business "ith.

>?


61/86

1. DO PROMOTIONAL SCHEMES EFFECT YOUR PREFERENCE TO

BAN! "ITH A PARTICULAR BAN!

EMBED MSG$%&'C'%$* +,

F'%#+ N8. - 7

INTERPRETATION:

/n analysis of "hich promotional scheme has a better impact in influencing a

customer-s decision to bank "ith a particular bank f the >3 people "ho said

that promotional schemes affect the preferences of customers further ranked the

various promotional schemes. )onthly incentives are the first choice of

customers. /lso the second choice of all of them is media publicity follo"ed by

celebrity endorsement.

>1


62/86

2. EFFECT OF VARLOUS PROMOTIONAL SCHEMES ON THE

PREFERENCES OF CUSTOMERS

>+


63/86

EMBED MSG$%&'C'%$* +,

>3


64/86

F'%#+ N8. -

>6


65/86

. A$,9)') 8 *=+ $#+$) =+#+ $ @$#*'%,$# $; ++


66/86

The third attribute "as products offered. /n analysis of this revealed that there

"as a mi$ reaction on the basis of responses of customers.33 of customers

"anted an improvement in the products offered by HSBC +; of them opted for

improvement in Citibank-s products and 3@ for ICICI Bank

The last attribute "hich "as measured "as promotional schemes. The analysis

sho"ed that HSBC Bank and ICICI bank "ere good as far as promotional

schemes are concerned. n the other hand 96 of the customers said that

Citibank should come up "ith more promotional schemes.

>>


67/86

4. C8?@$#')8 8 %)*8?+# $)+ 8


68/86


69/86

2eutsche Bank. 4\Some large multinational banksOthe local subsidiaries of

Citibank HSBC and Standard CharteredOhave developed strong and profitable local

franchises "ith a "ide range of services. thers including G8)organ'Chase and

2eutsche Bank are much more selective and in some cases are narro"ing their

activities in emerging markets refocusing on investment banking and private banking

activities.5 (/dams! Ho"ever depending upon the market segmentation virtually all

si,ed banks can present competition (Gohn *est"ood!.

STRENGTHS

S'+ : The &uggernaut strategy is based upon si,e: companies that control large market

shares usually outperform the average industry return (*est"ood!. /bility to

successfully gro" by mergers and acEuisition: HSBCs acEuisition of )idland

resulted in a fall in the ratio of cost to income from over 7? percent in 1;;+ to under

>? percent by the end of 1;;7 ()olyneu$!. /bility to successfully implement their

custom electronic banking application. He$agon is the foundation of HSBC-s strategy

to deliver innovative services via Information Technology. He$agon is focused on

business customers engaged in intercontinental trade and high'end retail customers

"ho use global banks to mange their personal global finances. Successful multi'

domestic strategy combined "ith global branding. Successful management structure

valued and valuable employees.

"EA!NESSESHSBC has a greater and perhaps increasing dependence upon emerging and less

developed markets than many of its ma&or global competitors. The [1.1 billion "rite

do"n in +??7 being the most recent e$ample.

THREATS

>;


70/86

HSBC-s development of emerging markets provides increased vulnerability to

e$ternal factors that are more likely to occur than in developed markets such as:

currency instability financial market instability adverse government intervention and

steeper economic do"nturns. bviously the benefits have e$ceeded the risks.

/lthough during +??1 HSBC fared less "ell than for e$ample Citibank due to this

increased vulnerability. HSBC is &ustifiably proud of its custom information system

He$agon. Ho"ever the importance of such systems combined "ith the relatively

short life'span of such products provides opportunities for competitors to overtake

HSBC-s advantages in these areas.

OPPORTUNITIES

HSBC stated aim is to be the *orld-s eading =inancial Services Company (Bond!.

This reEuires HSBC to transform itself from a global bank to a more diversified

global financial services company such as Citibank. The challenge "ill be to do this

"hile increasing shareholder return another ma&or aim and maintaining its already

lo" cost base. Current directions "hich could be e$panded include greater

diversification into eEuity products "hich is currently being pursued via HSBC

)errill ynch increased presence in insurance and card products.

2espite the +??7 decrease in revenue from this line of business 8rivate Banking is

regarded as an important high profit opportunity for gro"th as it currently only

contributes four percent of profit.

7?


71/86

71

CHAPTER -

C./0,3./,


72/86

CONCLUSIONS

The present study because of it being adapted to the Indian conte$t "ould prove

relevant to many a bank intending to prosecute this profession in India at a time "hen

literature procedure and processes concerning the profession as applicable to the

Indian conte$t are source to come by. Inter alia the present study has also enabled the

researcher to gain a deep insight into the services of HSBC Bank. /lso in India as

prevailing today and in the conte$t of the "ealth management processes in HSBC

Bank "here researcher is currently short'listed for taking up employment. The study

undertaken "ould be significant to the public "ho intend to get involved in the

sub&ect of customer service. The research study "ould also be of relevance to the

financial planners mutual fund industry banking industry security brokerage etc.

Therefore the intension of preparing this research "ork is to make the people

understand the platform services provided by HSBC bank.

OVERALL ANALYSIS OH HSBC BAN! ON THE BASIS OF

OBSERVATIONS:

⇒ /s far as the findings say the services at the HSBC Bank are satisfactory. et

there is al"ays a room for improvement by

⇒

Setting up more branches even in the remotest of areas as it has only fe" branches

in 2elhi "here as its closest rival ICICI Bank has 33 branches.

⇒ pening greater number of /T) Centers in those areas "here people goes

regularly.

7+


73/86

⇒ Customer satisfaction is the ultimate goal of every business "hich is less in saving

account once it is opened their services are rela$ed .It should not be forgotten that

one satisfied customer can help to bring ne" customer by references.

⇒ )inimum balance limit for saving accounts should be reduced so as to dra" more

customers to the bank. Sales team focuses on their targets.

⇒ /dvertisements strategies segmentation should be according to the target

customer. =or e$ample for youngster-s road sho"s at markets sights cable T<

advertisements during prime time or advertisements in club maga,ines that have

got many readers.

⇒ Sometimes they bring such customer "hich are for short period. So they have to

focus to those type of customers "hich give them business in the long period.

⇒ The branch should be self'informative in a manner that it provides ma$imum

information related to the ne" schemes and products to the customers "ithout any

difficulty.

⇒ Correct positioning of bank is very important. HSBC Bank is kno"n for its

corporate operations. =or the past so many years it has been catering to these

clients only and has generated an image of being a corporate bank. This product

e$tension into the retail segment need separate focus and separate positioning in

the market

⇒ /T) card "ithdra"al limit should increase for day as Citibank has 0s. 9???? per

day.

⇒ 2ebit charges should be reduced as ICICI has lo"est charge 0est. ;;.

73


74/86


75/86

79

CHAPTER -4

R50.665/7%3./


76/86

RECOMMENDATIONS AND SUGGESTIONS

The key to a successful banking is maintaining a steady customer base. /fter all

successful businesses typically see @? percent of their business coming from +?

percent of their customers. Too many banks neglect this loyal customer base and

chase ne" customers instead. Since it costs significantly more money to attract ne"

customers than to maintain relationships "ith e$isting ones bank-s efforts to"ard

building customer loyalty "ill certainly payoff. =ollo"ing are the recommendations

"hich help HSBC bank to make their ne" as "ell as their e$isting customer happy.

Fnderstand that good customer service takes time patience persistence consistency

in message at all levels accountability courtesy respect and emphasis on team

players.

)ake sure upper management and e$ecutives at the top are sold on a customer service

culture.

8ut a human face on customersOtreat them "ith a personal touch rather than as a

collective.

⇒ )ake it easy for customers to do business "ith the service.

⇒ isten to customers to learn "hat they need and "ant.

⇒ /ddress the immediate needs of the customer.

⇒ Communicate: *hether it is an email ne"sletter monthly flier a reminder card

for a tune up or a holiday greeting card reach out to your steady customers.

⇒ Hire the right people by hiring on attitude and training on the skill.

⇒

)entor ne" employees.

7>


77/86

⇒ )anage by staying close to the frontline.

⇒ Train the frontline on ho" to address customer problems.

⇒ NInspectN "hat you Ne$pect.N

⇒ 2on-t focus energies on the bad applesOput energies and resources into those

employees that "ant to "ork in customer service.

⇒ #nsure that managemente$ecutives listen to their employees- complaints ("ithout

interruption! and have trust in their employees.

⇒ /sk open'ended Euestions.

⇒ Have uniform e$pectations of the customers.

⇒ 0eliability: If you say it "ill be there on *ednesday deliver it on *ednesday. Be

reliable. If something goes "rong let customers kno" immediately and

compensate them for their inconvenience.

⇒ 8eople over Technology: The harder it is for a customer to speak to a human being

"hen he or she has a problem the less likely it is that you "ill see that customer

again

⇒ #stablish uniform processes policies and procedures to collect payments.

Customers must be able to e$pect the same e$pertise collection efforts

production recovery and professional delivery regardless of "hich branch or

individual is "orking.

⇒ 2evelop "orking relationships "ith other partners (e.g. courts credit card

companies vendors or other banks! that play a role in debt collection.

77


78/86

⇒ *hen "orking "ith a customer complaint try to understand the customer as "ell

as those available to help address the problem.

⇒ =rontline employees should mentally separate themselves from problems in an

effort to address the issue so that the outcome is positive for all involved.

⇒ )aintain an orderly "ork atmosphere.

7@


79/86

7;

CHAPTER -8

BIBLIOGRAPHY


80/86

BIBLIOGRAPHY

BOO!S & NE"SPAPERS

1. 8ersonal =inancial 8lanning by /itkin and %oodman =inancial 8lanners FS/

+??? #dition +??3 0eprint

+. )arketing of financial services by Sangeeta arora.

INTERNET "EBSITES LIN!S:

1. """.hsbc.comabouthsbc

+. """.hsbc.cominvestorrelationscs?+

3. The Customer 2elight 8rinciple )c%ra"'Hill 8rofessional Books.htm

6. http:finance.indiamart.cominvestment]in]indiabanking]in]india.html

@?

http://finance.indiamart.com/investment_in_india/banking_in_india.htmlhttp://finance.indiamart.com/investment_in_india/banking_in_india.html


81/86

@1

CHAPTER -*

APPENDIX


82/86

APPENDICES

COMPARATIVE ANALYSIS OF VARIOUS BAN!S

UESTIONNAIRE

/)#: ]]]]]]]]]]]]]]]]]]]]]]

CITK: ]]]]]]]]]]]]]]] T#. .: ]]]]]]]]]]]]]]]]

/%#: ]]]]]]]]]]]]]]] /CCFT .]]]]]]]]]]]

S#Y: )ale =emale

)/0IT/ ST/TFS:

Single

)arried

CCF8/TI: ]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]]

1. D8 98% $; '*= HSBC

Kes

o

2. "='= 8*=+# $;)


83/86

4. R$*+ *=+ 8,,8' $**#'%*+) 8 ($#'8%) $;) 8 $ )$,+ 8 1 *8 5 '*= 1

+' T=+ 8#)* $< 5 +' *=+ +)*K:

P$#$?+*+# HSBC CITI BAN! ICICI B$;

%eographical

location

Credit 0ating

Service style

Customer 2elight

Brand Image

/mbience

5 D8 98% *='; *=$* @#8?8*'8$, )=+?+) 8 $ @$#*'%,$# $; $+* 98%#

@#++#++)

Kes

o

(if yes ans"er the 1?th Euestion else go to the 11th!

6. R$; *=+ 8,,8' @#8?8*'8$, )=+?+) $8#


84/86


85/86


86/86

Documents

HSBC BANK Service Excellence and Market Competitiveness a Case of HSBC Bank IIPM Thesis 93p