INTRODUCTION:
State Bank OF India is India’s largest bank with total assets of
US$ 260 billion at September 31, 2009. The Bank has a network of 16,000
branches and about 3000ATMs in India and presence in 32 countries. SBI Bank
offers a wide range of banking products and financial services to corporate and
retail customers through a variety of delivery channels and through its
specialized subsidiaries and affiliates in the areas of investment banking,
life and non-life insurance, venture capital and asset management. The Bank
currently has subsidiaries in the United Kingdom, Russia and Canada, branches
in the United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai
International Finance Centre and representative offices in United Arab
Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia
.SBI Bank’s equity shares are listed in India on Bombay Stock Exchange and the
National Stock Exchange of India Limited.
7P’s of Marketing of SBI Bank:
PRODUCT MIX:
1. DEPOSITS:
SBI Bank offers a wide variety of Deposit Products to suit our
requirements. Coupled with the convenience of networked branches/ over 3000
ATMs and facility of E-channels like Internet and Mobile Banking, SBI Bank
brings banking at your doorstep.
Savings Account: SBI Bank offers a power packed Savings Account
with a host of convenient features and banking channels to transact through.
Senior Citizen Services: The Senior Citizen Services from SBI Bank
has several advantages that are tailored to bring more convenience and
enjoyment in your life.
Fixed Deposits: Safety, Flexibility, Liquidity and Returns!!!! A
combination of unbeatable features of the Fixed Deposit from SBI Bank.
Recurring Deposits: Through SBI Bank Recurring Deposit you can
invest small amounts of money every month that ends up with a large saving on
maturity. So you enjoy twin advantages- affordability and higher earnings.
Bank @ Campus: Thanks to bank@campus, the child can now surf the
Net and access all the details of his / her account at the click of a mouse! No
need to visit the bank branch at all.
SBI Bank Salary Account: is a benefit-rich payroll account for
Employers and Employees. As an organization, you can opt for our Salary
Accounts to enable easy disbursements of salaries and enjoy numerous other
benefits too.
2. INVESTMENTS
Along with Deposit products and Loan offerings, SBI Bank assists
you to manage your finances by providing various investment options such as:
• SBI Mutual Funds
• SBI Life insurance
• SBI Gold Bonds.
3. ANYWHERE BANKING
SBI Bank is the largest bank in the country. It services a
customer base of more than 150 million customer accounts through a
multi-channel access network. This includes more than 16000 branches and
extension counters, over 3000 ATMs, Call Centre and Internet Banking.
Thus, one can access the various services SBI Bank has to offer at
anytime, anywhere and from anyplace.
4. LOAN
a) Home Loans
b) Personal Loans
c) Car Loans
d) Two Wheeler Loans
e) Commercial Vehicle Loans
f) Loans against Securities
g) Farm Equipment Loans
h) Construction Equipment Loans
i) Office Equipment Loans
j) Medical Equipment Loans
5. CARDS
a) Credit Card
b) Debit cum ATM Card
c) Travel Card
6. DEMAT SERVICES
SBI Bank Demat Services boast of an ever-growing customer base of
over 12 lakes account holders. In their continuous endeavor to offer the best
of the class services to our customers we offer the following features:
• Digitally signed transaction statement by e-mail.
• Corporate benefit tracking.
• e-Instruction facility – facility to transfer securities 24
hours a day, 7 days a week through Internet Interactive Voice Response (IVR) at
a lower cost.
• Dedicated specially trained customer care executives at their
call center, to handle all queries.
7. MOBILE BANKING
With SBI Bank, banking is no longer what it used to be. SBI Bank
offers Mobile Banking facility to all its Bank, Credit Card and Demat
customers. SBI Bank Mobile Banking enables you to bank while being on the move.
ONLINE MONEY TRANSFER facility available to NRIs worldwide through
the click of a button.
Benefits:
• FREE Money transfers into accounts in India
• ONLINE Tracking of the status of your funds
• SUPERIOR Exchange rates
• OFFLINE MONEY TRANSFER facility is also available across
geographies through
• Local branches and in association with partner banks/ exchange
houses.
PRICING MIX:
The pricing decisions or the decisions related to interest and fee
or commission charged by banks are found instrumental in motivating or
influencing the target market.
The RBI and the IBA are concerned with regulations. The rate of
interest is regulated by the RBI and other charges are controlled by IBA.
The pricing policy of a bank is considered important for raising
the number of customers’ vis-à-vis the accretion of deposits. Also the quality
of service provided has direct relationship with the fees charged. Thus while
deciding the price mix customer services rank the top position.
The banking organizations are required to frame two- fold
strategies. First, the strategy is concerned with interest and fee charged and
the second strategy is related to the interest paid. Since both the strategies
throw a vice- versa impact, it is important that banks attempt to establish a
correlation between two. It is essential that both the buyers as well as the
sellers have feeling of winning.
Another element to consider in the pricing of earning assets is
the risk of loss. Most notably, this is relevant in loan pricing. Many banks
assign a risk weighting to individual loans over a certain size or based on
loan type and assign a credit risk charge based on those ratings.
Customer relationships are difficult to assign a value to in the
pricing process. Customers will generally press for some price concessions in
consideration of other relationships they have with the bank.
Asset and liability mix also impacts pricing results. Generally
speaking, banks operating with higher loan-to-asset ratios are able to afford
to pay more for deposits. Likewise, banks can afford to be more competitive with
certain deposit products if they have fewer maturities in a particular timeframe
or less total outstanding balances in a product line.
PLACE:
This component of marketing mix relates to the offering of
services. The services are sold through the branches.
The 2 important decision making areas are: making available the promised
services to the ultimate users and selecting a suitable place for bank
branches.
The number of branches OF SBI: 16000 in India .
Why they select a specific place as a branch?
• The selection of a suitable place for the establishment of a
branch is significant with the viewpoint of making places accessible.
• The safety and security provisions
• Convenient to both the parties, such as the users and the
bankers
• Infrastructure facility
• Near to the station and located on us. v. A road well crowded
area.
• Market coverage
PROMOTION MIX
• Advertising: Television, radio, movies, theatres
• Print media: hoardings, newspaper, magazines
• Publicity: road shows, campus visits, sandwich man, Sponsorship
• Sales promotion: gifts, discount and commission, incentives,
etc..
• Personal selling: Cross-sale (selling at competitors place), personalized
service.
PEOPLE:
All people directly or indirectly involved in the consumption of
banking services are an important part of the extended marketing mix. Knowledge
Workers, Employees, Management and other Consumers often add significant value
to the total product or service offering. It is the employees of a bank which
represent the organization to its customers.
In a banking organization, employees are essentially the contact
personnel with customer. Therefore, an employee plays an important role in the
marketing operations of a service organization.
To realize its potential in bank marketing, SBI become conscious
in its potential in internal marketing – the attraction, development,
motivation and retention of qualified employee-customers through need meeting
job-products. Internal marketing paves way for external marketing of services. In
internal marketing a variety of activities are used internally in an active,
marketing like manner and in a coordinated way.
The starting point in internal marketing is that the employees are
the first internal market for the organization.
The basic objective of internal marketing is to develop motivated
and customer conscious employees.
A service company can be only as good as its people. A service is
a performance and it is usually difficult to separate the performance from the
people.
If the people don’t meet customers’ expectations, then neither
does the service. Therefore, investing in peoples' quality in service business
means investing in product quality.
PROCESS:
Flow of activities: All the major activities of SBI banks follow
RBI guidelines. There has to be adhered to certain rules and principles in the
banking operations. The activities have been segregated into various
departments accordingly.
Standardization: SBI bank has got standardized procedures got
typical transactions. In fact not only all the branches of a single-bank, but
all the banks have some standardization in them. This is because of the rules
they are subject to. Besides this, each of the banks has its standard forms,
documentations etc. Standardization saves a lot of time behind individual
transaction.
Customization: There are specialty counters at each branch to deal
with customers of a particular scheme. Besides this the customers can select
their deposit period among the available alternatives.
Number of steps: Numbers of steps are usually specified and a
specific pattern is followed to minimize the time taken.
Simplicity: In SBI banks various functions are segregated.
Separate counters exist with clear indication. Thus a customer wanting to
deposit money goes to ‘deposits’ counter and does not mingle elsewhere. This
makes procedures not only simple but consume less time. Besides instruction
boards on national boards in national and regional language help the customers
further.
Customer involvement: ATM does not involve any bank employees.
Besides, during usual bank transactions, there is definite customer involvement
at some or the other place because of the money matters and signature requires.
PHYSICAL EVIDENCE:
Physical evidence is the material part of a service. Strictly
speaking there are no physical attributes to a service, so a consumer tends to
rely on material cues. There are many examples of physical evidence, including
some of the following:
• Internet/web pages
• Paperwork
• Brochures
• Furnishings
• Business cards
• The building itself
The physical evidences also include signage, reports, punch lines,
other tangibles, employee dress code etc.
Signage: Each and every bank has its logo by which a person can
identify the company. Thus such signages are significant for creating
visualization and corporate identity.
Financial reports: The Company’s financial reports are issued to
the customers with emphasis or credibility.
Tangibles: Bank gives pens, writing pads to the internal
customers. Even the passbooks, checkbooks, etc. reduce the inherent
intangibility of services.
Punch lines: Punch lines or the corporate statement depicts the
philosophy and attitude of the bank. Banks have influential punch lines to
attract the customers.
Employee’s dress code: SBI bank follows a dress code for their
internal customers. This helps the customers to feel the ease and comfort.
SUMMARY
In this assignment a brief view of the Services Offered by State
Bank of India has been looked into with a particular focus on the service
aspects.
The company profile of the State Bank of India has been studied
along with its various services and schemes.
SBI is a well known brand established as Bengal bank. The origin
of the STATE BANK OF INDIA goes back to the first decade of the nineteenth
century with the establishment of the Bank of Calcutta in Calcutta on 2 June
1806. Three years later the bank received its charter and was re-designed as
the Bank of Bengal (2 January 1809). A unique institution, it was the first
joint-stock bank of British India sponsored by the Government of Bengal. The
Bank of Bombay (15 April 1840) and the Bank of Madras (1 July 1843) followed
the Bank of Bengal. These three banks remained at the apex of modern banking in
India till their amalgamation as the Imperial Bank of India on 27 January 1921.
Primarily Anglo-Indian creations, the three presidency banks came
into existence either as a result of the compulsions of imperial finance or by
the felt needs of local European commerce and were not imposed from outside in
an arbitrary manner to modernize India's economy. Their evolution was, however,
shaped by ideas culled from similar developments in Europe and England, and was
influenced by changes occurring in the structure of both the local trading
environment and those in the relations of the Indian economy to the economy of
Europe and the global economic framework
Physical evidence is the material part of a service. Strictly speaking there are no physical attributes to a service, so a consumer tends to rely on material cues. There are many examples of physical evidence, including some of the following:
• Internet/web pages
• Paperwork
• Brochures
• Furnishings
• Business cards
• The building itself
The physical evidences also include signage, reports, punch lines, other tangibles, employee’s dress code etc.
Signage: Each and every bank has its logo by which a person can identify the company. Thus such signages are significant for creating visualization and corporate identity.
Financial reports: The Company’s financial reports are issued to the customers to emphasis or credibility.
Tangibles: Bank gives pens, writing pads to the internal customers. Even the passbooks, chequebooks, etc reduce the inherent intangibility of services.
Punch lines: Punch lines or the corporate statement depict the philosophy and attitude of the bank. Banks have influential punch lines to attract the customers.
Employee’s dress code: SBI bank follows a dress code for their internal customers. This helps the customers to feel the ease and comfort.
SUMMARY
In this assignment a brief view of the Services Offered by State Bank of India has been looked into with a particular focus on the services aspects.
The company profile of State Bank of India has been studied along with its various service and schemes.
SBI is well known brand established as Bengal bank. The origin of the STATE BANK OF INDIA goes back to the first decade of the nineteenth century with the establishment of the Bank of Calcutta in Calcutta on 2 June 1806. Three years later the bank received its charter and was re-designed as the Bank of Bengal (2 January 1809). A unique institution, it was the first joint-stock bank of British India sponsored by the Government of Bengal. The Bank of Bombay (15 April 1840) and the Bank of Madras (1 July 1843) followed the Bank of Bengal. These three banks remained at the apex of modern banking in India till their amalgamation as the Imperial Bank of India on 27 January 1921.
Primarily Anglo-Indian creations, the three presidency banks came into existence either as a result of the compulsions of imperial finance or by the felt needs of local European commerce and were not imposed from outside in an arbitrary manner to modernize India's economy. Their evolution was, however, shaped by ideas culled from similar developments in Europe and England, and was influenced by changes occurring in the structure of both the local trading environment and those in the relations of the Indian economy to the economy of Europe and the global economic framework
This assignment contain 7ps of service marketing with well defined example of STATE BANK OF INDIA.
