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A PROJECT REPORT ON Comprehensive Study of Service Quality on Liability Products Of ING VYSYA Bank & Its Competitors TRAINING EXECUTED AT: FARIDABAD AS A REQUIREMENT IN THE PARTIAL FULFILLMENT OF P.G.D.M (2008-10) SUBMITTED TO: SUBMITTED BY: MR.KRISHNA PRASAD MR. JAGDEEP GANDHI Sales manager. Student Faridabad Asia Pacific Institute Of Management 1 ING VYSYA BANK FARIDABAD , HARYANA. ACKNOWLEDGEMENT Enumerating and enlisting all the individuals whose contributions went into the making of the project is a very difficult task… I offer my great sense of gratitude and thanks to Mr. KRISHNA PRASAD of ING Vysya Bank, who gave me a chance to work under him. I am obliged to him for encouraging me and for providing me valuable knowledge. I am highly indebted to the whole corporate team of ING Vysya bank for giving their valuable time and advice regarding this project. I owe a special word of thanks to the management of ING Vysya Bank, who provided me with this great opportunity for working and preparing this project report. I am also grateful to all my Faculty Guide Prof.Shiladitya Dasgupta & a special mention to my programme director Prof.S.K.Kapoor without whom this project would have been impossible. 2 Finally I express my sincere gratitude to all those who directly or indirectly helped me in the successful completion of this project. CONTENTS Page no. Executive summary………………………………………………… 1. Introduction……………………………………………………. 1.1 Company profile…………………………………………… 1.2 A word about the competitors………………………….. 2. Review of literature …………………………………………… 3. Objectives ……………………………………………………… 4. Scope…………………………………………………………….. 5. Methodology……………………………………………………. 5.1 Sample………………………………………………………. 5.2 Research instrument…………………………………….. 3 6. Data collection & interpretation…………………………… 6.1.1 Comparative analysis of corporate salary accounts………………………………………………….. 6.1.2 Comparison of ING Vysya’s savings account with other banks……………………………………………… 6.1.3 Comparison of ING Vysya’s current account with Other banks……………………………………………… 6.2.1 SERVE QUAL results……………………………….. 6.2.2 Formulation of Hypothesis’s…………………………. 6.2.3 Graphical representation of data………………...…. 6.3 SWOT analysis…………………………………………….. 7. Conclusion ………………………………………………… 8. Recommendation ………………………………………… 9. Limitation ………………………………………………… References………………………………………………… Annexure…………………………………………………… 4 EXECUTIVE SUMMARY It can be seen in the present scenario of banking sector i.e. post recession period that strong market players are striving to uncover market potentials and provide all services, combining innovation, quality, personal touch and flexibility in delivery so as to attract customers . The growing competition with in the nationalised banks, private banks and the foreign players are increasing the expectations of the customers like the catalyst. In such a scenario the customer would continue to be the centre-point of the business strategy. In short, you lose touch with the customer, and you lose everything. In middle of this post recession period certain events had such happened that equilibrium had once again shifted to nationalized banks, so private bankers are trying to build up on their competencies & coming up with new innovative products to regain their previous customers as well come up with new opportunities & rectification of old mistakes. Keeping in view such stiff competition, it’s a miniscule effort from my side under which I have tried to fulfill the following objectives: . A complete comparative analysis of the ASPIRA account (salary account) of ING VYSYA bank. To compare the features offered by the savings account of ING VYSYA bank with those offered by the others. To compare the features offered by the current account of ING VYSYA bank with those offered by the others. 5 . To study the service quality of ING VYSYA bank’s corporate salary account. To do a SWOT analysis of ING VYSYA bank. For the comparison I have visited some of the banks and used the internet for the data; while to measure the service quality I have conducted a survey for the customers of ING Vysya and collected data from them. And based on this I have done the SWOT analysis. The findings of the research lead to following conclusion: 1. ING Vysya has a strong brand association with an international fame group i.e. International Netherland Group. But so far the bank has not been able to establish it self so well here, in the minds of people here in India, unlike its competitors. 2. Due to RBI guide lines which have been some what restrictive for foreign players, ING Vysya cannot be blamed solely for being unpopular. It is expected that in the time to come when these guide lines would be eased ING Vysya would be able to utilize more resources and would be able to establish itself more efficiently. 3. The bank is facing the problem of being unpopular due to lack of its branches and ATMS in sufficient numbers all over INDIA. 4. Even in the comparative analysis it was found that most of the product features are almost the same, rather in some instances ING Vysya is superior for eg:- 6 i) It offers PAP cheque books to its customers where as other banks don’t. ii) It offers 2 free DD/PO to its customers where as banks like standard chartered don’t iii) It opens the salary accounts even at lower averages where as other banks are stringent in this respect. iv) In this period of post recession ING VYSYA Bank had come up with an initiative of innovative banking product called ING FORMULA Savings Account for the Formula 1 Fans residing in metro cities of India with an additional offering of Party vouchers of night clubs worth Rs.3000 , w.e.f. 1st August 2008. 5. Similarly in some cases some features of other banks are superior, for eg:- i) YES bank gives unlimited ATM transactions with its partner banks to all of its customers where as it offers only to orange customers ii) ICICI facilitates immediate transfer of funds which is not the case with ING iii) Customers also complain about its late salary transfer. 7 1. INTRODUCTION ING Vysya Bank Ltd., is an entity formed with the coming together of erstwhile, Vysya Bank Ltd, a premier bank in the Indian Private Sector and a global financial powerhouse, ING of Dutch origin, during Oct 2002. The origin of the erstwhile Vysya Bank was pretty humble. It was in the year 1930 that a team of visionaries came together to found a bank that would extend a helping hand to those who weren't privileged enough to enjoy banking services. It is one of the oldest private sector banks offering banking products and services to retail and corporate customers. Its business has been organized into Retail Banking and Wholesale Banking. Being new on the ground ING Vysya is making all its efforts to compete with its competitors in the best possible way. In its retail banking I got this opportunity to work and do the comparative analysis of Aspira account which is the salary account of the bank and measure its service quality, the reason I was given this project was the newness of the bank and hence its necessity to be aware of where it stands as compared to its competitors, how its products differ from its competitors, and how is it perceived by its competitors. To measure this perception I used the SERVE QUAL tool and surveyed its competitors. 8 As suggested by the faculty guide I also covered the rest of the liability products i.e. the savings account and the current account of the bank and compared its features with other banks namely; ICICI, HDFC, Yes bank, ABN Amro bank and Standard Chartered bank, to increase the knowledge about all the products and enhance my learning. Finally I also did an over all SWOT analysis on the basis of data that I collected and knowledge of the present scenario that I gathered during my summer internship about the banking sector. 9 1.1COMPANY PROFILE ING Vysya Bank Ltd., is an entity formed with the coming together of erstwhile, Vysya Bank Ltd, a premier bank in the Indian Private Sector and a global financial powerhouse, ING of Dutch origin, during Oct 2002. The origin of the erstwhile Vysya Bank was pretty humble. It was in the year 1930 that a team of visionaries came together to found a bank that would extend a helping hand to those who weren't privileged enough to enjoy banking services. It is one of the oldest private sector banks offering banking products and services to retail and corporate customers. Its business has been organized into Retail Banking and Wholesale Banking. Its Retail Banking business comprises four business units namely Consumer Banking, Small and Medium Enterprises (SME) Agriculture and Social Banking Unit (ASBU) and Private Banking. It’s banking products and services for retail customers include both loans and liabilities products and services. It offers a range of credit products including home loans, automobile loans, commercial vehicle loans, two wheeler loans, dealer financing, personal loans, debit cards, credit cards, loans against term deposits and loans against shares. It offers loans and fee-based services to small and medium enterprises. It finances agricultural activities and government-sponsored schemes. Its deposit products include demand deposits (savings and current accounts) and time deposits, with specific products for customers in various segments, like salary accounts, accounts for small and medium enterprises and non-resident Indian accounts. Our other retail products and services include private banking, fund transfer facilities and utility bill payment services. 10 Its Wholesale Banking is organized into three groups, Client Coverage, Products and Services and Financial Markets. While the Client Coverage group is responsible for managing relationships with identified client subgroups, the Products and Services and Financial Markets groups are responsible for product and service delivery to the entire Wholesale Banking client base.

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