Final Year Project Report

STUDY OF STANDARD CHARTERED BANK AS A

BRAND

A report submitted to
ASIAN BUSINESS SCHOOL, NOIDA
As a partial fullfilment of full time
Post Graduate Diploma in Management (PGDM)
Approved by AICTE, by ministry of HRD

Submitted to Submitted by
Ms. Anam Afaq Durgashankar dixit
Asian Business School Roll no: 0A15026

Noida Batch: 2015-17

Asian Business School (ABS)

A2, Sector 125, Noida
Website : www.abs.edu.in

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Ms. Anam Afaq Asian Business School
Department of management Plot A2, Sec-125,
Noida-201303
_________________________________________________________________
______
CERTIFICATE
This is to certify that the project report entitled Study of Standard Chartered Bank as a
Brand is submitted to Asian Business School, in partial fulfillment of the requirements for
the award of the Post Graduate Diploma in Management, and is a record work by
Durgashankar Dixit (ABS/ PGDM/JULY15/029). The project has been done under my
supervision & guidance and the project has not formed the basis for the award of any degree or
other similar title to any candidate.

SIGNATURE SIGNATURE
Internal Examiner (Project Guide) External Examiner (Viva
expert)

2
Ms.Anam Afaq Asian Business School
Plot A2, Sec-125,
Noida-201303
Dept. Of Management
_________________________________________________________________
CERTIFICATE
This is to certify that the project report entitled Study of Standard Chartered Bank as a
Brandis submitted to Asian Business School, in partial fulfillment of the requirements for the
award of the Post Graduate Diploma in Management, and is a record work by Durgashankar
Dixit (ABS/ PGDM/JULY15/029). The project has been done under my supervision &
guidance and the project has not formed the basis for the award of any degree or other similar
title to any candidate.

SIGNATURE SIGNATURE
Internal Examiner (Project Guide) External Examiner (Viva
expert)

3
4
 ACKNOWLEDGEMENT

I extend my special gratitude to our beloved Director Sir, Mr. LALITYA VIR
SRIVASTAVA for inspiring me to take up this project.
I wish to acknowledge my sincere gratitude and indebtedness to my project guide
Mrs Anam Afaq for their valuable guidance and constructive suggestions in the
preparation of the Project Report.

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 TABLE OF CONTENTS

SUBJECT PAGE NO.

Executive Summary 6

Research Methodology 8

Primary Objective 8

Hypothesis 8

Research Design 8

Sample Design 9

Scope of the Study 9

Limitations 10

Industry Profile 11

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 Company Profile 15

Services Provided by Standard Chartered bank 23

Swot Analysis 26

Data 28

Collection 28

Primary Data 28

Secondary Data 28

Findings & Analysis 29

Recommendations 34

Conclusion 37

Bibliography 38

Annexure 39

o Questionnaire 39

Comparison Chart of Saving Accounts Of different banks 41

Case Study 43

Synopsis 51

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EXECUTIVE SUMMARY

COMPANY NAME: STANDARD CHARTERED BANK, INDIA

PROJECT LOCATION: NOIDA-NCR (UTTAR PRADESH)

Liberalisation has really changed the banking Industry. It is no longer enough for

banks to just manage money efficiently; they also have to manage customers,

who now have a wide choice of alternatives. Hence it is very important for any

bank to create brand awareness among the customers. The future premises to be

even more exciting, interesting and challenging, thanks to technology. No longer

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will banks or any large organisation, treat customers as a group and segment

them into just some demographic and psychographics profiles. The internet has

enabled us to talk to each customer as an individual, with different needs and

requirements. Products will need to be developed to meet those needs. And

services will become the crucial differentiator. For years, customers were part of

the banks Fixed Assets; now they have moved into the Current Assets category,

and it will be a task keeping them there.

Hence, maintaining relationship with customers has become a top priority for any

financial institution that seeks to gain a competitive edge. However, with the

advent of CRM technologies that do a good job of capturing customer data,

problems with accessing past and up to date information are introduced.

Globally and in India, banks are waking up to the fact that they need to

understand and mange their customers better. They have done this by aiming to

make banking friendlier and more convenient. Such ideas have primarily arisen

due to the promise of emerging technologies and applications.

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With years of banking experience, Standard Chartered is undoubtedly in a strong

position to help growing businesses sail through the complexities they may face.

Standard Chartered recognizes its responsibilities lies to its staff and to the

communities in which it operates.

The project starts with an idea regarding the banking sector and also the profile of

STANDARD CHARTERED. It also informs how an account can be made with

STANDARD CHARTERED BANK. The project contains the comparison chart

of standard chartered with other banks like ICICI, HDFC, HSBC, IDBI,

CITIBANK, ABN-AMRO, GTB, and UTI with respect to saving accounts. A

survey has also been done with the help of a questionnaire which analyses the

Services provided by Standard Chartered bank.

At the end the Recommendations followed by the Conclusion which could help

STANDARD CHARTERED to be more effective in the field of banking sector.

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 RESEARCH METHODOLOGY

PRIMARY OBJECTIVE

1. Comparative study of the saving accounts with other leading MNC Banks

of India.

2. Study on the services being offered in tune to the Consumer Banking

approach.

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HYPOTHESIS

NULL HYPOTHESIS

Services and facilities offered by Standard Chartered Bank, India, is not

adequate and effective.

ALTERNATIVE HYPOTHESIS

Services and facilities offered by Standard Chartered Bank, India, is

adequate and effective.

RESEARCH DESIGN

The research methodology deals with the following questions:

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1. AREA DEFINED

The research is concentrated in Noida-NCR, Uttar Pradesh. All the branches

in the targeted area were contacted to be a part of the study.

2. DEVELOPMENT OF SURVEY QUESTIONNAIRE

The following thoughts were kept in mind while acquiring data like

Clear research objective which describes the kind of information

needed, the hypothesis and the scope of the research.

Descriptive, experience-based research, which provided an accurate

snapshot of some aspect of market environment such as the services

offered by Standard Chartered in keeping up with the changed banking

scenario in Noida-NCR.

The objective was to rate the services offered by Standard Chartered on

different issues pertaining to their daily aspects of business in

Liabilities-Wealth Management and these demanded in favour of a

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 descriptive, experience-based research using the probing method and

that too with personal visit for taking responses to ensure the proper

feedback.

While framing the study few important things were kept in mind such

as the language, which is simple and easy to comprehend. The queries

were kept short enough to make them easy to understand. Ambiguity in

responses has been avoided. Special care has been taken that we have a

short and effective discussion so that we get all the information that the

study needs.

3. THE RESPONSE RATE

All the respondents sincerely answered to the questions. To facilitate better

study15 to 30 minutes was spent on every counted heads; every aspect of

Standard Chartered services was more or less discussed during the study.

SAMPLE DESIGN

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The sample design for the study was based on convenience and easy

accessibility. The managers of different banks were taken into

consideration and were asked for the products and services offered by

the respective banks.

SCOPE OF THE STUDY

The following study was done parallel when an individual or a group of

individual are opening an account with the STANDARD CHARTERED BANK.

The study helps us to know the state of mind of an individual while he/she is

opening an account with the bank. According to the survey the customer has

given the ranking to some of the attributes of Standard Chartered bank which will

help the bank to create brand awareness among its customers. The study also

reveals the comparison of standard chartered bank from other multinational and

private banks which will again help to improve and build up those attributes in

which it is far behind compared to other banks.

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The bank will also be benefited as the bank will came to know that what an

individual expects while opening an account with STANDARD CHARTERED

and if bank is lacking in some area, what is that area and how the bank can

overcome.

LIMITATIONS

The Questionnaire was restricted only to Noida and hence the research

is not applicable in other parts of Delhi

The survey was limited to Noida branch. Hence the number of people

contacted was restricted to the branches where the survey was

conducted.

The study is restricted to the major limitations of conducting a survey

like ambiguous response, unwillingness to respond, and inability to

respond and lack of seriousness while filling up the questionnaire.

Lastly, the sample size of 150 may not be adequate to generalize the

views of whole population.

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 INDUSTRY PROFILE

INDIAN BANKING SECTOR

The Reserve Bank of India (RBI) is India's central bank. Though public sector

banks currently dominate the banking industry, numerous private and foreign

banks exist. India's government-owned banks dominate the market. Their

performance has been mixed, with a few being consistently profitable. Several

public sector banks are being restructured, and in some the government either

already has or will reduce its ownership.

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PRIVATE AND FOREIGN BANKS

The RBI has granted operating approval to a few privately owned domestic

banks; of these many commenced banking business. Foreign banks operate more

than 150 branches in India. The entry of foreign banks is based on reciprocity,

economic and political bilateral relations. An inter-departmental committee

approves applications for entry and expansion.

CAPITAL ADEQUACY NORM

Foreign banks were required to achieve an 8 percent capital adequacy norm by

March 1993, while Indian banks with overseas branches had until March 1995 to

meet that target. All other banks had to do so by March 1996. The banking sector

is to be used as a model for opening up of India's insurance sector to private

domestic and foreign participants, while keeping the national insurance

companies in operation.

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BANKING

India has an extensive banking network, in both urban and rural areas. All large

Indian banks are nationalized, and all Indian financial institutions are in the

public sector.

RBI BANKING

The Reserve Bank of India is the central banking institution. It is the sole

authority for issuing bank notes and the supervisory body for banking operations

in India. It supervises and administers exchange control and banking regulations,

and administers the government's monetary policy. It is also responsible for

granting licenses for new bank branches. 25 foreign banks operate in India with

full banking Licenses. Several licenses for private banks have been approved.

Despite fairly broad banking coverage nationwide, the financial system remains

inaccessible to the poorest people in India.

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INDIAN BANKING SYSTEM

The banking system has three tiers. These are the scheduled commercial banks;

the regional rural banks, which operate in rural areas, not covered by the

scheduled banks; and the cooperative and special purpose rural banks.

SCHEDULED AND NON SCHEDULED BANKS

There are approximately 80 scheduled commercial banks, Indian and foreign;

almost 200 regional rural banks; more than 350 central cooperative banks, 20

land development banks; and a number of primary agricultural credit societies. In

terms of business, the public sector banks, namely the State Bank of India and the

nationalized banks, dominate the banking sector.

NEW GENERATION BANKING

The liberalize policy of Government of India permitted entry to private sector in

the banking, the industry has witnessed the entry of nine new generation private

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banks. The major differentiating parameter that distinguishes these banks from

all the other banks in the Indian banking is the level of service that is offered to

the customer. Verify the focus has always been centered on the customer

understanding his needs, preempting him and consequently delighting him with

various configurations of benefits and a wide portfolio of products and services.

These banks have generally been established by promoters of repute or by high

value domestic financial institutions. The popularity of these banks can be

gauged by the fact that in a short span of time, these banks have gained

considerable customer confidence and consequently have shown impressive

growth rates. Today, the private banks corner almost four per cent share of the

total share of deposits. Most of the banks in this category are concentrated in the

high-growth urban areas in metros (that account for approximately 70% of the

total banking business). With efficiency being the major focus, these banks have

leveraged on their strengths and competencies viz. Management, operational

efficiency and flexibility, superior product positioning and higher employee

productivity skills.

The private banks with their focused business and service portfolio have a

reputation of being niche players in the industry. A strategy that has allowed

these banks to concentrate on few reliable high net worth companies and

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individuals rather than cater to the mass market. These well-chalked out

integrates strategy plans have allowed most of these banks to deliver superlative

levels of personalized services. With the Reserve Bank of India allowing these

banks to operate 70% of their businesses in urban areas, this statutory

requirement has translated into lower deposit mobilization costs and higher

margins relative to public sector banks.

BUSINESS OF BANKING

Banking, in a traditional sense is the business of accepting deposits of money

from public for the purpose of lending and investment. These deposits can have a

distinct feature of being withdrawal by cheques, which no other financial

institution can offer.

In addition to this banks also offer various other financial services which include:

Issuing Demand Drafts & Travelers Cheques

Collection of Cheques, Bills of exchange

Safe Deposit Lockers

Issuing Letters of Credit & Letters of Guarantee

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 Sale and Purchase of Foreign Exchange

Custodial Services

Investment services

The business of banking is highly regulated since banks deal with money offered

to them by the public and ensuring the safety of this public money is one of the

prime responsibilities of any bank. That is why banks are expected to be prudent

in their lending and investment activities. The major regulations and acts that

govern the banking business are:

Banking Regulations Act

Reserve Bank of India Act

Foreign Exchange Regulation (Amendment) Act, 1993

Indian Contract Act

Negotiable Instruments Act

Banks lend money either for productive purposes to individuals, firms, corporates

etc. or for buying house property, cars and other consumer durable and for

investment purposes to individuals and others. However, banks do not finance

any speculative activity. Lending is risk taking. The risk should be covered by

23
having prudent norms for lending. The depositors of banks are also assured of

safety of their money by deploying some percentage of deposits in statutory

reserves like SLR & CRR.

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 COMPANY PROFILE

Standard Chartered - the oldest Bank in the Indian Banking Sector

Standard Chartered is the world's leading emerging markets bank. It employs

32,000 people in over 500 offices in more than 56 countries in the Asia Pacific

Region, South Asia, the Middle East, Africa, United Kingdom and the Americas.

The Bank serves both Consumer and Wholesale banking customers. The

Consumer Bank provides credit cards, personal loans, mortgages, deposit taking

activity and wealth management services to individuals and medium sized

businesses. The Wholesale Bank provides services to multinational, regional and

domestic corporate and institutional clients in trade finance, cash management,

custody, lending, foreign exchange, interest rate management and debt capital

markets.

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With nearly 150 years in the emerging markets the Bank has unmatched

knowledge and understanding of its customers in its markets. Standard Chartered

recognizes its responsibilities lies to its staff and to the communities in which it

operates.

SOURCE: Standard Chartered Bank, India

The Corporate With the Golden Touch

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INTRODUCTION

With global headquarters at London, Standard Chartered is the world's leading

emerging markets bank headquartered in London with assets of over $90 billion,

employing 30,000 people in over 500 offices in 57 countries primarily in the Asia

Pacific Region, South Asia, the Middle East, Africa and the Americas.

Standard Chartered derives its name after two banks -

Standard Bank of British South Africa and the

Chartered Bank of India, Australia and China - that

merged in 1969. The Chartered Bank was founded in

1853 following the grant of a Royal Charter from Queen Victoria, and opened its

first overseas branch ever in Calcutta, as it was then known.

A BRIEF HISTORY OF STANDARD CHARTERED BANK

Standard Chartered is named after two banks which merged in 1969. They were

originally known as the Standard Bank of British South Africa and the Chartered

Bank of India, Australia and China. Of the two banks, the Chartered Bank is the

older having been founded in 1853 following the grant of a Royal Charter from

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Queen Victoria. The moving force behind the Chartered Bank was a Scot, James

Wilson, who made his fortune in London making hats. James Wilson went on to

start The Economist, still one of the world's pre-eminent publications. Nine years

later, in 1862, the Standard Bank was founded by a group of businessmen led by

another Scot, John Paterson, who had emigrated to the Cape Province in South

Africa and had become a successful merchant. Both banks were keen to capitalise

on the huge expansion of trade between Europe, Asia and Africa and to reap the

handsome profits to be made from financing that trade. The Chartered Bank

opened its first branches in 1858 in Calcutta and Mumbai. A branch opened in

Shanghai that summer beginning Standard Chartered's unbroken presence in

China. The following year the Chartered Bank opened a branch in Hong Kong

and an agency was opened in Singapore. In 1861 the Singapore agency was

upgraded to a branch which helped provide finance for the rapidly developing

rubber and tin industries in Malaysia. In 1862 the Chartered Bank was authorised

to issue bank notes in Hong Kong. Subsequently it was also authorised to issue

bank notes in Singapore, a privilege it continued to exercise up until the end of

the 19th Century. Over the following decades both the Standard Bank and the

Chartered Bank printed bank notes in a variety of countries including China,

South Africa, Zimbabwe, Malaysia and even during the siege of Make king in

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South Africa. Today Standard Chartered is still one of the three banks which print

Hong Kong's bank notes.

STANDARD CHARTERED IN THE 1990s

Standard Chartered expanded its network, re-opening in Vietnam in 1990,

Cambodia and Iran in 1992, Tanzania in 1993 and Myanmar in 1995. With the

opening of branches in Macau and Taiwan in 1983 and 1985 plus a representative

office in Laos (1996), Standard Chartered now has an office in every country

in the Asia Pacific Region with the exception of North Korea. In 1998

Standard Chartered concluded the purchase of a controlling interest in Banco

Exterior de Los Andes (Extebandes), an Andean Region bank involved primarily

in trade finance. With this purchase Standard Chartered now offers full banking

services in Colombia, Peru and Venezuela. In 1999, Standard Chartered acquired

the global trade finance business of Union Bank of Switzerland. This acquisition

makes Standard Chartered one of the leading clearers of dollar payments in the

USA. Standard Chartered also opened a new subsidiary, Standard Chartered

Nigeria Limited in Lagos, acquired 75 per cent of the equity of Nakornthon

Bank, Thailand; and agreed terms to acquire 89 per cent of the share capital of

Metropolitan Bank of the Lebanon.

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STANDARD CHARTERED IN THE NEW MILLENNIUM

The new millennium brought with it two of the largest acquisitions in the history

of the Bank - the purchase of Grindlays Bank from the ANZ Group for a

consideration of $1.34 billion and the acquisition of the Chase Consumer

Banking operations in Hong Kong for $1.32 billion in 2000. These acquisitions

demonstrate Standard Chartered's firm commitment to the emerging markets,

where Standard Chartered bank has a strong and established presence and lays

the future growth.

IN INDIA

Standard Chartered serves both the consumer and wholesale banking customers

through a network of 76 branches in 27 cities. Standard Chartered is the largest

international banking Group in India having a combined customer base of 2.4

million in retail banking and over 1200 corporate customers. Key businesses

include consumer banking - primarily credit cards, mortgages, personal loans and

wealth management - and - wholesale banking, where the Bank specializes in the

provision of cash management, trade, finance, treasury and custody services.

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After completing 150 years, Standard Chartered Bank has continued with passion

and commitment in bringing innovative banking solutions for the corporate and

the retail customer. The Group in India is credited with several industry 'firsts'

and product innovations. These include issuance of the first global credit card in

India, the first Photocard, and the first Picture Card and were the first credit card

issuer to be awarded the ISO 9002 certification. Some of product innovations

include the 'Sapnay' credit card, the international debit card that provides free

access to over 1500 Visa ATM's, a first in the banking industry, Mileage, an

overdraft facility against the security of a car and Smart Credit, a personal line of

credit for salaried customers.

BUSINESS

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CONSUMER BANKING IN INDIA

Consumer Banking offers a wide range of premium banking products and

services through its network of 66 branches in 24 cities across the country to

cater to customer's diverse financial needs.

Wealth Management offers a complete and comprehensive range of

products to fulfill a gamut of customer investment and financial needs.

These include domestic and NRI transaction accounts (with several value-

add products and services like ATM and globally valid Debit Card, phone

banking, extended banking, 24-hour banking, any branch banking, door

step banking and investment advisory services), distribution of capital

market and insurance products, dematerialization services and finance

against shares. Standard Chartered also offers Priority Banking that is

'personalized banking for the privileged few'.

Standard Chartered Group is the leading credit card issuer in India

and has several firsts to its credit. These include issuance of the first Global

Credit card in India, the first Photocard, and the first Picture Card, the Card

division is also the first in South Asia to be accorded ISO 9002

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 certification. The Credit Cards and Personal Loans offer include co-

branded cards with unique value propositions and cards like 'Sapnay' for

the middle-market segment. The division offers a range of personal loan

products and also personal line of credit through products such as 'Smart

Credit'.

Standard Chartereds Secured Loan division offers mortgage, auto

loans and also unique overdraft products like 'Mileage' that offer revolving

credit facility against the security of a used or new car.

Standard Chartered Finance, a NBFC is a product distribution arm.

It is amongst the top five auto financiers in the country. Products include

loans/leases for new passenger cars, used cars, commercial vehicles and

medical equipment. Standard Chartered Finance has an extensive network

of branches in India.

Standard Chartered Mutual Fund is one of the largest and fastest

growing debt funds in the market. Standard Chartered Mutual Fund is the

only fund house that focuses only on the debt segment and prides itself on

having developed one of the finest interest rate tracking models.

WHOLESALE BANKING IN INDIA

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CORPORATE & INSTITUTIONAL BANKING

Standard Chartered is particularly strong in institutional relationships and is the

preferred correspondents bank for over 300 domestic and international banks, the

largest such private sector network in India. The Bank focuses on service quality

and all its operational units in trade, cash management, treasury and custody are

ISO certified.

Standard Chartered is India's largest foreign trade finance bank and

offers a full complement of trade finance products, including export credit

in foreign currency, export letters of credit confirmations, merchanting

trade and buyer credits. It is one of the few banks in India to offer services

like channel financing, forfeiting, without recourse export finance, project

export and service export approvals and sponsorships.

As a leading cash management supplier across emerging markets,

Standard Chartered offers complete end-to-end cash management solutions

for corporates and institutions. The Greenwich survey for 2001 nominated

Standard Chartered the "Best Cash Management Service Quality Bank" in

India. Range of products includes vostro accounts, draft drawing,

telegraphic transfers and an international payments facility that allows

foreign currency payments without separate account.

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 Standard Chartered's custody and clearing service unit has served

Foreign Institutional lnvestor's in India with superior client servicing,

supported by sophisticated and flexible computerized systems. It is the

only custodian in India to earn the ISO 9001: 2000 standards certification.

Standard Chartered has received top ratings in industry's benchmark

surveys: the Global Custodian Survey 2000 and the Global Investor Survey

2000.

GLOBAL MARKETS

Standard Chartered provides complete 24-hour coverage of the world's foreign

exchange markets. It provides a broad range of products like Exotic currencies,

Derivatives, Debit capital markets, Currency Options and Electronic trading.

Standard Chartered was the first bank in India to introduce its On-Line Treasury,

a browser-based dealing system that enables real-time transactions. Standard

Chartered is also recognised as a leading market maker for Indian Rupees.

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The Bank Treasury- the No. 1 treasury in India- is amongst the most active

treasuries in the country, being a market maker in local currency and money

markets. While Standard Chartered seek to provide advice, treasury products and

services to its global clients in the Indian market, Standard Chartered also have

active relationships with some of the biggest and most diversified Indian

Companies and many medium sized companies. With a large specialized sales

force, it caters to all foreign exchange, money market and risk management needs

of the corporate clients

Treasury has an active inter bank desk, which, apart from being a market maker

in Indian rupees port and the forwards market, actively quotes for other

currencies. The money market Desk is a leading player in the Rupee markets and

in the Government and corporate debt trading.

The derivative desk is amongst the largest among the foreign bank in India with a

presence of 5 major cities with state of the art dealing rooms and a corporate

sales force of over 20 dealers, Standard Chartered has an unmatched reach and

service capability across India. In addition to servicing currency market and

investment needs of corporate clients, the corporate desk is active in advisory

services pertaining to structuring and risk management.

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MILESTONE IN STANDARD CHARTERED BANK

No. 1 Foreign Bank in India - Business India, "Best Bank 2000" poll

Best Bank in Earnings - Business Today, Best Banks 2001 survey

The only credit card operation in South-Asia with ISO 9002

Master Card Asia Pacific Marketing Award for 'Sapnay'

Cash Management Services - Asia 2001 Customer Satisfaction

Survey

SCB rated No. 1 and SCGB No. 3 in customer satisfaction

Standard Chartered Mutual Funds' corpus has crossed the Rs. 25

Billion mark

It is the only custodian in India to earn the ISO 9001: 2000 standards

certification.

37
 Standard Chartered has received top ratings in industry's benchmark

surveys: the Global Custodian Survey 2000 and the Global Investor

Survey 2000.

These are products or services where Standard Chartered has been the first in the

market place. Some of these innovative products and services in the Consumer

Bank and Wholesale Bank are:

Consumer Bank

Visa Infinite debit Card

Global Card

Visa Infinite credit Card

Co-branded Cards

'Smart Credit'

'Mileage' Card

aXcessPlus - Debit Card

Wholesale Bank

Largest and first US Exim backed securitized paper in the

Indian market worth INR 16 billion

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 First five-year interest rate swap for INR 250 million

First bank to launch an on-line Treasury product

India's first syndicated term loan facility for IOC (Rs. 400 cr.)

SERVICES PROVIDED BY STANDARD CHARTERED

BANK

1. INTERNET BANKING

With Secure Internet Banking ID and Password, a customer can login and take

care of his/her banking and credit card needs at his/her convenience and time. No

more queues, no more waiting.

2. PHONE BANKING

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As part of commitment to meeting all needs, Standard chartered offer Phone

Banking - a service that enables to access a wealth of financial information, 24

hours a day, and 7 days a week.

Through Phone Banking:

Check your account balance

Get details about specific transactions

Inquire about the status of a particular cheque

Order demand drafts

Transfer funds amongst your linked accounts

Get information on deposit rates, lending rates, exchange rates and

bank charges

Access information on any of the products and services

Call Room Service to open your account

Make complaints and suggestions

3. MOBILE AND E-MAIL ALERTS

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Standard Chartered always try and make life simple. Mobile and E-mail Alerts'

service is designed just for that.

4. SMARTFILL DEBIT CARD

Smart fill Debit Card, launched in association with Bharat Petroleum, will help to

save on fuel purchases and even gets free fuel.

Unique Features:

Earn reward points every time you use the card to make purchases

ANYWHERE, which can then be redeem for fuel at select Bharat

Petroleum outlets.

When the card is use to make purchases at select Bharat Petroleum outlets,

the customer don't have to pay the 2.5% surcharge levied on most credit or

debit cards.

Smart fill Debit Card is globally valid. It gives access to 12 million

merchant establishments worldwide and over 55,000 in India.

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 A customer can access over 3500 ATMs in India for FREE* and over

750,000 ATMs worldwide through the Visa ATM network.

The card gets an exclusive discount of 5% at select In & Out stores at

Bharat Petroleum outlets, besides benefits at leading retail outlets and

restaurant.

5. ATM FACILITY

Standard chartered ATMs give the freedom to conduct most of the banking

transactions 24 hours a day, 365 days a year. The ATM card is absolutely free.

There are no transaction charges on the use of card.

6. CREDIT CARD HELP-LINE

As part of commitment to meeting all needs, Standard chartered offer the facility

of calling them over the phone to access a wealth of information on credit cards,

24 hours a day, 7 days a week.

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 7. ELECTRONIC CLEARING SYSTEM

Standard Chartered introduces ECS (Electronic Clearing System), an innovative

facility for busy people. With this facility, Card bill amount automatically gets

debited from your savings bank account, so that customer doesnt have to worry

about the last minute payment rush. Since this entire process happens through the

Reserve Bank of India's electronic clearing mechanism, customer can enjoy the

advantages of ECS.

8. FAX BANKING

Its the most efficient way to stay on top of the business finance. Every day,

Standard chartered fax a report of all transactions made the previous day.

Customer will still receive his/her regular monthly statements.

SWOT ANALYSIS

43
STRENGTHS

Market position is strong

Standard Chartered merged with Grindlays Bank and formed the largest

foreign bank in India in terms of profitability and network.

Aggressive foreign bank

Shareholders return has grown more than 7 times

Maintains a position as a leading Asian Cash Management provider

Brand - SCBs modern and dynamic look appeals to the growing middle

income earners

Largest international banking group in the country

Best CSR Practice at the 15th Annual IR Magazine UK Awards 2005

Better geographic balances

Multi-cultural organization that offers opportunities to good managers

WEAKNESSES

44
 HDFC, ICICI, ABN-AMRO, CITIBANK and HSBC are dominant players

Has disadvantage due to last entry

Fewer locations as compared to other MNC banks

Service delivery perception is weak

OPPORTUNITIES

Branch expansion for rapid growth

Increase focus on value creation in whole banking

For enhancing new business initiatives the focus in India should be on

commodity financing, commercial real estates, mid-market and healthcare,

education and entertainment infrastructure

Build market share in consumer banking as consumer banking continues to

offer highest potential for growth

Broadening of the demographic base

Integrated sales and service approach

45
 Can offer a complete corporate package into under proposed corporate

relationship

India and China are the two biggest long-term opportunities for the global.

These two nations are emerging as economic powerhouses and changing

the dynamics of trade.

THREATS

ICICI Bank is pitching in quite aggressively through Advertisements

CITIBANK is expanding in new markets

Competitive products and offers from ICICI and HDFC

Proposed networking of all branches in next 6 months

Competition from existing competitors for market share

46
DATA

COLLECTION

Data collection has been done from both sources primary as well as

secondary. Data collection was based on the research objective, feasibility of

getting the feedback from the walk in customers of the various branches. The

data was collected by getting the respondents to interact on a one to one basis,

as it facilitated explaining to them questions in which they had doubt.

PRIMARY DATA

It has been collected by meeting various managers of the Standard Chartered

Bank, Citibank, ABN-AMRO Bank, ICICI, HDFC, and HSBC. Primary data

was collected by the questionnaire method by the customers visiting the ATMs

and branches. The sample size is constrained to 150.

SECONDARY DATA

From newspaper, magazines, Libraries, Standard Chartereds Induction

Manual and Product Manual.

47
FINDINGS AND

ANALYSIS

48
Q1. Type of Bank(s) you are currently holding accounts with

Nationalized Private Multinational

Analysis

78% of the people responded to multinational and private

banks.

Only 22% said the nationalized banks and these people were in

the age group of 40 & above.

Q2. Which Bank are you a user of?

___________________________________________

Analysis

49
Maximum respondent said that they have accounts in ICICI

Bank followed by Citibank followed closely by ABN AMRO

and Standard Chartered Bank.

Q3. Which of these factors influenced your decision to open an

account with the bank?

Proximity to Bank Premises Brand Name

Good Customer Care Network of ATM

& branches

Advertisement

Phone banking

Branch Timings

Others_________________

50
Analysis

Good customer care is one of the key factors that can influence

the customer towards the bank. 80% respondents do feel that

good customer care is one factor that can attract the customer.

Other factors like network of ATM & branches, brand name,

phone banking, and location of the bank also play an important

role while attracting the customer towards the bank.

Q4. Have you ever used any service of Standard Chartered bank

before?

Yes

No

51
Analysis

68% of the respondent said YES, though everyone does not

have an account in Standard Chartered Bank but one of their

family members or relatives had so they were aware of the

services being provided by Standard Chartered Bank.

32% of the respondent said NO, they are not aware about the

services being provided by the bank.

52
Q5. If yes, which all banking services have you used?

ATM

Phone Banking

Internet Banking

Mobile Banking

24 hours banking

Doorstep Banking

Analysis

Out of all the services provided by the banks, ATM and

Phone banking are most widely used services by the

customers. As they help in easing out the pressure from the

customer. Mobile Banking & Internet banking are also

widely used channel of communication by the customers.

Q6. Rank the following attributes of Standard chartered Bank.

VERY
ATTRIBUTES GOOD NEUTRAL NOT GOOD BAD
GOOD
Loan facility

Interest rate

Security of money

Customer care

Good network

Analysis

Maximum respondents have graded the attributes neutral. The

customer care of the bank is not very effective, and the interest rates are

higher. Customers are also not satisfied with the network due to less

number of branches available. Customers were found to be very

satisfied in terms of security of money.

Q7.Your recommendations for Standard chartered Bank regarding

Product / services.

Analysis

60% of the respondent said that standard chartered should

open more branches & ATMs so that more & more customers
are aware of its presence and the people should have

convenience & can access their account more easily. Next very

important recommendation given by the respondent was that

the charges on the services should be reduced.

 RECOMMENDATIONS

STRONG NEED OF BRAND BUILDING

The bank needs to make a lot of marketing effort. The level of recognition

that may be desired by any brand has not been achieved by Standard

Chartered Bank, Noida. Whenever a new branch comes into existence it is

necessary that they announce their birth. It should try to pull the consumer

towards the bank, like Standard chartered bank has put up banners in

commercial areas and prime sites it should also give advertisements in news

channels and business channels and also in newspapers. As said earlier it is a

relationship of trust and this trust can be generated through better and better

performance of the bank. As far as Noida is concerned it is a very

developing city so it should also concentrate more on this city. Standard

chartered bank has only one branch in Sector-18 Noida, which is not easily

available because of the fact that it is located at the back side of the building

and it should also have more & more ATM facilities available. One of the
ATM is located at the back side of Centre stage mall in Sector-18 where it is

not easy for a customer to go especially to that ATM to access his/her

account.

NEED A CHANGE IN MARKETING FOCUS

The marketing team of the branch has until now focused on selling of their

most competitive product, which are there fixed deposits. The rates of

interest, which they provide on fixed deposits, are really competitive and

highest in this market. But this strategy could not be held for a longer period

of time as in the long run it would become liability to the bank to pay such

high rate of interest and it would lower the revenues of the branch. Even the

survey conducted proved that the fastest selling product is savings account

amongst the consumer. With a network that is good enough this bank can

make efforts to increase the market share in the area where the competition

is so tough. This needs a brain storming from the top management in the

branch as to how about fixing the targets in each category of accounts.

SOLID NETWORK REQUIRED TO DEVELOP THE BUSINESS

FURTHER
If we see the results of the survey, it is evident that people prefer strong

networking system to make their banking life as comfortable and reachable

as possible. For Standard Chartered Bank to enjoy a good customer base

they should make efforts towards developing more and more ATM in the

city and extension counters to facilitate better and fast service. Updating of

technology from time to time is very necessary. Standard Chartered Bank

was the very first bank to start few of the very good service like Internet

banking; bringing about new service to attract more and more consumers

and should carry on this tradition further. As stated earlier that the branch

located in sector-18 is not easily accessible by every individual and nor the

ATM located at the back side of Centre Stage Mall in Sector-18, so the bank

should create more awareness of the bank and should change the ATM from

Centre stage to some other place in Noida where people can easily access

their account and the customer does not faces the parking problem. As

reveled by the survey ATM is the one service from which people access their

accounts so ATM facility should be given more care.

MAKE THE BRANCH SELF-INFORMATIVE

The branch should be decorated in a manner, which would provide

maximum information to the customers without any difficulty. All the

schemes and products, all the service charges, days and time of transactions,

the interest rates, the loan facilities should be printed in a beautiful manner

and hanged on the walls of the branch where customer can see with ease.

This was one of the things, which were found to be absent in this branch. By

doing so the customer would feel more attached and can easily avail the

services provided by the bank and can easily differentiate the products

available for different people.

Some of the areas where Standard chartered bank needs to lay stress on it in

order to combat this ever increasing competition are:

Keep the level of services offered at each and every one of its centres

consistent and up to the mark.

Constantly providing new and innovative products and services

keeping in mind the ever changing needs of the customer

Expanding its reach to commercial hubs in northern and eastern India

more aggressively.
 Intensive promotional campaigns should be launched with the full

cooperation of bank employees as its the employees who are the ones

interacting with the customers.

Intensive training to the employees of Standard Chartered Bank

should be given for any new service or product launched.

CONCLUSION

With years of banking experience, Standard Chartered is undoubtedly in a

strong position to help growing businesses sail through the complexities they

may face.

Standard Chartered Bank has always been market-oriented & dynamic with

respect to resource mobilization as well as its lending program. This renders

it more than capable to meet the new challenges that have emerged. Over the

years, Standard Chartered Bank has developed a vast client base of

borrowers, depositors, shareholders & agents and it hopes to capitalize on

this loyal & satisfied client base for future growth. Internal systems have

been developed to be robust & agile, to take into account changes in the

volatile external environment. Working with the right bank can help ones

business sail more smoothly and Standard Chartered Bank helps in doing

that as it understands todays business requirements. The bank provides the

right kind of services and accounts at the right time and according to the

needs of the market.

Standard Chartered is one of the world's most international banks, with

employees representing 80 nationalities.

Standard Chartered Bank provides well-developed remote channels for

banking convenience through 24-hour phone banking and internet banking.

Not only this when made comparison with almost all the leading banks of

India, Standard Chartered not only stands high among all but is giving them

a fierce competition. Standard Chartered Bank provides almost every service

which its competitor is providing. The survey also revealed that the services

provided by the bank are satisfactory which make Standard Chartered as a

brand in itself.

BIBLIOGRAPHY

http://standardchartered.monsterindia.com/index2.asp

http://standardchartered.monsterindia.com/index2.asp

http://www.standardchartered.com/global/home/aboutus/aboutus_history.ht

ml

http://standardchartered.monsterindia.com/index2.asp

http://standardchartered.monsterindia.com/businesses.asp

http://standardchartered.monsterindia.com/milestones.asp
http://standardchartered.monsterindia.com/index2.asp

http://www.standardchartered.com/global/home/aboutus/early#early

http://www.standardchartered.com/global/home/aboutus/aboutus_history.ht

ml#expansion

http://www.standardbank.co.za/site/investor/corp_history01.html

http://www.standardchartered.com/in/cb/services/svc_netbanking.html

http://www.standardchartered.com/in/cb/services/atm.html

http://www.standardchartered.com/in/cb/services/phonebanking.html

http://www.standardchartered.com/in/cb/services/mobilealerts.html

STANDARD CHARTERED PRODUCT MANUAL

STANDARD CHARTERED INDUCTION MANUAL

BROCHURES AND MANUALS OF DIFFERENT BANKS

 ANNEXURE

QUESTIONNAIRE

Q1. Type of Bank(s) you are currently holding accounts with

Nationalized Private Multinational

Q2. Which Bank are you a user of?

___________________________________________

Q3. Which of these factors influenced your decision to open an account

with the bank?

Proximity to Bank Premises

Recommendations by friends

Or relatives

Advertisement

Branch Timings

Brand Name

Network of ATM

& branches

Phone banking
Others_________________

Q4. Have you ever used any service of Standard Chartered

bank before?

Yes

No

Q5. If yes, which all banking services have you used?

ATM

Door step Banking

Phone Banking

Internet Banking

Mobile Banking

24 hours banking
 VERY
ATTRIBUTES GOOD NEUTRAL NOT GOOD BAD Q6.
GOOD
Rank
Loan facility
the
Interest rate

Security of money

Customer care

Good network
following attributes of Standard chartered Bank.
Q7.Your recommendations for Standard chartered Bank regarding Product /

services.

_________________________________________________________________________

_______________________________________________________________

Personal Information

Name:

Age:

Monthly Income:

Contact No:

THANKS FOR YOUR PRECIOUS TIME

COMPETITION ANALYSIS
 STANDARD

S.No. FEATURES/BENEFITS ICICI BANK CITIBANK HDFC BANK CHARTERED HSBC ABN AMRO

BANK
RS.10000

1. AVERAGE QUARTER Rs. 5000 MONTHLY RS.5000 AQB RS.10000 AQB RS.10000 AQB Rs. 10000 AQB

BALANCE(AQB) AQB AVERAGE

1ST YEAR FREE

2. DEBIT CARD RS.99 RS.100 RS.100 RS.100 RS.150 RS.200 NEXT

CHARGES YEAR

3. OTHER ATM USE RS.50 RS.55 RS.55 NO CHARGES RS. 55 RS.40 (UTI

CHARGES CHARGES CHARGES CHARGES BANK FREE)

ALLOWED

4. BRANCH BANKING ALLOWED BUT ALLOWED ALLOWED ALLOWED ALLOWED

CHARGED

RS.100 PER

VISIT

5. CHEQUE BOUNCE RS.50 RS. 100 RS.50 RS.100 RS.150 SELF RS.50 PARTY

CHARGES PARTY PARTY PARTY CHARGES CHEQUE CHEQUE

CHEQUE CHEQUE CHEQUE CUSTOMER

AS ON

6. FREE ACCIDENTAL NO NO NO FREE 25000/- AVAILABILIT NO

INSURANCE OPTION TO Y WITH

PAID UPDATE BRANCH

RS.25

7. UTILITY PAYMENT YES PHONE YES YES YES YES

8. PHOTOCARD RS. 100 RS. 100 NO CARD FREE NO NO

CHARGES CHARGES CHARGES PROVIDED PHOTOCARD PHOTOCARD

.35% ON NON

9. DEMAND DRAFT RS 2 PER NOT ON RS. 250 PER .250 OF THE BRANCH .25% OF THE

CHARGES 1000 NET 100/- AMOUNT LOCATIONS DRAFT

10. PHONE BANKING YES YES YES YES YES YES

 16 IN

11. NO. OF BRANCHES- 440 FIFTEEN 210 63 32 7

INDIA CITIES
8 AM TO 8 10 AM TO 3 10 AM TO 3

12. BRANCH TIMINGS PM PM PM 9 AM TO 8 PM 9 AM TO 3 PM 10AM TO 7 PM

ICICI NEW INDIA, HDFC

13. LIFE INSURANCE PRUDENTIA ROYAL STANDARD BAJAJ TATA AIG AVIVA LIFE

CONNECTIONS L LIFE SUNDARAM LIFE ALLIANZ INSURANCE

INSURANCE , BIRLA

SUNLIFE

14. 24 HOUR BRANCH NO NO NO YES NO NO

BANKING

15. 365 DAYS BANKING YES NO YES YES NO YES

1700 40 742 90 50

16. ATM CENTRES INCLUDING INCLUDING INCLUDING INCLUDING INCLUDING 10 + UTI

BRANCH BRANCH BRANCH BRANCH BRANCH ATMS

ATMS ATMS ATMS ATMS ATMS

CASE STUDY

Standard Chartered derives its name after two banks - Standard Bank of British

South Africa and the Chartered Bank of India, Australia and China - that

merged in 1969. The Chartered Bank was founded in 1853 following the grant
of a Royal Charter from Queen Victoria, and opened its first overseas branch

ever in Calcutta, as it was then known.

The Formation of Standard Chartered Bank

Despite there acquisitions and expansion into new countries both the standard

and Chartered Bank net works were comparatively small. Both viewed the

future with some trepidation as the need to protect them from acquisition

become ever more apparent. In 1969 the decision was made by Standard Bank

and Chartered Bank to under go a friendly merger thus forming Standard

Chartered PLC.

1970s Expansion outside traditional markets

Standard Chartered decided, after the merger, to expand the Group outside its

traditional markets. In Europe a number of offices were opened including

Austria, Belgium, Denmark, Ireland, and Spain, Sweden as well as several

major cities in UK. Standard Chartered also opened offices in Argentina,

Canada, Colombia, the Falkland Islands, and Panama & Nepal. In the USA a

number of offices were opened and three banks were acquired. These included

the Union Bank of California, which gave Standard Chartered a presence in

Brazil and Venezuela.

1980s to mid 1990s Focus on core strengths and core markets

During the late 80s Standard Chartered reviewed its operations and decided to

focus on its core strengths of Consumer Banking, Corporate and Institutional

Banking and Treasury in its well established operations in Asia, Africa and the

Middle East. This lead to a series of divestments notably in Europe, the United

States and Africa. During this time staff members were reduced; business not

considered core well sold or closed; associated holdings disposed of;

unprofitable branches closed and back office function consolidated. Standard

Chartered also expanded its network, reopening in Vietnam in 1990, Cambodia

and Iran in 1992, Tanzania in 1993 and Myanmar in 1995.

Late 1990s Growth through acquisition and expansion in new markets

In the aftermath of the East Asian Crisis, Standard Chartered completed a series

of acquisitions. In 1999 Standard Chartered acquired the global trade finance

business of Union Bank of Switzerland. They also acquired 75% of the equity

of Nakornthon Bank, Thailand. The terms were agreed to acquire 89% of the

equity of the share capital of metropolitan Bank of Lebanon. There was

expansion in the form of new subsidiary, Standard Chartered Nigeria Limited in

Lagos and New Branches in Taiwan.

The Standard Chartered Group is an unusual Banking business. Although its

roots are clearly British, its area of operation, its network and the profit streams

are overwhelmingly international.

Expansion in Africa and Asia

The Standard Bank opened for business in Port Elizabeth, South Africa, in

1863. It pursued a policy of expansion and soon amalgamated with several

other banks including the Commercial Bank of Port Elizabeth, the Colesberg
Bank, the British Kaffarian Bank and the Fauresmith Bank. The Standard Bank

was prominent in the financing and development of the diamond fields of

Kimberly in 1867 and later extended its network further north to the new town

of Johannesburg when gold was discovered there in 1885. Over time, half the

output of the second largest goldfield in the world passed through the Standard

Bank on its way to London. In 1892 the Standard Bank opened for business in

Zimbabwe, and expanded into Mozambique in 1894, Botswana in 1897,

Malawi in 1901, Zambia in 1906, Kenya, Zanzibar and the Democratic

Republic of Congo (D.R.C.), in 1911 and Uganda in 1912. Of these new

businesses, Botswana, Zanzibar and the D.R.C. proved the most difficult and

the branches soon closed. A branch in Botswana opened again in 1934 but

lasted for only a year and it was not until 1950 that the Bank re-opened for

business in Botswana. In Asia the Chartered Bank expanded opening offices in,

Myanmar in 1862, what is now Pakistan and Indonesia in 1863, the Philippines

in 1872, Malaysia in 1875, Japan in 1880 and Thailand in 1894. Some 34 years

after the Chartered Bank appointed an agent in Sri Lanka it opened a branch in

1892 to take advantage of business from the tea and rubber industries. During

1904 a branch opened in Vietnam. Both the Chartered and the Standard Bank
opened offices in New York and Hamburg in the early 1900s. The Chartered

Bank gaining the first branch license to be issued to a foreign bank in New

York.

INDIA MANAGEMENT

The Chartered Bank opened its first overseas branch in India, in Calcutta, on

12th April 1858. Eight years later the Calcutta agent described the Banks credit

locally as splendid and its business as flourishing, particularly the substantial

turn over in the rice bills with the leading Arab firms. When the Chartered Bank

first established itself in India, Calcutta was the most important commercial

city, and was the center for the Jute and Indigo trades. With the growth of the

cotton trades and the opening of the Suez Canal in 1869, Bombay took over

from Calcutta as Indias main trade center. Today the Banks branches and sub

branches in India remaining an important trading and banking center.

Standard Chartered is the largest International Banking Group in India. Key

business include Consumer Banking Primarily Credit Cards, mortgages,

personal loans and Wealth management and wholesale Banking, where the

Bank specializes in the provision of cash management, trade, finance, treasury

and custody services.

VISION

The Worlds leading emerging markets Bank

Consumer Banking is the Engine for Growth

Consistently Superior Performance

Committed to Excellence

A Great Place to Work For Top Professionals

VALUES
The double helix logo (the logo), with its distinctive five-color band, represents the five

core values of Standard Chartered Group (Courageous, Responsive,International, Creative

and Trustworthy) and demonstrates the ideals of trust and partnership.

We believe in putting customers at the heart of our business. We spend time

listening to our customers to understand who they are and how they operate to

anticipate their needs.

Its our people who set us above organizations through a unique ability to build

trusted relationships with all stakeholders.

We know that employees can always see a better way of doing things and

encourage them to contribute their ideas.

We are a truly international Bank, and thrive on the delivery of our people and

the richness of perspectives their culture and experience brings.

We encourage our people to take measured risks to deliver improved results for

all our stakeholders. Where this results in mistakes, we seek to learn from our

experience, to build long term solutions.

STRATEGY

The Strategy is composed of 4 elements:

Go for Growth

The Go for Growth, model comprises of four key opportunities: Build new core

markets in India, Indonesia, Thailand and Taiwan. Evidence of these aspects of

the strategy is reflected in the acquisition of Nakornthon in Thailand,

expansions in branch in Taiwan and the acquisition of Grind lays in the South

Asia and the Middle East.

Reinforce the Banks position in the core markets of Hong Kong, Singapore and

Malaysia. Strengthen our network business compromising institutional and

corporate relationships usually with multinational companies, where there are

branches in more than one location in our network Leverage the general

banking business model, which is geographical rather than a functional model.

Get Fit to Grow

The Fit to Grow model highlights three linked initiatives- SCOPE, HR shared

service center and financial Re-engineering. These three initiatives are linked to

build a new operating model.

Building Value Leadership

This element of the banks strategy utilizes economic profit as a measure of

creating value for shareholders. Economic profit is the profit that the business

generates after deducting the cost of capital from trading profit. The difference
between present and future Economic Profit represents the business growth

potential.

The Building Value Leadership Program enables:

A Long-term strategic focus.

Better focus on activities, which will create the most value.

Better criteria for making decisions and allocating resources in order to

maximize value.

Strengthen the Culture

The aim of the initiative to strengthen the culture is to make Standard Chartered

a great place to work. The aspects involved in strengthening the culture are:

Customer focus

One bank/Teamwork, which implies greater coordination between the

different businesses of the bank

Challenging performance management aims at driving our people to not

only meet expectations but to exceed them

Excellence is the Standard

 Decisiveness

Openness and trust

Budgeted Cost reduction aims at reducing the operating costs

Best Practice Re-engineering involves a collation of best practices for

greater organizational effectiveness

Centralization is the initiative to centralize the bank office operations

through avenues like SCOPE

Multi-Business Processing is the Vehicle for transitioning different

operations into global centralized operations

These would be the elements of a future operating model stimulating

future growth

Standard Chartered Group Principles

The Standard Chartered Group has a vision of being a World Class Bank and

recognizes that compliance is an important and essential element of being

World Class. To emphasize and strengthen this commitment it has drawn up 5

principles of good compliance which are:

The Bank is a guest in every country that it conducts business

Every Employee of the bank is responsible for compliance

Dont be afraid to speak up

Do not compromise compliance for revenue

Our reputation is vital

MAJOR PROBLEMS FACED

1. People do not have faith in the private companies and have a pre

assumption that it may run at any time.

2. The customers used to hide the correct information about their income,

loans, assets, expenditures which were required to decide the right policy

for them.

3. People used to ask for discounts in account of the commission earned by

the agent.

4. Some people even if they are not interested used to make a series of

meetings and in the end used to say no.

5. Some of the prospects dont even listen to anything and straight away say

NO, they dont even give you a chance to say what you want to, most of

these people were businessmen who perhaps had less time to listen to

sales pitch.

6. Convincing the people to open a saving account or for ULIP plan was

very difficult as one cannot see the direct benefits of opening of saving

account or the life insurance.

7. People mainly purchase policies from their friends, relatives and known

persons so it was difficult to convince them.

8. People who already have fixed deposits, ULIP plans have little

knowledge about their existing products.

SOLUTION

1. One has to be very patient. It is the key to make sales. Even if he knows

that the sale is not going to be made he should remain patient.

2. One should be able to adjust according to the customer. One has to be on

the level of the customer.

3. One needs to be humble and polite even if the customer is rude and tries

to grill him. The sales person should remain polite yet logical.

4. The body language and appearance matters a lot. The sales person should

have a positive body language and a pleasant appearance.

5. The most important thing in selling ULIP plans is to understand the

customers priorities, his financial and social stance and then evaluate his

needs and make him understand the urgency of his needs and them

providing the solution to the needs, rather than purely highlighting the

features of the product.

6. The sales person should be absolutely confident about the product and

should have thorough knowledge while making any sale. He should not

fumble or look confused while making the sale.

7. If the sales person is not sure or dont have the knowledge about

something he should deal with the situation diplomatically and should not

give the wrong information to the customer.

8. The learning of understanding the body language of the customers and

understanding their non-verbal has been a great finding.

9. Dont lie to the customer is a principal, because after all the business is a

chain business. It would be penny wise pound foolish to make a sale or

two by lying business in fact it makes you lose a huge probable business.
SYNOPSIS OF THE PROJECT

Students Name: DURGASHANKAR DIXIT

STANDARD Faculty Guide: PROF. ANAM AFAQ

CHARTERED

BANK The main Objectives were:

1. Comparative study of the saving accounts with other

leading MNC Banks of India.

2. Study on the services being offered in tune to the

Consumer Banking approach.

Standard Chartered Bank is aware of the importance of

creating brand awareness and its strength in improving

their bottom line. It is the quality of products, level of

technology and speed of services rendered which is going

to be the deciding factor. It will have to differentiate from

other banks offering similar products to the customers. As

more & more players chant the mantra of retail banking,

Standard Chartered needs to provide customer a choice of

options at the lowest cost to choose from. Standard

Chartered should give more emphasis on its customer care

as the analysis revealed that Good customer care is one of

the key factors that can influence the customer towards the

bank.

In this fierce war for higher market shares the only

beneficiary is the customer. We can say that customer is

the King for Banks now days.

The project involved sales and gave a personal experience

of how to convince a customer to open an account. It also

involved learning of the sales concepts and its practical

implications while making the sales.