Download - j&k BANK
“CUSTOMER SATISFACTION IN THIRD PARTY PRODUCTS OF J&K BANK”
Submitted by:NITAN NARANGR.No- 154 MBA09
For academic session(2009-2011)
MIETMODEL INSTITUTE OF ENGINEERING AND TECHNOLOGY
(AFFILIATED TO UNIVERSITY OF JAMMU)
CERTIFICATE
It is certify that Mr.NITAN NARANG studying in MBA-3rd sem, under
Model Institute Of Engineering and Technology had completed his
project report on the topic “customer satisfaction in third party products
of Jammu and Kashmir Bank”,F.S Department, Rail Head Complex,
Zonal Office Jammu under my guidance and supervision during the
academic year 2010-2011. To the best of my knowledge the work done
by the student is original and will be of valuable sources for the scholars
and organisation/banks the advance research work in the field under
reference.
Mrs.Susham Sharma
Zonal Coordinator
FS Department
DECLARATION
I hereby declare that the project report of the topic “CUSTOMER
SATISFACTION IN THIRD PARTY PRODUCTS OF J&K BANK” in
Jammu city completed and submitted under the guidance and
supervision of Mrs. SUSHAM SHARMA [FS Department] is my
original work.
The preparation of the project report is based on my personal findings,
several visits and interaction with the officials, employees, customers,
consultations with the eminent scholars. Further study was also assisted
by published and unpublished material and secondary sources.
Name of student:
NITAN NARANG
ACKNOWLEDGEMENTS
No Project work is carried in vacuum. Project work is never the work of
an individual. Many persons contributed to the development of my
project report. Everyone was with their ideas, suggestions &
contributions that really helped me in making an easy, clear , limited and
systematic project report.
First of all I express my regards to my family who are always there to
support and encourage me. They provided a congenial atmosphere for my
work. I could not have a accomplished all that was expected without that
special patience and understanding that only a family can give..
A heartfelt thank is also extended to the incharge marketing Mrs. Susham
Sharma and Mr. Rohit for their valuable guidance for the project which
help me in making this project work as a success.
Last but not least, I want to thank all those customers of J&K Bank Ltd.
who sincerely filled in the questionnaires.
NITAN NARANG
CONTENTS
1. Meaning of “Customer Satisfaction”
2. Introduction.
History of JK Bank
i. Govt. Ownership-an advantage
ii. Mission of the Bank
iii. Vision
iv. Company Profile
v. Features
3. Board of Directors
4. Third Party Products of J & k bank
i. Insurance Services
ii. Mutual Fund Services
iii. Point of Sale Service
iv. Card Services
5. Objectives of study
6. Scope of study
7. Methodology
8. Sample design
9. Analysis and Interpretation
10.Conclusion
11.Questionnaire
12.Bibliography
MEANING OF CUSTOMER SATISFACTION
“SATISFACTION is a person’s feelings of pleasure or disappointment
resulting from comparing a product’s perceived performance(or
outcome) in relation to his or her expectations”
As this definition makes clear, Satisfaction is a function of perceived
performance &expectations. If the performance falls short of
expectation, the customer is dissatisfied. If the performance matches the
expectation, the customer is highly satisfied or delighted.
Many companies are aiming for high satisfaction because customers who
are just satisfied still find it easy to switch when a better offer comes
along. Those who are highly satisfied are much less ready to switch.
High satisfaction or delight creates an emotional bond with the brand,
not just a rational preference.The result is high customer loyalty. Xerox’s
senior management believes that a very satisfied or delighted customer is
worth 10 times as much to the company as a satisfied customer. A very
satisfied customer is likely to stay with Xerox many more years & buy
more than a satisfied customer will.
How do buyers form their expectations? From past buying experience,
friends & associates’, advice, & marketers’ &competitors’ information
& promises. If marketers raise expectations too high, the buyer is likely
to be disappointed. For example,Holiday Inn ran a campaign a few years
ago called “No surprises”.Yet hotel guests still encountered a host of
problems & Holiday Inn had to withdraw the campaign. However, if the
company sets expectations too low, it won’t attract enough buyers
(although it will satisfy those who do buy).
Some of today’s most successful companies are raising expectation &
delivering performances to match these expectation. These companies
are aiming for TCS-total customer satisfaction. Xerox, for
example,guartees “total satisfaction” &will replace at its expense any
dissatisfied customer’s equipment within a period of 3 years after
purchase.
The key to generating high customer loyalty is to deliver high customer
value. Today various kinds of tools are used for tracking & measuring
customer satisfication. These are:
1. COMPLAINT SUGGESTION SYSTEMS
A customer-centered organization makes it easy for its customer to
deliver suggestion & complaints. Some companies provide forms to
customers to report likes & dislikes. Others establish hot with toll-free
number. Companies are also adding web pages & e-mail to facilitate
two-way communications. These information flows provide companies
with many good ideas &enable them to act quickly to resolve problems.
2.CUSTOMER SATISFACTION SURVEYS:
Studies show that although customers are, dissatisfied with one out of
every fours purchases, less than 5% of dissatisfied customer will
complain. Most customer will buy less or switch suppliers. Complaint
levels are thus not a good measure of customer satisfaction directly by
conducting periodic surveys. They send questionnaires or make
telephone calls to a random sample of recent customer. They also solicit
customer views on their competitors performances.
3. GHOST SHOPPING:
Companies can hire persons to pose potential customers to report on
strong & weak points experienced in buying the company’s &
competitors products and services. They can also test whether
company’s personnel can handle various situations well. A variant of
this is for managers to phone their own organization with questions and
complaints to see how the calls are handled.
DIFFERENT DEFINITIONS HAVE BEEN GIVEN FOR
CONSUMER BEHAVIOUR WHICH ARE:
1) It is “ the process whereby individual decide whether , what , when ,
where , how and from whom purchase goods and services.”
- Professor Walter C.G & Professor Paul G.W.
2) Consumer behaviour is “the behaviour that consumers display in
searching for , purchasing , using , evaluating and disposing off products
and services that they expect will satisfy their needs.”
- Schifftnan & Kanuk.
3) Consumer behaviour is defined as “all psychological, social &
physical behaviour of potential customers as they become aware of
evaluate purchase, consume & tell others about products & services.”
- Webster.
4) “The study of consumer behaviour in most part is the study of
consumer buying the actual conception.”
- Professor Alderson W.
So, it is necessary on the part of the company to understand consumer
behaviour for the survival of organization in present time. Consumer
should be the focus of marketing efforts.
HISTORY OF JAMMU AND KASHMIR BANK
The Jammu Kashmir bank limited was incorporated on 1st October,
1938 commenced from 4th July, 1939. The bank was first as a state
owned bank.
The new identity for J & K bank is a visual representation of the Banks
philosophy and strategy. The three coloured squares represent the regions
of Jammu, Kashmir & Ladakh. The interaction of the squares is a falcon
with outstretched wings- a symbol of empowerment. The synergy
between the three regions propels the banks towards new horizons
signifies growth and renewal. Blue conveys stability and unity. Red
represents energy and power; Green attributes integrity all assimilated in
the white counter-form.
According to the extended laws of the state, Jammu Kashmir bank
defined government and the provision of Indian company’s Act 1956 in
the year 1971, the Bank received the status of scheduled bank. It was
declared as “A” class bank by RBI in 1976.
The origin of Jammu and Kashmir Bank Limited, more commonly
referred to as J&K
Bank, can be traced back to the year 1938, when it was established as the
first state-owned bank in India. The bank was incorporated on 1st
October 1938 and it was in the following year (more precisely on 4th July
1939) that it commenced its business, in Kashmir (India). It was initially
set up as a semi-State Bank, with its capital being contributed by State as
well as the public under the control of State Government.
Jammu and Kashmir Bank had to face serious problems in 1947 i.e. at the
time of independence. With the partition of Pakistan, two out of the total
ten branches of the bank, namely the ones in Muzaffarabad and Mirpur,
fell to the other side of the line of control (now Pak Occupied Kashmir),
along with cash and other assets. At that point of time, in keeping with
the extended Central laws of the state, J&K Bank was categorized as a
Government Company, as per the provisions of Indian Companies Act
1956
It was in the year 1971 that Jammu and Kashmir Bank was granted the
status of a 'Scheduled Bank'. Five years later, it was declared as "A" Class
Bank, by the Reserve Bank of India (RBI). As the years passed on, the
bank started achieving more and more success. Today, it boasts of more
than 500 branches across the country. It was only recently that Jammu
and Kashmir Bank became a billion dollar company. Governed by the
Companies Act and Banking Regulation Act of India, it is regulated by
RBI and SEBI. It finds a listing on the National Stock Exchange (NSE)
and Bombay Stock Exchange (BSE) as well.
GOVERNMENT OWNERSHIP AN ADVANTAGE
J K Bank has a unique competitive advantage stemming from its
government ownership, access to low cost of funds, the bankers are also
building the good will of the bank. Thus helping the bank to move
forward.
MISSION OF THE BANK
Mission have been set to remain a financially strong, growth oriented and
profitable by bringing main focus towards providing convenient, reliable,
cost effective and personalized services to customers and globally
competitive and foray with the business of banking. The objectives of
banking provide ‘value maximization’ to all its share holders i.e. its
customers and employees.
VISION
The vision of the JK bank is to be financially sound, profitable and
technological bank committed to banking and maximization sustainable
value for its share holders, customers and employees.
COMPANY’S PROFILE
Incorporated in 1938 as a limited company.
Governed by the Companies Act and Banking Regulations Act of
India.
Regulated by Reserve Bank Of India RBI Security Exchange
Board Of IndiaSEBI.
Listed on the National Stock Exchange NSE and Bombay Stock
ExchangeBSE
53 Percent owned by the government of JK bank.
Rated “P1+” S & P CRISIL connoting highest degree of safety.
Four decades of uninterrupted profitability and dividends.
UNIQUE CHARACTERISTICS
Private sector bank despite government holding 53 percent of
equity.
Sole banker and lender of last resort to the government of J & k.
Plan and non plan funds, taxes and non tax revenues routed
through the bank.
Salaries of government official disbursed by the bank.
Only private sector bank designated as agent of RBI for Banking.
Carries out banking business of the central Government.
Collects Taxes pertaining to central board of direct taxes in J & k.
J&K Bank carries out banking business of the Central Government.
Inspite of a government equity holding of 53 per cent, Jammu &
Kashmir Bank (J&K Bank) is regarded as a private sector bank
Registered Office Corporate Headquarters
M A Road M A Road
Srinagar 190001 Srinagar 190001
Jammu & Kashmir Jammu & Kashmir
www.jkbank.ne t
HASEEB A DRABU Chairman & Executive
Haseeb A Drabu, Chairman & Chief Executive Officer of is a
professional economist, who has been on the board of the bank since 11th
July, 2003. Possessing a diverse wide ranging experience, he started his
professional career Perspective Planning Division of the economic
Advisory to the prime Minister. His final stint with policy making was
Tenth Finance Commission. Moving from government to, of business
journalism, he joined India’s premier finance Business standard, and rose
to become National Edit paper. Even as a regular commentator on
economic issues associated with various governmental policy making
notably, in 1997, he was appointed member of High Committee on
Economic Reforms for J & k to present, he continued to work as the
economic Advisor of Govt. of J & k, opposition he has held on January
2003. He is credited with having conceptualised ranging economic and
fiscal reforms of the state Govt. has been recently inducted by the
planning commission working group on resources for the eleventh Five-
year plan.
M.S. VERMA
Maya Shanker Verma, a career banker with 45 years experience, working
in the Indian financial sector has held some of the most and critical
positions in the country’s financial system as its regulatory regimes. In a
career spanning over four decades with the State Bank of India. India’s
commercial bank, Mr Verma’s experience has been multiwide ranging on
different facets of banking at national and international levels
encompassing commercial, development and investment banking as well
as asset management and capital operations. He was the Chairman of the
State Bank of India during April, 1997 to November, 1998. Mr Verma
has understanding of total financial systems and strutting and
management of such systems in developing countries. It was under the
chairmanship of Mr Verma recorded very strongly to become a leading
Private Sector Bank in India. Mr Verma acted as Honourable advisor to
the Reserve Bank of India in which time he under took several important
policy with the projects from Governor of the Reserve Bank of India.
G.P.GUPTA
G.P.Gupta, a post-Graduate in Commerce, having combination in both
academics and public sector, is also the Ex-Chairman Managing Director,
IDBI and served on several distributed positions such as Chairman,
SIDBI,
National Stocks Exchange of India Ltd; Member, Life Insurance
Corporation of India, Member, General Insurance Corporation of India.
The infrastructure Development Finance Company Ltd, Directs the
airlines Ltd., Director, Discount & Finance House of Indian Director,
Securities Trading Corporation of India Ltd
DR.NARENDRA JADHAVE
Dr.Narendra Jadhave is an eminent economist. More than 30 years of
distinguished service with Reserve Bank including as Principal Adviser
and Chief economist, played an important role in macro-economic policy
making. Dr. Jadhav will be bringing with himself a unique set of several
dimensions, which will add value and compliment the objectives of the
bank. A prolific writer, Dr. Jadhav has written books mainly on economic
and social issues and has prepared the research papers to his credit in
national and international repute. He has also served as Advisor to
Executive Director of India at the International Monetary Fund and
Senior Advisor to various governments; including Ethopia.More he was
involved in the reconstruction of Afghanistan economic Chief Economic
Counsellor.
B.B. VYAS (IAS)
B.B.VYAS(IAS) Officer alloted to J & K Cadre is a Govt. nominated
Director of our bank, having rich and varied experience in
Banking,Finance,Agriculture,Disaster Management and Divisional
Administration.Mr. Vyas has held distinguished positions in his career as
Govt. servant served in the central Govt. as Deputy Secretary in the Rural
Credit, in Department of Banking in Ministry of Finance has played an
active role in the recapitalisation of regional banks (RRBs) and
restructuring of Co-operative Credit frame work in the country. Mr. Vyas
has also served as Govt. Nominee Directors of UCO Bank was involved
in the formulation and implementation of Revival Plan, State Bank of
Bikaner and Jaipur (SBBI), Insurance and Credit Guarantee Corporation
(DICGC) etc. has also headed the personal office of union Finance
besides serving for three years in United Nations Development
Programme (UNDP), over seeing “livelihood-based” presently,
Mr.B.B.VYAS is working as Finance Secretary State Government of J &
k. He is also holding directors number of state-owned Corporation such
as Jammu & state Power Development Corporation Ltd., J & K
Development, Jammu & Kashmir Industries Cement J & K Handicrafts
Development Corporation, Handlooms Development Corporation, J & K
Projects Corporation etc.
ASHOK KUMAR MEHTA
Mr. Ashok Kumar Mehta is the Executive Director of Organisation. Mr.
Mehta has a long standing association with the bank, dated to 1972 and
has served bank’s hierarchy in various of capacities as part of Bank’s
Corporate Management Team in course of his career with the bank, Mr.
Mehta has also Chairman of Jammu Rural Bank-a rural bank sponsored
by J&K Bank. Mr. Mehta has been instrumental in setting of joint
insurance venture with Met Life International, USA played a key role in
forging ties with Bajaj Allianz Insurance Co. Ltd. for distribution of Non
Life and Life Insurance Products. He has pioneering work in initiating
and implementing the package under “Naye Subah” which incorporates
new organisational setup and procedures. His other areas of specialization
include Finance and Financial Services, Planning and development of
Accounts and Estates.
ABDUL MAJID MIR
Mr. Abdul Majid Mir, Executive Director of Bank, more than 36 years of
experience in banking. Mr. Abdul Majid had held various important and
senior positions in the Bank and its corporate Management Team. He has
special knowledge of practical experience in the fields of Finance, Credit,
Trade of Foreign Exchange, Treasury, Corporate and Retail Deposits and
Liability Management and Risk Management.
B.L.DOGRA
B.L.DOGRA is a Fellow Member of the institute Accountants of India
and is also Founder of M/S DOGRA as a practising firm of Chartered
Accountants. Presently is Director with our bank, Mr.Dogra has also
served on the Directors of Punjab National Bank and has also been the
organiser of J & k chapter of Northern India. Mr.Dogra has been
associated with social and sports associations of the state a rich and
varied experience in the field of Banking and which has facilitated
healthy rejuvenation in the Bank’s working.
THIRD PARTY PRODUCTS OF J&K BANK
MUTUAL FUNDS
INSURANCE
CREDIT CARDS
POINT OF SALE
MUTUAL FUNDS
Mutual Fund is an instrument of investing money. Nowadays, bank rates
have fallen down and are generally below the inflation rate. Therefore,
keeping large amounts of money in bank is not a wise option, as in real
terms the value of money decreases over a period of time.
One of the options is to invest the money in stock market. But a common
investor is not informed and competent enough to understand the
intricacies of stock market. This is where mutual funds come to the
rescue.
A mutual fund is a group of investors operating through a fund manager
to purchase a diverse portfolio of stocks or bonds. Mutual funds are
highly cost efficient and very easy to invest in. By pooling money
together in a mutual fund, investors can purchase stocks or bonds with
much lower trading costs than if they tried to do it on their own.
Also, one doesn't have to figure out which stocks or bonds to buy. But
the biggest advantage of mutual funds is diversification.
Diversification means spreading out money across many different types
of investments. When one investment is down another might be up.
Diversification of investment holdings reduces the risk tremendously.
On the basis of their structure and objective, mutual funds can be
classified into following major types:-
TYPES OF MUTUAL FUNDS:-
Closed-end funds ;
A closed-end mutual fund has a set number of shares issued to the public
through an initial public offering.
Open-end funds;
Open end funds are operated by a mutual fund house which raises money
from shareholders and invests in a group of assets
Large cap funds;
Large cap funds are those mutual funds, which seek capital appreciation
by investing primarily in stocks of large blue chip companies
Mid-cap funds;
Mid cap funds are those mutual funds, which invest in small / medium
sized companies. As there is no standard definition classifying
companies.
Equity funds;
Equity mutual funds are also known as stock mutual funds. Equity mutual
funds invest pooled amounts of money in the stocks of public companies.
Balanced funds;
Balanced fund is also known as hybrid fund. It is a type of mutual fund
that buys a combination of common stock, preferred stock, bonds, and
short-term bonds.
Growth funds;
Growth funds are those mutual funds that aim to achieve capital
appreciation by investing in growth stocks.
No load funds ;
Mutual funds can be classified into two types - Load mutual funds and
No-Load mutual funds.
Exchange traded funds;
Exchange Traded Funds (ETFs) represent a basket of securities that is
traded on an exchange, similar to a stock. Hence, unlike conventional
mutual funds
Value funds;
Value funds are those mutual funds that tend to focus on safety rather
than growth, and often choose investments providing dividends as well as
capital appreciation.
Money market funds;
A money market fund is a mutual fund that invests solely in money
market instruments. Money market instruments are forms of debt that
mature in less than one
year and are very liquid.
International mutual funds;
International mutual funds are those funds that invest in non-domestic
securities markets throughout the world.
Regional mutual funds;
Regional mutual fund is a mutual fund that confines itself to investments
in securities from a specified geographical area, usually, the fund's local
region.
Sector funds;
Sector mutual funds are those mutual that restrict their investments to a
particular segment or sector of the economy.
Index funds;
An index fund is a mutual fund or exchange-traded fund) that aims to
replicate the movements of an index of a specific financial market.
Fund of funds;
A fund of funds (FoF) is an investment fund that holds a portfolio of
other investment funds rather than investing directly in shares, bonds or
other securities.
Mutual Funds of J&K Bank;
J&K Bank has entered into tie-ups with reputed Asset Management
Companies for distribution of Mutual Fund products.
Mutual Fund industry is one of the fastest growing segments in
financial services in India. Over the years, banks in India have
emerged as the biggest distributors of financial products. This has
helped the J&K Bank to capture and retain their huge client base
and simultaneously adding a steady stream of fee based income.
Mutual Funds have become an attractive proposition for investors
in the current context and for J&K Bank it will be a good
investment option to have in our product portfolio. This shall be an
important step towards converting the bank branch into a financial
supermarket addressing all the financial needs of the customers
thus helping the bank retain the customers within its fold
Moreover the J&K Bank can augment its fee based income the
Bank aims to match to industry standards.
INSURANCE SERVICES:-
Insurance policies are a safeguard against the uncertainties of life.
Insurance is system by which the losses suffered by a few are spread over
many, exposed to similar risks. Insurance is a protection against financial
loss arising on the happening of an unexpected event. Insurance policy
helps in not only mitigating risks but also provides a financial cushion
against adverse financial burdens suffered.
INTRODUCTION
Insurance is a contract between two parties, the insurer or the insurance
company, and the insured, the person seeking the cover. Within this
contract, the insurer agrees to pay the insurer for financial losses arising
out of any unforeseen events or risk in return for a regular payment of
premium. Thus, these insurance plans are also called as a Risk Cover
Plans, which means to financially compensate for losses that occur
uncertainly through accident, illness, theft, natural disaster. As one can
not fight against these man-made and natural calamities, so at least be
prepared for them and their aftermath by taking insurance policies.
INSURANCE:- A KIND OF INVESTMENT
Insurance is an attractive option for investment but most people are not
aware of its advantages as an investment option.
Insurance also serves as an excellent tax saving mechanism. The
Government of India has offered tax incentives to life insurance products
in order to facilitate the flow of funds into productive assets.
INSURANCE REGULATORY & DEVELOPMENT
AUTHORITY (IRDA)
Insurance Regulatory & Development Authority is regulatory and
development authority under Government of India in order to protect the
interests of the policyholders and to regulate, promote and ensure orderly
growth of the insurance industry.
Types of Insurance
Insurance policies cover the risk of life as well as other assets and
valuables, such as, home, automobiles and jewellery. On the basis of the
risk they cover, insurance policies can be classified into two categories:
Life Insurance
General /non-life Insurance.
As the term suggests, Life Insurance covers the risk involved in a
person's life, while General Insurance provides financial protection
against unforeseen events, like accident, flood, earthquake, disease,
etc.
LIFE INSURANCE SERVICE OF J&K BANK;
In life insurance segment, the bank joined hands with MetLife
International (USA) and it culminated into the launch of MetLife India
Insurance Company Private Limited, which was incorporated in India
on April 11, 2001. MetLife India is a joint venture between MetLife
International Holdings Inc., the J&K Bank, M. Pallonji and Co. Private
Limited and other small private investors. MetLife India is headquartered
in Bangalore
It is remarkable that MetLife International, headquartered in New York,
is number one insurer in the United States based on over US$ 2 trillion of
life insurance in force and serves approximately 9 million individual
households in the U.S. as well as 87 of the Fortune 100 companies. It has
its affiliates, subsidiaries and representative offices in 15 countries.
The bank is also Corporate Agent of MetLife and is marketing its
products through its strong branch network.
NON-LIFE INSURANCEOF J&K BANK;
The Bank has entered into an alliance with Bajaj Allianz to distribute
their non-life products.
These products are available at all branches of the bank across India.
About METLIFE:-
With over 137 years of experience, the MetLife companies serve
millions of customers in the Americas and Asia with one goal in mind –
to build financial freedom for everyone. The MetLife companies are a
leader in group benefits that serve 88 of the top one hundred FORTUNE
500®* companies, and provide benefits to 37 million employees and
family members through its plans sponsors in the U.S. The MetLife
companies are also ranked #1 in group life and #1 in commercial dental
in the U.S. The MetLife companies are the number one life insurer in
the U.S. with approximately US $2.8 trillion of life insurance in force.
In India, MetLife was incorporated in 2001, and aims to differentiate
itself through customized need based selling, simple and innovative
products, and technology-backed service experience, to tread its path to
build financial freedom for everyone.
The equity holdings of the MetLife are divided as follows:-
MetLife: - 25%
J&K Bank: - 26%
M Pallonji Group: - 31%
Other strategic investors hold the remaining 18% equity; seven
shareholders in total
Product Details:-
No one can give you all the answers when it comes to dealing with life's
ups and downs. But insurance certainly equips one to deal with life
better. Following are the various products offered by MetLife to suit
specific needs of the consumers :
Accumulation
Whole Life Policy
Met 100- Limited Pay Whole life Non - Participating
Met 100- Limited Pay Whole life Participating
Endowment Policy
MET Suvidha
Money Back Policy
Met Sukh Money Back Non Participating
Met Bhavishya
Multi Purpose
Met Smart Plus
Met Smart Premier
Met Smart Plus - Single Pay
Met Smart Premier - Single Pay
Protection
Met Suraksha - TROP
Met Suraksha - TA
Met-Mortgage Protector SP/Limited pay(MRTA)
Retirement
MET Pension - Participating Deferred Annuity
MET Advantage Plus
Add Ons
Accidental Death Benefit (ADB)
Term Rider
Waiver Of Premium
Critical Illness
CREDIT SERVICES
Customer Information | Investor Relations | Services
Global Access Card | Empowerment Credit Card |
Merchant Acquiring | User Guide
Global Access C
Empowerment Credit Charges
Customer Benefits
20-50 day Credit Free Period
Revolving Credit Facility on paying of minimum payment due in
the same billing period.
Hassle free credit facility at competitive rate of interest.
Cash Withdrawal Facility upto 20% of total credit limits.
Loyalty programme.
24 Hour Customer Assistance at JK Bank Helpdesk.
CREDIT CARDS;
Types of Cards
Blue Empowerment Credit Card
Silver Empowerment Credit card
Gold Empowerment Credit Card
Acceptability
All Merchant Establishments like shops who honour MasterCard™
Credit Cards.
All ATM's which accept MasterCard™ Credit Cards
Eligibility
FOR EMPLOYED:-
BLUE CREDIT CARD; up to 1.5lac/annum
SILVER CREDIT CARD; 1.5 to 2.5lac/annum
GOLD CREDIT CARD; above 2.5lac/annum
FOR BUSINESS MEN:-
BLUE CREDIT CARD; up to 2.5lac/annum
SILVER CREDIT CARD; 2.5 to 3.5lac/annum
GOLD CREDIT CARD; above 3.5lac/annum
DOCUMENTATION
Income Proof
Address Proof
Identity Proof
CREDIT LIMITS
Blue Empowerment Credit Card- Upto Rs.25,000.00
Silver Empowerment Credit Card-Upto Rs.50,000.00
Gold Empowerment Credit Card-Upto Rs.1,00,000.00
RATE OF INTEREST
2% per month
LATE FEE
Rs.100
Cash Withdrawal Charges
2% per month from date of Withdrawal along with transactional
charges
TOP MERCHANT ACQUIRING
Features
All types of Visa & MasterCard based cards Accepted.
Can Extend American Express Card Acceptance.
Quick Merchant Payment.
Merchant Helpdesk and Onsite Support.
Competitive Commission Rates.
No hidden Charges.
Charges
On time Installation Charges.
Commision on per transaction basis.
Documentation
Form is to be downloaded from net.
EXPERIENCE:-
During my Summer Training Project under J&K Bank I was assigned a
job of marketing of Credit cards of J&K bank. I was given full fledged
training about the overview of the product. The training was provided by
our Project In charge Mr. Rohit. He taught us how to motivate the
people to purchase the product.
I was made to go in the market and sell the given product. My experience
was good as I got a chance to interact with people and to know about the
market conditions and challenges that the product and the Bank are
facing.
I participated actively and persuaded people to get the product. I found
that people are very much eager to know about the new product. Many
people got ready to invest in the scheme but many were those who were
not sure about the product and needed some assurance and some have
denied straightly.
So it was a good experience to get into the market and directly interact
with people and know about the market challenges that a person faces
during the marketing of any product.
POINT OF SALE SERVICE
INTRODUCTION
A POS service is now a days becoming a necessity. As people are making
so much of transactions that it is becoming hectic to carry a large amount
of money from place to place. But the POS has made the life easier as it
has made the world more globalized.It has introduced the idea of Plastic
Money in the Globilised world.
People swaps and make the clearance by the help of POS service. It’s also
a divine gift to the business men as they are able to get more money
transactions and in turn getting more money.
POINT OF SALE SYSTEMS BUYER'S GUIDE
1. Steps to follow to get the POS service
POS Systems introduction .
Need a POS system?
Hospitality POS vs. retail POS systems .
POS system basics .
Point of sale equipment .
POS hardware - other peripherals .
Point of Sale Software
POS Pricing & how to buy .
POS service and support .
Choosing a POS dealer .
POS buying tips .
Find a dealer .
2. PROBLEMS IF ANY
One should get an in-depth explanation of how your potential POS
system vendors handle support.J&K bank will diagnose problems over
the phone first many basic problems can be solved this way.J&K bank
have telephone support available 24 x 7, while others are available only
during business hours.
For problems that can not be solved over the phone, there are different
options for escalation. J&K bank usually have field service technicians
who can come to one’s location and make repairs. If they can not fix the
problem on site, they are able to provide loaner equipment that can keep
one’s business running. Usually one can get a guarantee that site repairs
will happen with 24 hours.
If the salesman does not have field technicians - they will set up direct
Internet access to your system, so they can dial in and make changes
remotely.
Also, J&K bank will send you a replacement component as soon as you
call in with a problem and then have you send the broken component to
them for repair.
If you have many terminals, this is probably fine - you will get your new
parts within a day or two. For smaller business with only a few terminals,
losing one for two days may not be an option.
CHOOSING A POS DEALER;
Because of the critical nature of a POS system, choosing a POS dealer is
a big decision - bigger in many ways than the actual hardware and
software choices. Price is an issue, but in many cases you get what you
pay for, so it is worth doing your research before committing to a POS
dealer. Here are some ways to make sure that your POS dealer is
dedicated to and capable of supporting your business through any
problems you might have.
Table of Contents
POS Systems introduction
Need a POS system?
Hospitality POS vs. retail POS systems .
POS system basics .
Point of sale equipment .
POS hardware - other peripherals .
Point of Sale Software
POS Pricing & how to buy .
POS service and support .
Choosing a POS dealer .
POS buying tips .
Find a dealer .
After AXIS bank its J&K bank who provide better POS service in J&K
state.
Thus people can opt for J&K Bank or AXIS bank for POS service.
SUPPORT
As discussed here, customer support is critical to the success of a POS
installation. Make sure you know exactly what your POS dealer provides
in terms of response times, replacement policies, and telephone support.
This is the single most important aspect of a POS purchasing decision.
But opting for J&K bank’s service can be a right decision to be taken for
POS service. As J&K bank is providing better facilities for the merchants
to enjoy.
INSTALLATION
Installation is done by the J&K bank it self. Marketing salesmen have to
motivate merchants to install the machine. After persuading them an
agreement is to be filled. If the merchant is not having a bank account in
the J&K bank then he has to fill an another form of current account and
then the whole documents are submitted in the main branch of the bank
and then the further procedure is done by the bank itself.
After 15 days of gap the POS machine is installed by the engineers at the
given place.
FACILITIES
Visiting POS dealers' facilities can be a great way to get a sense of their
operation. One should be able to check out their repair shop and get a
sense of how busy they are.. Depending on your support needs, proximity
may or may not be important to you - if you plan to rely on telephone
support and shipping components back for repair, it will not matter, but if
you expect field technicians to come to you, distance from the vendor can
be a factor.
The J&K bank is providing following services;
It’s providing free service for first 3 months.
Bank is charging 1.3% commission per swap.
It allows every card to be swaped through POS machine.
It charges 250 Rs per month after first 3 months if transaction is
not up to 45,000 Rs per month.
DEMONSTRATIONS
Nothing gives a better sense of how easy a system is to use than trying it
yourself. Some vendors do on-site demos, which gives you the added
advantage of being able to see how the hardware looks in your location.
Others will invite you to try the system in their office, which gives you
that facilities tour we discussed. Either way, an in-person demo is
strongly recommended if you are unfamiliar with POS systems.
But J&K bank is not providing such on-site or live demos. The bank is
providing some brochures, forms and agreements, they are to be filled
and agreement is made to enjoy the service. The Bank sends its marketing
people in the market and these people makes the merchant to understand
that actually what is POS service, how it will affect your business and
you will get the gains in your business e.t.c.
REFERENCES
Another familiar way to investigate POS dealers for your business is to
ask for references to other customers - make sure to ask for references
that are in business similar to yours. Of course, you will be referred to the
vendor's most satisfied customers, but you can still learn quite a bit from
them. Here are some sample questions to ask the references:
How has the POS system influenced your business that you do?
What do you wish you had done differently?
Have you needed any support or repairs? How did the vendor respond?
Do you know of any one else who uses this system? This can get you
additional references to speak to, some of whom might be more candid.
If you had to say one negative thing about the system/dealer, what would
it be?
Do not be afraid to ask for a reference that dislikes the dealer, as well.
Every business has dissatisfied customers from time to time, and you can
certainly learn from them.
RETURN POLICIES
J&K bank offer warranties that will enable you to get repairs or
replacements for any equipment failures, but returning equipment is more
difficult. J&K Bank may allow you to exchange individual pieces of
hardware for others, but some may not accept returns at all. Again, make
sure you understand these policies before you sign a contract.
POS BUYING TIPS
Point of Sale Systems Buyer's Guide
Make sure you think through all of your special discounts and
promotions before making a purchase. Those unusual programs can
be difficult to accommodate in some software, so make sure you do
the research.
MAINTAINANCE
As with any computer systems, backups are important. Talk to the bank
about creating automated backup schedules.
Do not use your POS computers for anything other than POS. Especially
resist the temptation to connect them to the Internet and use them for web
browsing or email.
Preventative maintenance can be important. Simply vacuuming out the
cases and lubing and cleaning printers can extend their lives considerably.
If you have a little bit of computer ability and think you might be able to
put a POS system together yourself… that is probably a very bad idea.
POS systems have to be much more robust than regular systems, and the
issues that can crop up are very specific to POS.
Most major POS software publishers provide some sort of demo on their
web sites – many even provide a full working version of the software
either as a download or on CD. Using the software on your own can help
you evaluate the ease of use and judge how stable and/or buggy the
software is.
So one should make sure that one has to inquire about the bank and its
POS service but J&K bank is providing most reliable services.
OBJECTIVES OF THE STUDY
To know what are third party products.
To review the third party products/services undertaken by the bank.
To be knowledged about the level of expectations of any customer
about any particular third party product.
To analyse what motivates people to buy third party products.
To analyse the dissatisfaction among people for any third party
product of J&K bank.
To analyse the marketing strategies of J&K bank.
To analyse the market challenges that bank is facing.
SCOPE OF THE STUDY:-
To improve the Third Party Product services of the bank.
To make the bank able to face the market challenges.
To know about their competitors.
To increase the customer satisfaction.
To increase the good will of the bank.
RESEARCH METHODOLOGY
Research Methodology is a science of studying how research is done
scientifically. It is way to systematically solve the research problem by
logically adopting various steps. Methodology helps to understand not
only the products but the process itself. It aims to describe and analyse
methods, through light on their limitations and procedures and resources,
clarify their presuppositions and potentialities to the twilight zone at the
‘frontiers of knowledge’.
Research is an art of scientific investigation. It is the systematic
investigation on order to find out facts and solution of a particular
problem. It is the “Search for Knowledge” By adopting proper method of
research we can easily find our Solution and can achieve our objectives
easily.
Research methodology is the systematic way to solve the research
problem. This research methodology has helped in assessing the finding
& result for this purpose a let of information was needed.
RESEARCH DESIGN
The mode of the research was the exploratory i.e goal oriented or target
oriented.
Sample Size 100
Collection of data
Primary data:
Pry. Data is collected through personal interviews, questionnaires,
telephonic conversations, by doing swot analysis.
A survey was conducted on the different categories of people to study the
level of awareness of products and schemes offered by the bank.
The main research instrument with the help of which survey was
undertaken was questionnaire. The questionnaire contains a set of open-
end questions through which information was collected.
A sample of 100 people was taken to conduct the survey. The people
belong to different occupations.
Occupation Percentage
Businessman 20%
Service class 45%
Professionals 35%
ANALYSIS AND INTERPRETATION:-
On conducting survey on Third Party Products of J&K Bank following
data was concluded
1. Are you aware of different credit cards offered by J&K Bank?
yes
no
Where
70% -- Aware
30% -- Unaware
Here we conclude that most of the people are aware of different credit
cards offered by the bank.
2. Which card you prefer?
Blue EmpowermentCard
Silver EmowermentCard
Gold EmpowermentCrad
Where
Blue Empowerment Card -- 60%
Silver Empowerment Card – 30%
Gold Empowerment Card – 10%
Here we conclude that preference of Credit Cards goes in this order:
Blue Empowerment Card>Silver Empowerment Card >Gold
Empowerment Card
3. Are you finding any difficulty while using credit cards?
Yes
No
Where
20% said YES
And 80% said NO
Here we conclude that most of the customers are not finding any
difficulty while using credit cards.
4. Does the company solves your problem or queries in time?
Yes
No
Where
75% are satisfied with the query handling &
25% are unsatisfied.
5. How would you rate the Interest Rates charged by J&K Bank
on credit cards?
High
Medium
Low
Competitive
Where ratings were like this:
High – 5%
Medium – 30%
Low – 15%
Competitive – 50%
Here we conclude that the rating goes in this way;
Competitive>Medium>Low>High
6. Are you satisfied with the bank’s delivery of statement of your
bills?
Yes
No
Where
70% -- Satisfied
30% -- Not Satisfied
7. How would you rate credit card services provided by J&K
Bank?
Excellent
Good
Average
Below Average
Where
Excellent --- 15%
Good --- 35%
Average --- 45%
Below Average --- 5%
Here we conclude that rating given by the people goes in the order:
Average>Good>Excellent>Below Average
8. Are you using MUTUAL FUNDS services provided by J&K
bank?
Yes
No
Where
60%---- Yes
40%---- No
9. Are you satisfied with the timely information of the Mutual
Funds that the bank provided?
Yes
No
Where
75% are Satisfied &
25% are Unsatisfied.
Here we conclude that majority people are satisfied with the information
provided by the bank about Mutual Funds.
10. Do you find any difficulty while the purchase of Mutual
Funds?
Yes
No
Where 5% said Yes
And 95% said No
Here we conclude that majority of the people find it easy to purchase
Mutual Funds.
11. Do you get easy and required information from the toll free
numbers financed by the Mutual Funds provider?
Yes
No
Where
65% said Yes
& 35% said No
12.Do you get the timely feedback for the money you have
invested in Mutual Funds?
Yes
No
Where
70%--- Yes
& 30%--- No
Here we conclude that information provision by the bank is good but still
there are chances for improvement.
13.Are you satisfied with the services of the J&K Bank in terms of
query handling of Mutual Funds?
Yes
No
Where
80% said Yes
& 20% said No
Here we conclude that most of the people were satisfied but still there
needs a proper query handling.
14.J&K Bank’s Insurance policy preferred by people?
Met Smart Plus
Met Smart Gold
Met Suvidha
Met Sukh
Met Smart Saver
Where
Met Smart Plus = 40%
Met Smart gold = 30%
Met Suvidha = 12%
Met Sukh = 10%
Met Smart Saver = 8%
Here we conclude that the preference of Insurance goes in the order:
Met Smart plus>Met Smart gold>Met Suvidha> Met Sukh>Met
Smart Saver.
15.Are you satisfied by the type of insurance product/packages
provided by J&K Bank?
Yes
No
Where
95% were Satisfied
& 5% were Unsatisfied
Here we conclude that majority of people were satisfied by Insurance
products of J&K Bank
16.How would you rate the services or assistance provided by
J&K bank as an agent?
Excellent
Good
Average
Below Average
Where
Excellent – 10%
Good – 56%
Average – 33%
Below Average – 1%
Here we conclude that the rating of J&K Bank as an Agent goes like this:
Good>Average>Excellent>Below Average.
17.Are you satisfied with growth generated by the policy that you
have?
Yes
No
Where
90% said Yes
& 10% said No
Here we conclude that majority of the policyholders were satisfied with
the growth of their policy.
SUGGESTIONS
Bank should have proper department or person who has
complete knowledge & information about mutual funds.
There should be improvement in the toll free numbers financed
by the mutual fund provider.
Bank need to create good & efficient customer care centre for
credit card holders.
Bank need to improve timely delivery of customer bills
They are focused on getting new business but they should also
focus on existing customer service.
CONCLUSION
Thus from the above inferences we get the following conclusion:-
Credit service is most preferable Third Party Product service of
J&K Bank that is enjoyed by the citizens of the state. But the other
services should also be stressed on so as to make them up to the
mark.
People had rate the card service as good that means that there is
more customer satisfaction for card service
Most people had rated interest rate charged on credit card by J&k
Bank as competitive.
Most of people are satisfied by the timely information of the
mutual funds that the bank provided.
Most of people are satisfied by the toll free nos but still there is
need of improvement in this service to increase more customer
satisfaction.
In case of Insurance service provided by the bank most of the
people have taken Met Smart plus plan and Met smart gold. So
there is neeed of improvement in other policies provided by the
bank by making various marketing strategies.
Most of people had rate the service provided by J&K bank as an
agent as good that means customer are satisfied by Insurance
service
CUSTOMER SATISFACTION IN THIRD PARTY
SERVICES OF J&K BANK
QUESTIONNAIRE
AGE: ____________________
PROFESSION: ____________________
QUALIFICTION: ________________________________
SEX: ____________________
INCOME (annually) _________________________________
1. Are u aware of the different credit card offered by J&K bank?
Yes Insura No
2. Which card will you prefer?
Blue empowerment card Silver empowerment card
Gold empowerment card
3. Are you finding any difficulty while using credit card, if yes give
any instance?
________________________________________________________
_________
________________________________________________________
_________
4. Does the company solve your problems or queries in time?
Yes No
5. How would you rate the interest rate charged by J&K Bank on
credit cards?
High Low
Medium Competitive
6. Are you satisfied with the Bank delivery of statement of ur bills?
Yes No
7. How would you rate credit card services provided by J&K Bank?
Excellent Good
Average Below average
Your Suggestion about credit card if any?
8. Are you using mutual fund services provided by J&K Bank?
Yes No
9. Are you satisfied with the timely information of the Mutual Funds
that the bank provided?
Yes No
10. Do you find any difficulty while the purchase of Mutual Funds?
Yes No
11. Do you get easy and required information in the toll-free nos
financed by the mutual fund provider?
Yes No
12. Do you get the timely feed back for the money you have invested
in mutual funds?
Yes No
13.Are you satisfied with the services of the J&K bank in terms of
query handling of Mutual Funds ?
Yes No
Your suggestion about Mutual Funds ?
______________________________________________________
_________
14.Have you taken any insurance policy from J&K bank, if yes
specify the name which policy you have taken?
___________________________________________________________
______
15. Are you satisfied by the type of insurance product/packages
provided?
16. How would you rate the services or assistance provided by J&K
bank as an agent?
Excellent Good
Average Below average
17. Are you satisfied with the growth generated by the policy that you
have?
Yes No
Your suggestion about MetLife ?
______________________________________________________
_________
BIBLOGRAPHY
www.jkbank.net
www.google.com
Marketing Management ---- By: Philip Kotler.
Research Methodology ---- By: Kothari