Introduction to Service Sector

 

PROJECT ON

SERVICE SECTOR MANAGEMENT

 NAME: ANAGHA .A. PURANIK CLASS : TY-BMS –A ROLL NO : 35

CERTIFICATE   

1 

 

Anagha

Ajit

Puranik

Of BACHLOR OF MANAGEMENT STUDIES, fifth semester, have under taken and completed the project work of ―Service Sector Management‖ during the academic year 2013-2014 2013 -2014 under the guidance of Proff. Mrs. Archana Nair.   This is a Bonafide project work & the information  pres  pr esen ente ted d in it is tr tru u e and an d o ri rigi gin n a l to th thee bes be s t of our ou r kn know owll ed edge ge and belief.

Project Guide  

(Prof. Mrs. Archana Nair.)

 

2 

 

 Sr No

Page No.

1

INTODUCTION TO SERVICE SECTOR

4

2

PROFILE OF THE BANK ( syndicate bank)

5

3

OUR VISION and MISSION statement

6

4

CHARECTERISTICS OF SERVICE SECTOR IN RELATION WITH syndicate bank

7

5

7Ps OF syndicate BANK

8

6

 Service quality of of syndicate ba bank nk

12

7

Complaint handling system

15

Process and actions for complaints in

17

8 9 10

 

Topic

 syndicate bank Future plans

19

conclusion

20

3 

 

Introduction to Service Sector The portion of the economy that produces intangible goods. According to the U.S. Census Bureau, the service sector primarily consists of truck transportation, messenger services and warehousing; information sector services; securities, commodities and other financial investment services; rental and leasing services; professional, scientific and technical services; administrative and support services; waste management and remediation; health care and social assistance; and arts, entertainment and recreation services. Individuals employed in this sector produce services rather than  products. Examples of service sector jobs include housekeeping, housekeepin g, psychotherapy, tax preparation, guided tours, nursing and teaching. By contrast, individuals employed in the industrial/manufacturing sector might produce goods such as cars, clothing and toys. The service sector, also called the tertiary sector, is one of the three  parts of the economy in the Three-se Three-sector ctor hypothesis. This hypothesis breaks the economy into three main areas so it can be better understood. The other two are the primary sector, which covers areas such as farming, mining and fishing; and the secondary sector which covers manufacturing and making things. The service sector provides a service, not an actual product that could be held in your hand. Activities in the service sector include retail, banks, hotels, real estate, education, health, socialwork,transport, computer services, recreation, rec reation, m edia, communications, electricity, gas and water supply. The service sector is an important part of the economy. For example, in Australia in 2007, 85% of all businesses were in the service sector. In 2009 there were more than nine million people employed in the service sector in Australia, which was 86% of all jobs. In India, there has been a huge growth in service sector businesses which made up 55% of India's GDP in 2006 — 2007. 2007. Computer software businesses in India are increasing at a rate of 35% per year.

 

4 

 

rofile of syndicate bank

 

Syndicate Bank  was established in 1925 in Udupi, the abode of Lord Krishna in coastal Karnataka with a capital of Rs.8000/- by three visionaries - Sri Upendra Ananth Pai, a  businessman, Sri Vaman Kudva, an engineer and Dr.T M A Pai, a physician - who shared a strong commitment to social welfare. Their objective was primarily to extend financial assistance to the local weavers who were crippled by a crisis in the handloom industry through mobilising small savings from the community. The bank collected as low as 2 annas daily at the doorsteps of the depositors through its Agents under its Pigmy Deposit Scheme started in 1928. This scheme is the Bank's brand equity today and the Bank collects around Rs. 2 crore per day under the scheme.

The progress of Syndicate Bank has been synonymous with the phase of  progressive banking in India. Spanning over 80 years of pioneering expertise, the Bank has created for itself a solid customer base comprising customers of two or three generations. Being firmly rooted in rural India and understanding the grassroot realities, the Bank's perception had vision of future India. It has  been propagating innovations in Banking and also has been receptive to new ideas, without however getting uprooted from its distinctive socio-economic and cultural ethos. Its philosophy of growth by mutual sustenance of both the Bank and the people has paid rich dividends. The Bank has been operating as a catalyst of development across the country with particular reference to the common man at the individual level and in rural/semi urban centres at the area level. The Bank is well equipped to meet the challenges of the 21st century in the areas of information technology, knowledge and competition. A comprehensive IT plan is being put in place and the skills and knowledge of the Bank's  personnel are being upgraded through a variety of training programmes to  promote customer delight in every sphere of its activity. The Bank has launched an ambitious technology plan called Centralised Banking Solution (CBS) whereby 500 of our strategic branches with their ATMs are being networked nationwide over a 4 year pe period. riod. The Bank is pioneer among Public Sector Banks on launching CBS. Our bank has already achieved CBS implementation among all its branches. Thus, the bank is 100% CBS enabled.

 

5 

 

 

6 

 

Characteristics OF SERVICE SECTOR OF SYNDICATE BANK i . 

I N T A N G I B I L I T Y : 

Services are tangible, we cannot touch them. They are not physical objects. The buyer does not have the opportunity to touch, smell, and taste the services. SYNDICATE BANK also service sector and provides various services which are intangible in nature like deposits, cash withdrawal e-banking services, ATM services and so on. i i .  P E RIS HA B ILITY :

Services are perishable in nature like labour. Here the element of time assumes a significant  position. If we do not use it today, today, it is lost forever. For eg.- At SYNDICATE BANK, once the cheque is cleared it is of no value or use in future i.e. it perishes. i i i .  INS E P A RA B ILITY :

Services generally created and supplied simultaneously. Services and providers are associated closely and thus, not separable. For eg.- For gaining better understanding of various services and schemes bank employees are needed. That is applicable to SYNDICATE BANK also. i v.  HE TE RO G E NE ITY :

The quality of services cannot be standardized. Price paid for services may be high or low. The same types of services cannot be provided in all service sector industries industri es including  banks. v.  OWNERSHIP:

When a service is performed, no ownership is transferred from the seller to the buyer. When an individual uses the any services of SYNDICATE BANK, BANK, no ownership of SYNDICATE BANK is transferred by the service provider to the user but only the provider is selling the right to use the service. vi .  S IMULTA NE ITY :-

Services can‘t be delivered to the customers or  users since services don‘t move through channel of distribution. For availing the service it is essential that the users are brought to the  provider or vice-versa.If a customer of an SYNDICATE BANK BANK bank wants to withdraw cash from his A/C then the user has to go the service provider to avail the service. vii.  Q UA LI TY ME A SURE SURE ME NT:-

In service the quality, it is difficult to judge because it is different everywhere. SYNDICATE BANK provides different services and hence the quality qualit y measurement is difficult. The customer can judge the service quality by judging the employees efficiency.

 

7 

 

7Ps OF syndicate bank

 

8 

 

PRODUCT-

A product can be defined as the bundle of utilities consisting of various product features accompanying services. Bank services are viewed with things that are created with value but they are seen in terms of satisfaction they deliver. Saving a/c, current a/c, fixed deposits, overdraft facility Advances such as: Synd-nivas i.e home loans, Synd-vidya i.e education loan, gold loans, car loans and many others loans. Syndicate bank provides non-fund based services such as guarantees, letter of credit Other services like credit and debit card facilities and many more.

PRICEThe price mix in in the banking sector is nothing but the interest rates charged. Bank also charge annual fees for services like cards, DEMAT and many other services.

PLACE-

Place mix is the location analysis for bank branches. It is very necessary a bank to situated at a location where most of its target population is located. This component of marketing mix is related to the offering of services. The services are sold through the branches. SYNDICATE BANK makes available their services by launching branches at various places like trade areas,market  places, stations etc. The Bank has 4322 branches in India spread over all states/ union territories including specialized branches. These branches are controlled through 50 Zonal Offices. There are 29 branches/ offices (including five representative offices) and 3 Subsidaries and 1 joint venture abroad

 

9 

 

PROMOTION-

One of the most important element of marketing mix of services is P Promotion romotion which is consist of personal person al selling , advertising , public relation and  promotional tools.

SYNDICATE BANK does its promotion through following:

Advertising: Television, radio, Print media: hoardings, newspaper, magazines. Publicity: campus visits like in various collages & in institution, Sponsorship. Sales promotion: SYNDICATE BA BANK NK gives gifts, di discount scount and commission, commission, incentives, etc. Personal selling: SYNDICATE BANK representatives goes to the th e customers and explains the schemes. SYNDICATE BANK also gives any kind of consultations he might need. Word of mouth: Internal employees play most important role in word of mouth  promotion i.e. they tell tell the schemes and various services to their relati relatives ves ,friends which has resulted in making profit to SYNDICATE BANK.

PROCESS-

Process involves all the activities of banking services from the product conception stage till its marketing at all branch levels. SYNDICATE BANK tries to reduce steps required in process by doing business reengineering. Eg. Loan applications, cheque clearing and so on. SYNDICATE BANK tries to design services properly p roperly.

 

10 

 

PHYSICAL EVIDENCE-

Physical evidence focuses the bankers attention because banking  products are intangible. The environment environment is changing. It is becoming becoming friendlier.SYNDICATE BANK provides flashy cheque books with name of a/c holder printed, imaginative design of bank brouchers, statement of a/cs with details. They have logos, symbols,attractive brand names etc. They also look upon employees dress codes, financial reports of bank, and facility designed by  bank for employees.

PEOPLE-

The product and seller together constitute the banking product cannot  be separated from people who market them.The them.The bank can be implemented through only people. The SYNDICATE BANK market and make aware about the products to their employees and then employees market it to customers.For the marketing they keep trainings for them.

 

11 

 

 SERVICE QUALITY QUALITY OF  Syndicate BANK

 

12 

 

TANGIBILITY: 

This dimension deal with modern looking equipments and visual appealing part of banks. After analysis I found that majority of the respondents think that SYNDICATE BANK does not have modern looking equipments or no hi-tech equipments. The bank's physical features are visually appealing. most of the respondents think the employees of the SYNDICATE BANK appear neat. Materials associated with the services such as pamphlets or statements are visually appealing.

RELIABILITY:

This dimension has a direct positive effect on perceived service quality and customer satisfaction in banking institutions. Banks must provide error free service and secure online transactions to make customers feel comfortable. The  bank when promises to do something by certain time, it does so. When you have a problem, the bank shows a sincere interest in solving it. SYNDICATE BANK  performs the services right the first time. people strongly agreed with this statement. SYNDICATE BANK has proved from my analysis that it surely insist on error free records. 

RESPONSIVENESS:

Customers expect that the banks must respond their inquiry promptly. Responsiveness describes how often a bank voluntarily provides services that are important to its customers. Researchers examining the responsiveness of  banking services have highlighted the importance of perceived service quality and customer satisfaction. Employees in the bank tell you exactly when the services will be performed. Employees in SYNDICATE BANK give prompt service. Employees in SYNDICATE BANK are willing to help you. Employees in SYNDICATE BANK ltd are never too busy to respond to your request.

 

13 

 

ASSURANCE:

Customer expects that the bank must be secured and the behavior of the employees must be encouraging. The employees of the SYNDICATE BANK are trustworthy. The behavior of employees in the bank instills confidence in you. You feel safe in your transactions with the bank. Most of the employees in the  bank have the knowledge to answer your questions.

EMPATHY: 

Individual attention, customized service and convenient banking hours are very much important in today‘s service. SYNDICATE BANK is not able to give individual attention attention to its customers. SYNDICATE BANK has operating hours convenient to all its customers. SYNDICATE BANK has your best interests at heart. Employees of SYNDICATE BANK understand specific needs.

 

14 

 

Complaint Handling System:-    

  Addressing Your complaint    Resolving your complaint 

We are committed to providing you with the best possible service. Although the majority of our customers are happy with the service they receive, every year a very small percentage contact us with complaints.  We value our customers extremely highly and take all customer complaints seriously. When a complaint is received we always aim to investigate it quickly, in order to identify the root cause, prevent any reoccurrence and, wherever possible, resolve the complaint to the customer's satisfaction. We always apologise for mistakes or instances when customer service did not meet our high standards.  If you are not satisfied with any product or service you have received from us, we would like the chance to put it right. Our internal complaint handling procedures are in place to deal with your concerns when things go wrong. There is no charge for raising a complaint.   If a complaint is received by us, which is the responsibility of a third  party provider, your concerns will be referred to the third party. We will also write to you confirming your complaint has been referred on, and include details of the third party.   

  Contacting Us:- 

When you contact us, please provide us with as much relevant information as possible, including details, the  details of your complaint and what you would like usyour to doaccount to resolve matters. 

  In person:- 

In the first instance you can contact your local Branch or Relationship Manager who will try to resolve your concerns in a timely manner.  

  In writing:- 

You can address your letter to your local Branch Manager or Relationship Manager   You can also choose to address your letter to our Customer Engagement Team. If you are writing to our Customer Engagement Team please send your

 

15 

 

letter to Customer Engagement, 4th Floor, 40 St Vincent Place, Glasgow, G1 2HL.   

  By telephone    You can use your usual number for contacting the Bank.  

You can raise your complaint with one of our Advisers via our 24 hour telephone banking service.  You can contact our Customer Engagement Team on 0845 602 5410 between 9am –  9am  –  5pm,  5pm, Monday to Friday.  

 

16 

 

Process and actions for complaints in  SYNDICATE BANK)  Improve Complaint Process 

Although a complaints management process may exist, it is important to know how well it is working. Ask key questions of customers who use the system, including whether or not they view the process as accessible, easy to use, and fair. This will identify areas for improvement. Since research indicates that complaints handled professionally and in a timely manner result Based on his industry experience with the financial services sector, Gerard highlights these four best practices: 

 

Classify Customer Complaints 



 

Analyze & Report Trends 



 

Take Management Action 



 

Improve Complaints Process 

Classify Customer Complaints 

As individual complaints are recorded, the nature of the complaint, along with the product or service the complaint is about, requires classification. In the  banking sector, complaints that violate federal laws, or internal bank policies and procedures, should be classified separately from other customer service issues.  Analyze & Report Trends 

Once complaints are classified, the data should be analyzed and reported on a regular basis. The goal of analysis is to identify themes or trends that occur with front-line service delivery. This is done with an eye toward both regulatory matters, and those that help improve customer experiences. Given that many  bank Ombudsmen report to their chief executive and board of directors on a semi-annual basis, this ensures complaints management activities receive senior executive attention and accountability.  

 

17 

 

Take Management Action 

With issues identified, actions must be taken to improve front-line service delivery. This may include updating customer service standards, improving communications, or providing additional training to staff on products/services. Actions should remedy systemic issues. Changes should be monitored closely to ensure actions result in fewer customer complaints.in customers continuing to do business with a company, it is essential that customers who complain are satisfied with the complaint management process. This will not only help to retain business, but will also reduce the damage that negative ‗word of mouth‘ has with existing or potential customers.   Final Thoughts 

When it comes to analyzing business success in today‘s consumer market, it is evident that sales, profits, and share prices form only part of the picture. Over the years, customer feedback has become a much more important indicator. Similarly, Simi larly, the way in which customers‘ concerns and expectations are subsequently handled speaks volumes about a company‘s ability to attract and retain consumers.  So, if the stock market has closed for the day, but you would like to know how your company is sizing up against the competition, there are other avenues to  pursue. Log into your complaints management system to hear the ‗voice of your customers‘, and really find out how well you are performing. 

 

18 

 

Future Plans SYNDICATE BANK is planning to increase its presence in the EU by opening new branches and offering complete financial services to its customers, including guidance forhas entering market, loans,inremittances, etc. SYNDICATE BANK plans the to open a branch Antwerp (Belgium) to cater to the requirements of diamond merchants, traders tra ders and in this segment SYNDICATE BANK is market leader in India. India . SYNDICATE BANK will have 9 branches in the EU to service its customers. SYNDICATE BANK also plans to enhance its services to Indian companies that are investing in the UK. It has  plans to assist them in generating generating corporate and project finance for their investments abroad. It plans to increase its focus on other diversified services, apart from banking services such as venture capital, merchant banking, etc. The  bank also hopes to leverage IT technology and develop quality quality products and services for increasing its reach an and d gaining com competitive petitive advantage.

 

19 

 

Conclusion:From the above information we can conclude that SYNDICATE BANK provides better quality services to their customers by keeping in mind the service quality dimensions .  They provides variety of services by performing at their best level. They handle the complaints by understanding customers expectations and resove it. 

 

20