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"Customer Satisfaction in Third Party Products of J&K Bank": Miet Model Institute of Engineering and Technology
"Customer Satisfaction in Third Party Products of J&K Bank": Miet Model Institute of Engineering and Technology
MIET
MODEL INSTITUTE OF ENGINEERING AND
TECHNOLOGY
CERTIFICATE
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 Further study was also assisted by published and unpublished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.
i.
ii.
iii.
iv.
v.
vi.
History of JK Bank
Govt. Ownership-an advantage
Mission of the Bank
Vision
Company Profile
Features
3. Board of Directors
4. Third Party Products of J & k bank
i.
ii.
iii.
iv.
Insurance Services
Mutual Fund Services
Point of Sale Service
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
Webster.
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.
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.
COMPANYS PROFILE
UNIQUE CHARACTERISTICS
Registered Office
Corporate Headquarters
M A Road
M A Road
Srinagar 190001
Srinagar 190001
www.jkbank.net
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 banks
hierarchy in various of capacities as part of Banks 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.
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:-
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
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.
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.
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.
J&K Bank has entered into tie-ups with reputed Asset Management
Companies for distribution of Mutual Fund products.
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.
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
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.
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
Endowment Policy
MET Suvidha
Met Bhavishya
Multi Purpose
Protection
Met Suraksha - TA
Retirement
Add Ons
Term Rider
Waiver Of Premium
Critical Illness
CREDIT SERVICES
Customer Information | Investor Relations | Services
Loyalty programme.
CREDIT CARDS;
Types of Cards
Acceptability
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
Documentation
Income Proof
Address Proof
Identity Proof
Credit Limits
Rate of Interest
2% per month
Late Fee
Rs.100
Charges
On time Installation Charges.
Commision on per transaction basis.
Documentation
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.
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 ones
location and make repairs. If they can not fix the problem on site, they are able to
provide loaner equipment that can keep ones 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.
Table of Contents
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 banks 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;
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.
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.
To analyse the dissatisfaction among people for any third party product of
J&K 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
Where
70% -- Aware
30% -- Unaware
Here we conclude that most of the people are aware of different credit cards offered
by the bank.
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
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.
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?
Where
70% -- Satisfied
30% -- Not Satisfied
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
Where
60%---- Yes
20%---- 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.
11. Do you get easy and required information from the toll free
numbers financed by the Mutual Funds provider?
Where
65% said Yes
& 35% said No
12.Do you get the timely feedback for the money you have
invested in Mutual Funds?
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?
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.
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.
Where
95% were Satisfied
& 5% were Unsatisfied
Here we conclude that majority of people were satisfied by Insurance products of
J&K Bank
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?
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 need to create good & efficient customer care centre for credit card
holders.
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
____________________
PROFESSION:
____________________
QUALIFICTION: ________________________________
SEX:
____________________
Insura No
No
5. How would you rate the interest rate charged by J&K Bank on credit cards?
High
Low
Medium
Competitive
No
7. How would you rate credit card services provided by J&K Bank?
Excellent
Good
Average
Below average
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
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
BIBLOGRAPHY
www.jkbank.net
www.google.com