Client service and the satisfaction of clients of Standard Chartered

Abstract

Consumer banking is a major source of earning for Standard Chartered Bank. The principal issue to be considered while giving the facilities to individual consumer or to groups is the opportunity associated with such activities. Standard chartered bank is the leading foreign bank in Bangladesh. The report is based on both primary and secondary research. The secondary research provided the main input for the report. This provided a theoretical basis of the report. The primary research was done to know about the banks working procedures and different segments of banks. In the organization part information is provided in a descriptive manner. In the project part data analysis has been done into two parts. One is the data presentation. The second part is analysis. The report will contain mainly two parts. The organizational part shall give the idea about Standard Chartered Bank’s historical background, different divisions, banking services and branches. And the project part shall contain research part with two researches; one is about the customers’ query patterns and the other is the procedure of due diligence of present level of service standard of Standard Chartered, literature review and hypothesis development and lastly data analysis part. The report will also include a work report that will mainly discuss about my experiences of working in the bank. There will also be a segment where my point of view will be expressed along with some conclusions and recommendations to ensure their quality service. The Standard Chartered Group is an unusual banking business. Although its roots are clearly British, its area of operations, its network and indeed its profit stream are overwhelmingly international. The name Standard Chartered comes from two original banks from which it was founded. One of the banks is the Chartered Bank of India, Australia and China and the other bank is the Standard Bank of British South Africa. The Chartered Bank started operating in Bangladesh in 1948, opening a branch in Chittagong. The branch was opened mainly to facilitate the post-war reestablishment and expansion of South and Southeast Asia. The Chartered Bank opened another branch in Dhaka in 1966, where it is still headquartered. After the merger of the Chartered Bank with the Standard Bank in 1969, the Standard Chartered Bank took up a program of expansion. It increasingly invested in people; technology and premises as its business grew in relation to the country’s economy. In 1993, there was an organizational re-structuring, which led to a substantial expansion of the Bank’s business. Today the bank has in total four branches in Dhaka apart from the Chittagong branch, including an offshore branch at the Savar Export Processing Zone. In Bangladesh SCB has wide range of customer base and is operating efficiently in this country.SCB has the reputation of being the provider of good quality services to its potential customers.SCB is the first bank in Bangladesh to issue Money link (ATM) card. As the market leader, they showed the most substantial corporate strength among the foreign banks by grabbing the opportunity that exists in the market. SCB has more and high fees and charges compared to its rivals. Such as minimum balance fee, ledger fee etc. Bangladesh has a huge consumer base for maintaining several accounts. So SCB has the opportunity to keep these customers by reducing its current fees and charges. In today’s economy, substantial amount is remaining idle and currently the investment in the secondary market by foreign is relatively low. These economic situations of the country indicate political threats. SCB account is not for people of all income. Only upper-middle class & upper class people can afford to open an account with SCB and maintain it. Moreover, SCB has more and high fees and charges compared to its rivals. Its rate of interest on savings account and fixed deposit receipt is lower than its competitors. SCB should immediately revise its tariffs to retain its customers. Conduct customer surveys to gather view of the customers for enabling current level of satisfaction. More promotional offers should be made for current accounts bearing large balances. Standard Chartered bank should create a new division whose major responsibility will be looking after the ATM booths. The Standard Chartered bank should do are maintaining the standard during recruiting the employees. Customer is the spirit of the bank and if SCB can make them satisfied and make them return to the bank with their deposit it will become the largest profitable bank in Bangladesh within a short period of time.