B 70 calvin godinho


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B 70 calvin godinho

  1. 1. A study on the services of Standard Chartered STCI Capital Market basedon the SERVQUAL model<br />Calvin Godinho<br />MMS II <br />Roll No. 70<br />Guided By- Prof. Simmi Prasad<br />
  2. 2. The Company<br />Registered as a trading and clearing member with BSE, NSE and MCX Stock Exchange Limited<br />Registered as Depository Participant with Central Depository Services (India) Limited (CDSL) as well as well as National Securities Depository Limited (NSDL)<br />11 January 2008, Standard Chartered Bank (Mauritius) Limited (SCBM) acquired 49% stake in UTI Securities Limited from Securities Trading Corporation of India (STCI) to form Standard Chartered STCI Capital Markets<br />Subsequently, on 12 December 2008, SCBM acquired a further 25.9% stake in the company to increase its total stake to 74.9%<br />2<br />
  3. 3. Introduction to Research<br />Need for the Study<br />No organized format for analysis of consumer satisfaction within the company<br />To understand the area where shortcomings of the services existed<br />Stiff competition - research was required to understand loopholes in their service delivery mechanism<br />3<br />
  4. 4. Introduction to Research<br />Scope Of Study<br />Understanding the functioning (systems and processes) of Standard Chartered <br />Gap identification in the service delivery<br />Understanding the consumer perception with respect to current service quality<br />Objective Of Study<br />To assess the services of Standard Chartered and identify glitches in the current services by applying the SERVQUAL model <br />Recommending suitable strategies to bridge the gaps<br />4<br />
  5. 5. Research Methodology<br />Research Design: Exploratory and Descriptive Research <br />Methods<br />Depth interviews with Internal Employees<br />Basic Questionnaire to collect primary Data from end customers<br />Sample Size: 50<br />Data Collection<br />Convenience Sampling <br />Structured questionnaires were only aides to conduct the interviews<br />Direct personal meetings with a one on one in-depth interview withthe clients<br />5<br />
  6. 6. SERVQUAL Model<br />6<br />The SERVQUAL method - Valarie A. Zeithaml, A. Parasuraman, and Leonard L. Berry - gap analysis of an organization's service quality performance against customer service quality needs.<br />Methodology: <br />To create an understanding of the perceived service needs of target customers.<br />Measured perceptions of service quality for the organization in question, are then compared against an organization that is "excellent". <br />SERVQUAL takes into account the perceptions of customers of the relative importance of service attributes. <br />Customers respond to a series of questions based around a number of key service dimensions<br />
  7. 7. SERVQUAL Model<br />7<br />Tangibles - Appearance of physical facilities, equipment, personnel, and communication materials<br />Reliability - Ability to perform the promised service dependably and accurately<br />Responsiveness - Willingness to help customers and provide prompt service<br />Assurance - Knowledge and courtesy of employees and their ability to convey trust and confidence<br />Empathy - The firm provides care and individualized attention to its customers<br />
  8. 8. Questionnaire<br />8<br />
  9. 9. Analysis<br />9<br />
  10. 10. Analysis<br />10<br />
  11. 11. Analysis<br />11<br />
  12. 12. Analysis<br />12<br />
  13. 13. Analysis<br />13<br />
  14. 14. Analysis<br />14<br />
  15. 15. Analysis<br />15<br />
  16. 16. Analysis<br />16<br />
  17. 17. Findings<br />Highest Importance – reliability and responsiveness dimensions’ of Service quality<br />The highest Gap score - Reliability and Responsiveness dimensions<br />It can be seen that the customers expect the most out of these dimension but they do not receive the expected services<br />Lowest scores - Tangibles, Assurance and Empathy in ascending order<br />17<br />
  18. 18. Findings<br />Customers do not attach any importance to these dimensions. This probably may be due to infrequent interaction of customers with service providers  <br />Standard Chartered Bank creates trust among the customers<br />However when it comes to performing broking services Standard Chartered Bank is at a loss as it has maximum Gap score, in Reliability and Responsiveness dimension<br />18<br />
  19. 19. Recommendations <br />Reliability:<br />Delivering services as promised on time <br />Keeping accurate records by management <br />Sincere interest in solving issues<br />Delivering services in the right manner as promised<br />19<br />
  20. 20. Recommendations<br />20<br />Suggestions:<br />A robust information system must be in place to ensure appropriate and timely availability of information to the managers while dealing with the clients<br />Avoid assuring unrealistic timelines to clients<br />Include timesheet filling practices whereby, each manager and employee fills in how much time has been spent with which client on what process<br />This will enable the employee to understand where, why and at what stage of the query is it stalled and find alternative quicker solutions to solve it<br />
  21. 21. Recommendations<br />21<br />Training:<br />Each manager must be given training on how to maintain quality checks on their teams work.<br />Training should be provided to understand the SOP’s of the company accurately<br />Cross team meetings to share information, this will throw open alternatives, suggestions and ideas<br />
  22. 22. Recommendations<br />22<br />Responsiveness:<br />Timely information of service performance<br />Promptness of service<br />Willingness to help<br />Availability of time to assist in queries<br />
  23. 23. Recommendations<br />23<br />Suggestions:<br />Standard Chartered requires more interaction with customers - link incentives to relationship management<br />Managers need to directly interact with customers<br />Facilitating upward communication<br />The flow of information from those employees deal directly with customers (i.e. front-line personnel) to upper levels of the organization (i.e. the management) must increase and be without restrictions<br />Front line personnel are directly in touch with customers so they are a good source of information<br />
  24. 24. Recommendations<br />24<br />Empathy:<br />Individual & personal attention to customers<br />Best interest at heart i.e. Does not insist on taking up services which are not required<br />Understanding of specific needs<br />
  25. 25. Recommendations<br />25<br />Suggestions:<br />Investing more in marketing research regularly in order to identify customers' perceptions and expectations, which may vary over time<br />Neglecting research may lead to incorrect or incomplete manager perceptions<br />More investment in consumer research means more knowledge about customers' expectations, therefore less gap between what customers want and what managers think customers want<br />Modifications to service – example: incentives<br />Develop CRM system – to link sales persons with inactive accounts<br />
  26. 26. Recommendations<br />26<br />Training:<br />Sensitivity training must be provided to front line personnel in order to sensitize them with the issues of the customer.<br />Aimed at educating sales representatives about customer grievances<br />Provide an open culture in the organization to discuss and share stress levels and issues faced by front line personnel from the clients.<br />
  27. 27. Limitations<br />There have been a number of studies that doubt the validity of the 5 dimensions, and of the uniform applicability of the method for all service sectors<br />According to an analysis by Thomas P. Van Dyke, Victor R. Prybutok, and Leon A. Kappelman, it appears that the use of difference scores in calculating SERVQUAL contributes to problems with the reliability<br />The timeframe available to conduct the in-depth research was insufficient to get exhaustive information<br />Ideal sampling method should have been Stratified Random Sampling, due to unavailability of data the same was not possible<br />27<br />
  28. 28. Future Scope<br />28<br />This study highlights the major parameters that Standard Chartered needs to focus on: Reliability, Responsiveness and Empathy<br />Therefore Standard Chartered can conduct future research on the WHAT, WHY of the problems and HOW can they be solved with respect to the above mentioned parameters<br />
  29. 29. Bibliography/ Webliography<br />http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/Standard-Chartered-to-fully-control-erstwhile-UTI-Securities/articleshow/5954364.cms<br />http://www.12manage.com/methods_zeithaml_servqual.html<br />http://www.standardchartered-wealthmanagers.com/<br />http://www.blonnet.com/2010/05/19/stories/2010051952960600.htm<br />http://business.clemson.edu/ISE/html/service_quality.html<br />http://www.thehindubusinessline.com/iw/2010/05/23/stories/2010052350911100.htm<br />http://www.scribd.com/doc/22273451/A-Study-of-Service-Quality-of-Stockbrokers-in-Mauritius-Using<br />http://www.qa.au.edu/page2/auqs2000/ServiceQuality.pdf<br />Service Management - Parasuraman, Berry, and Zeithaml<br />Parasuraman, A., Zeithaml, V.A. and Berry, L.L. "A conceptual model of service quality and its implication", Journal of Marketing<br />Parasuraman, A., Zeithaml, V.A. and Berry, L.L., "SERVQUAL: a multiple-item scale for measuring customer perceptions of service quality", Marketing Science Institute, Cambridge, MA<br />29<br />
  30. 30. Special thanks to…<br />30<br />Mr. Suresh Birudukota – City Sales Manager<br />Mr. Anil Maurya – Sr. BDM Branch and OBST<br />Mr. VivekMehrotra – Sr. BDM Corporate Sales<br />Ms. Simmi Prasad<br />
  31. 31. THANK YOU!!<br />31<br />