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A REPORT

ON

“New To Bank Acquisition”

Faculty Guide
SUYOG PRAKASH CHACHAD
ASSITANT PROFESSOR,
ISBS,PUNE

Company Guide
MR. ANTRIKSH VIJOY
BRANCH MANAGER
JAMSHEDPUR
By: -
ANKIT,
B1F DIVISION,
ROLL- 03
INDIRA SCHOOL OF BUSINESS STUDIES,
PUNE

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A REPORT
FOCUSING ON
“NEW TO BANK- ACQUISITION”

HDFC BANK LIMITED


JAMSHEDPUR

A report submitted in the fulfilment of the


requirements of PGDM program of ISBS
Pune.
Date of Submission: 20th July, 2018
AUTHORISATION

This is to certify that this report is submitted in fulfilment of the requirements of PGDM
Program of ISBS, PUNE.

This report document titled: “New to bank acquisition” is a submission of work done by
ANKIT as a part of partial completion of the study at HDFC Bank during her Internship
Program under the guidance of Mr .ANTRIKSH VIJOY, BRANCH MANAGER, HDFC
Bank.

This report has been submitted to MR.ANTRIKSH VIJOY, Branch Manager, HDFC Bank.

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ANKIT
B1F DIVISION, ROLL 03
ISBS-PUNE

ACKNOWLEDGEMENT

I would like to express my profound gratitude to all those who have been instrumental
in the preparation of my internship report.
To start with, I would like to thank HDFC Bank Limited for providing me the chance to
undertake this internship study and allowing me to explore the area of
Sales which includes selling process undertaken in a financial institution and marketing the
products of the bank which was entirely new to me and which will surely prove to be very
beneficial to me in my future assignments, my studies and my career ahead. I wish to place on
record, my deep sense of gratitude and sincere appreciation to my company guide,
Mr.ANTRIKSH VIJOY– BRANCH MANAGER, Jamshedpur, at HDFC Bank Limited and
whosoever played a pivotal role in the preparation of my project. I would also like to thank
them for their continuous support, advice and encouragement, without which this report could
never have been in its present form.
I would also like to mention the unconditional help put forth by the entire
Marketing and Sales team including Asst. Branch Manager- Mr. Vikash Giri, Relationship
Managers and PB Sales team at HDFC Bank limited, Jamshedpur.
I am deeply grateful, to my faculty guide Professor. Suyog Chachad for his invaluable
suggestions, comments, feedback and support throughout the internship. He has served as a
beacon of light during my internship. His patience and faith in my abilities always boosted my
confidence.
A special thanks to all my work mates, colleagues and seniors. All of them have been very kind
to help whenever needed. I am highly grateful to ISBS, Pune for helping me get such a
wonderful experience and know the corporate world better.

ANKIT
B1F DVISION,
ROLL -03,
ISBS

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Table of Contents

1. ABSTRACT …………………………………………………6

2. INTRODUCTION……………………………………………7
2.a. INDUSTRY PROFILE………………………………….7
2.b. COMPANY PROFILE…………………………………8
2.c. SWOT ANALYSIS……………………………………12

3. ABOUT THE PROJECT…………….…………………….13

4. OBJECTIVE/PURPOSE/LIMITATION OF STUDY…….19

5. COMPARATIVE ANALYSIS………………………………19-20

6. RESEARCH METHODOLOGY…………………………21-32

7. DATA ANALYSIS AND


INTERPRETATION………………………………………....33-41

8. FINDINGS AND SUGGESTIONS…...……………………...42

9. CONCLUSION………………………………………………45

10. ANNEXURE I……………………………………………….54

11. QUESTIONNAIRRE……………………………………….57

12. REFERENCES……………………………………………….58

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1. Abstract
HDFC Bank Limited is an Indian banking and financial services company
headquartered in Mumbai, Maharashtra. It has 84,325 employees and has a
presence in Bahrain, Hong Kong and Dubai. HDFC Bank is India’s largest private
sector lender by assets. It is the largest bank in India by market capitalization as
of February 2016. It was ranked 69th in 2016 BrandZ Top 100 Most Valuable
Global Brands.

HDFC Bank provides a number of products and services including wholesale


banking, retail banking, treasury, auto loans, two wheeler loans, personal loans,
loans against property and credit cards. The latest entry in the league is 'Project
AI', under which HDFC Bank, over the next few weeks, would deploy robots at
select bank branches. These robots will offer options such as cash withdrawal or
deposit, forex, fixed deposits and Demat services displaying on a screen to
customers.

As a part of my internship at HDFC Bank Limited, I have undertaken this


project to analyze the process of acquiring new and potential customers for the
bank. Along with this I have undertaken the task of studying the process of
upgrading the customers to net banking and mobile banking as the bank moves
to digital platform.

Assisting the employees in helping the customers understand the products


offered by HDFC bank after interacting with them and understanding their
requirements was a part of my internship. The study of the process of acquiring
new customers has helped me in understanding the entire selling process which
takes place in a bank. This has helped me in getting the complete knowledge of
sales and customer handling.

Through surveys I have also tried to analyse the gap in selling process which the
bankers face while selling their products be it lack of awareness of the

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customers or be it the products not matching the requirements of the customers.
I have tried to analyse the above and come up with solutions that can help in
acquiring more customers.

2. INTRODUCTION

2.a. Industry Profile: -


A bank is a financial institution that accepts deposits from the public and creates credit. Lending
activities can be performed either directly or indirectly through capital markets. Due to their
importance in the financial stability of a country, banks are highly regulated in most countries.
The banks in India are divided into SBI and the later nationalised banks. A bank is generally
understood as an institution which provides banking services such as accepting deposits and
providing loans.
There are also non- banking institutions that provide certain banking services without meeting
the legal banks are a subset of the financial industry. A banking system also known as a system
provided by the bank which offers cash management services for customers, reporting their
transactions of their accounts and portfolios throughout the day. The banking system in India
should not only be hassle free but it should be able to meet the new challenges posed by the
technology and any other external and internal factors. For the past three decades, India’s
banking system has several outstanding achievements to its credit. The banks are the main
participants of the financial system in India.

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Private
Indian
Public
commercial
banks
SBI
Foreign
Nationalized

2.b. Company Profile: -


The bank was incorporated in August 1994 in the name of 'HDFC Bank Limited', with its
registered office in Mumbai, India. HDFC Bank commenced operations as a Scheduled
Commercial Bank in January 1995.HDFC comes under commercial banks which depicts to
be a financial institution which offers various account related services. The business model of
such banks comprises of earning money by providing loans and earning interest income from
these loans. HDFC is a liability bank which prefers taking deposits on which they are
obligated to pay interest.
The project that I am working on in HDFC bank is to bring new business opportunities for the
bank by explaining the bank’s products to the customers and matching their needs with the
products. The findings done so far in the project are: -
1. To study the various products offered by the bank
2. To analyse the selling process in the bank
3. To analyse the gap faced by the bank while selling their products
4. To analyse the procedure of prospecting customers
5. To study different digital platforms introduced by the bank to ease the process of
banking for the customers.

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2.b.1.BUSINESS FOCUS:

VISION:
To build a world class Indian Bank.

MISSION:
1. Use enabling technology to provide value added product and services to customers.
2. To build sound customer franchise across distinct businesses.
3. To achieve healthy growth in profitability, consistent with the risk appetite.
4. Committed to maintain highest level of ethical standards, professional integrity,
corporate governance and regulating compliance.

CORE VALUES:
1. C – Customer Focus
2. O – Operational Excellence
3. P – Product leadership
4. P – People
5. S – Sustainability

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HDFC BANK HOUSE, KOLKATA

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INDUCTION PROCESS: -
Date: 19th-20th MAY,2018
Location: Bank House, Kolkata
A 2-day induction process was held for all the interns in HDFC bank house in Kolkata in
order to allocate the projects for our summer internship as well as give us a brief about the
various products of the bank. We were also explained the expectations of the bank from the
interns and keeping our convenience in mind, we were allocated the nearby branches
according to our preferences.

Date: 21st May, 2018 - 20th July,2018

Location: Bistupur, Jamshedpur

Branch Staff and Job Description: -

1) BRANCH MANAGER
A branch manager is responsible for the all the operations in a branch. They are
responsible for growing the customer base of the branch, elevating the perception of
the brand in the nearby locations. He oversees the approval of loans and lines of
credit, marketing, building a rapport with the community to attract business and
assisting with customer relations. The main responsibility of a branch manager is to
make sure that the branch meets its goals and objectives in a timely fashion.

2) PERSONAL BANK AUTHORISER


Ensures achievement of overall branch target by generating business through cross
sales. Monitoring all kinds of accounts in the branch including accounts
receivables/payable. Also responsible for enforcing adherence to set standards for the

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branch and regulatory compliance, including interaction with internal and statutory
auditors.

3) ASSISTANT BRANCH MANAGER


The assistant branch manager supports the branch manager to ensure all the
operational activities are completely and properly performed by the staff. The
assistant branch manager must have a familiarity with IRA services and personal
banking products and services. The ABM is also responsible to keep the staff updated
with all the pertinent changes in operational policy and procedures.

4) RELATIONSHIP MANAGER
The range and scope of work of a relationship manager would range from helping
clients with their account details to giving advice on financial investments. The role
also includes generating new business and clients for the branch. He/she also has to
cater to the corporate clients like SME’s or large corporations. A relationship manager
is expected to have sound financial knowledge as well as thorough knowledge about
the various products to identify the customer’s needs and advise him accordingly.
Also should have knowledge of latest banking regulations, latest products and
services, specific markets he/she is handling.

5) PERSONAL BANKER SALES


The PB Sales team is responsible for relationship management for a portfolio of
customers. They are also responsible to sell investment products like mutual fund,
insurance, savings and current account. They are also responsible for generating and
converting leads. Customer service to ensure walk in customer’s issues is an
important part of their job role. PB sales team play a big role in the retention of
existing accounts.

6) TELLER/AUTHORISER
The main responsibility is cash management and tracking customer transactions. The
authorizer also looks after vault limit and vault custodian. Maintaining and
supervising non-cash transactions like DD, RTGS and NEFT, reconcile all suspense
accounts and maintain register. Branch batch opening and closure is also looked after.
Reviewing branch reports like EOD cash position report, instruments issued has to be
daily maintained.

7) WELCOME DESK
First point of contact in the branch for walk in customers providing customer service
and product information. Cross selling of direct banking channels to walk ins
customers to deepen relationships. Responsible of account opening, retention and
cross sell of third party products. Responsible for report generation and fighting.

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2.c. SWOT ANALYSIS
The analysis has been done only from the branch perspective of the bank: -

Strengths:

 The branch offers all kind of banking services under one roof. The staff looks after all
the queries of the customers and try to meet their needs by providing them with
appropriate guidance.
 The branch also provides phone banking kiosk, net banking kiosk and ATM facility.
 The branch has collaborations with corporates like TATA STEEL, TATA MOTORS,
USHA MARTIN, small ancillary units in nearby ADITYAPUR INDUSTRIAL
AREA, for employee salary accounts.
 It offers digital services like online banking, mobile banking as well as NRI services
that includes having NRO, NRE Accounts.
 The brand Name of HDFC Bank has been enhanced due to Market goodwill of the
bank and it’s reach to customers across the country.
 Merchant Discount Rate was very reasonable and competitive as compared to other
Banks which was facilitated by DRIVE being undertaken throughout the country.
 The Brand is having great market penetration in the given catchment area which
propels the bank to have new customers that includes New Budding Entrepreneurs,
Existing

Weakness:
 Rural penetration is low because it has a town based geographical location.
 Customers belonging to Bistupur, which is heart of the city, was highly saturated so it
was difficult to pitch already existing customers of different bank.
 Maximum salary accounts which is limited till the person holding the account is
working in that particular company.

Opportunities:
 Mobile banking, internet banking can be a great boom for the branch to reduce
paperwork.
 Venturing into other untapped areas through digital banking.

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 Designing more customer friendly products with high benefits and return to attract
business opportunities.

Threats:
 Competitors increasing in nearby areas can affect the business.
 New banking licenses and regulations can impact operations.
 Foreign banks offering similar products with additional benefits.

3.About the project

3.1. Process in the branch: -


1) Pre-Sale Preparation
In this stage bankers should prepare themselves with proper knowledge of the
products of the bank so that they can suggest appropriate products according to the
requirements of the customers.
The bankers should know all the products so that they can offer the best business to
satisfy their customers.

2) Prospecting
A very important stage before approaching customers is to prospect potential
customers. Instead of spending the selling time with suspects who are quick
switchers, it is better to separate prospects from the suspects who have need for the
products and have ability to buy the product.

METHODS OF PROSPECTING
• Cold canvassing
• Customer referral
• Prospect pool
• Centres of influence
• Non competing sales force
• Observation
• Friends and acquaintances
• Lists and directories
• Direct mail
• Telemarketing
• Trade shows and demonstrations

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3) Pre-Approach before selling
• The need – benefit match is the initial process of developing a sales strategy.
Customers can be approached through: - • Reference of potential customers
• Existing customers
• Walk ins
• The sales team contacts the customers and tries to build a relation by
interacting with him in order to know the needs of the customer Selling
strategies then has to be developed according to different characteristics of the
customers which include price sensitiveness, varied level of intellect, level of
indulgence. The sales team then should list all the products that will satisfy the
customer’s needs and satisfy in every way be it price or rate of interest or
return. Through proper explanation can a customer be convinced to buy the
product.

4) Approach to customers
• This stage is crucial as the sales team needs to convince the customer
completely with manner rather than sales talk showing him that he/she is
important for the bank.
• The sales team should try and remove all the inhibitions of the customers and
gain the prospect’s confidence and respect.

5) Sales presentation
• There are three approaches used during sales presentation: -
• Attracting customer attention
• Creating interest
• Arousing desire and convincing
• Sales presentation involves understanding the buyer’s mind and thought and
place the product in such a way that matches their mind. The interest factors
include customer’s choice and preferences, personal problems and
expectations.

6) Handling customer objections


The sales team should be very patient with the customers. They should patiently clear
all the queries until the customer is completely satisfied. If the customer is unhappy
with the product, the sales person should not force the customer to buy the product.
Manner and politeness is the main objective.

7) Closing the sale


The sales are considered to be closed when the sales person is able to generate
conviction and the customer is convinced and has full confidence in the sales person.
Such conviction can be built up only when the sales person is able to give satisfactory
answer to the complaints and objections raised by the customer.

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8) Follow up action
Once the purchase has been made and the customer is satisfied with the purchase, the
sales team has to continuously follow up the customer to check whether he/she has
any other requirements or any other objections. This is done to keep the customer
loyal to the bank.

3.2. BANK GOING DIGITAL


In order to improve their services and also to increase the convenience of customers in
today’s digital world, the bank is converting their customers into digital platforms.

In keeping with the Bank’s “Go digital” proposition and “bank aapki mutthi mein” offering,
the digital transformation and mobility banking(DTMB) unit was founded in July 2014 with a
view to position HDFC bank as the leader of digital innovations. The DTH team is headed by
Rajnish Khare, under the leadership of Nitin Chugh, country head of digital banking. The
team is working on advancing HDFC bank’s digital innovations in the digital, mobile, new-
age technologies and social space.

Support and assistance is always


available when needed.

All the banking processes are automated


as much as possible.

customers are guided through the


process.

Why HDFC is opting for digital banking?

a) Less paperwork
b) Transparency of the process increases
c) More productive time for the employees
d) Less time and cost required for handling standard transactions

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e) No back office work
f) Less cash handling
g) Banking services at one click
h) Quick fund transfers

HDFC bank offers a variety of highly successful digital banking products.

These includes: -

• 30 minutes paper less auto loans using biometric technology


• 10 – second Personal loan on net banking
• PayZapp, chillr to transfer funds
• LITE App
• Missed call recharge
• Instant loans at ATM
• Robotic assistant (IRA) at HDFC bank branches

Popular digital platforms used in the bank are: -

i. Net banking

After logging in for net banking, you can view various offers that the bank is providing you, be
it, cashbacks, points on shopping. You can also avail instant loan without any paperwork. All
account services can be done without visiting the branch which includes booking and
liquidating FD, RD. Updating contact details, aadhar number, PAN number, fund transfer,
Form 15G/H all can be done by simply logging. ii. Phone Banking

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Phone banking comprises of application similar to net banking but it provides
limited facility compared to net banking. People can directly
download this application and log in using the customer ID number given to them by the bank
and IPIN provided to them provided by the bank. Without any assistance from the bank, you
can avail all the banking services.

iii. PayZapp

HDFC bank PayZapp is a complete payment solution at one click. It is a mobile wallet and can
be used to make any kind of payments by simply linking your debit/credit card. Bills like utility
bills, travel payments, shopping payments, movie ticket purchases, dining and home services,
taxi service, grocery shopping, add/send funds and avail other special offers and discounts. iv.
Chillr

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Chillr
is another application supported by HDFC. It is not HDFC’s own application. It assures high
end security because:
• All transactions are issued through MPIN issued by HDFC bank.
• No passwords stored in the application.
• Custom keyboards for protection from phishing attacks.
• Secured by 2048-bit client certificates.

Chillr provides:
• Send money to your chillr contacts immediately.
• Add people who are not in chillr using their account number and IFSC code.
• Recharge your mobile, DTH, data card, Ola money wallet and BookMyShow
wallet.
• Pay landline, electricity and gas bills.
• Pay life insurance bills
• Split bills between friends
• Scan QR code and pay to any chillr user in your vicinity without sharing your
mobile number.

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9. COMPARATIVE ANALYSIS OF HDFC BANK

BASIS OF HDFC AXIS ICICI SBI


COMPARISION

Number of 9709 10337 9366 22469


ATMs across
India
Usage of More than 85% Approximately Approximately Approximately
Digital means transactions 66% 88% 36% customers
through transactions transactions use digital
technology(mobile are done are done banking services.
banking ,ATMs, through digital through digital
Internet banking) means. means
Mobile Banking It has 9 Mobile It has 7 It has 5 It has 6 Mobile
Banking Apps. Mobile Mobile Banking Apps.
Banking Apps. Banking Apps.
Recognition in It has won the Best .Won Best use Won Best IBA Banking
the field of Domestic Bank of mobile Bank for Technology
digital banking award and the IBA within SMEs for its Awards – 2014 1.
Banking Loyalty automation BEST USE OF
strategy and initiative MOBILITY
Technology award
won for best COLORS and TECHNOLOGY
in the year 2017
reward 2. BEST USE OF
and has been also won the
program in the
ranked 1 in the Gold award in TECHNOLOGY
year 2017.
Bank of the year the Banks and IN FINANCIAL
Won
cards category INCLUSION 3.
award in the best
in the year BEST USE OF
2016.Also has performing
2017.Also TECHNOLOGY
been awarded best private bank
FOR E-
leading private and excellence won the end
LEARNING
sector bank by in corporate user award in
AND
Dun and social IT category TRAINING 4.
Bradstreet. responsibility for its Chatbot BEST
in 2016. in imobile app CUSTOMER
and its Pockets MANAGEMENT
app was 5.
awarded with BEST USE OF
the app of the TECHNOLOGY
year award in IN
2016. BI 6. BEST

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INTERNET
BANK
7. BEST USE OF
TECHNOLOGY
IN
PAYMENT
SYSTEM

Schemes Introduced First Indian Introduced SBI has


under Digital schemes like Milk bank to ICICI Digital introduced SBI
Banking to Money in rural introduce a village in Mingle a social
areas, introduced dedicated Gujrat where media banking
banking on Bharat all the
innovation lab platform for
and transactions
in the country. facebook and
Sustainable are cashless,
Introduced introduced twitter users.
Livelihood
ISIC Forex digital locker
Program, first
card for for
Indian bank to
students, it is safe transfer of
introduce robots in
the first photo documents
some branches in
travel currency
Mumbai.
card available
in many
countries.
Chat Bots EVA(Electronic About to iPal SIA(SBI
Virtual Assistant) launch intelligent
intelligent chat Assistant)
bots in near
future.

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4.a. Objective of study: -
The project is related to the selling process that takes place in the bank which helps getting
potential prospects in the bank.
Getting potential prospects is very essential for increasing the business in the bank. Strategizing
the selling process according to various customers can increase the chances of convincing the
customers compared to its competitors.
The objectives of the project are: -
1. To analyze the prospects for acquisition of new Corporate Clients along with Retail
Customers.
2. To entertain the corporate clients for having Current A/C with HDFC Bank and follow
up the requirement of Business Loans.
3. To pitch assets, liability products of HDFC Bank to new and existing customers.

b. Purpose of the study: -

The study is to help enhance the Process productivity of the bank. It includes analysis of the
catchment area of the branch. The purpose of the study is also to know the preferred selling
methods of the branch and to analyze that and find out if any methods can be applied or
not.

c. Limitations of Study: -

a. The project includes analysis and study of HDFC branches only in Jamshedpur
which cannot be taken as a base of judgment.
b. Data collected is of 50 respondents which includes only the branch staff which
might not reflect the real scenario of HDFC bank selling process throughout India.
c. Different employees have different opinion which affects the conclusion to be
drawn.
d. Being the employees of the bank, biased feedback can be expected.

5.Research Methodology: -
a. Type of research: -
The survey conducted was a part of an exploratory research in order to find out the potential
gap in the selling process and priorities of the method followed.

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b. Sampling Technique: -
Mostly convenience sampling is used.
Sample size- 50

c. Data collection method: -


The questionnaire included a 5 point Likert scale for each question.
d. Data analysis: -
The data collected is analyzed using pie charts for each question asked in the survey.

6.Data Analysis and Interpretation


1.Prospecting Methods
Questions: -
a) Personal research is necessary for prospecting.

Options Strongly Disagree Neutral Agree Strongly


Disagree Agree
No. 0 0 8 16 26
% 0 0 16 32 52

Personal_Research
0% 0%

16%
Strongly agree(%)
Agree(%)
Neutral(%)
52%
Disagree(%) 32%
Strongly disagree(%)

Interpretation:
Around 52% of the employees strongly agree that personal research is necessary for finding
new business opportunities.

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b) You prefer cold calls through telephone.

Options Strongly Disagree Neutral Agree Strongly


Disagree Agree
No. 0 0 14 29 7
% 0 0 28% 58% 14%

Cold_Calling_Telephone
0% 0%

Strongly agree(%) 14%


28%
Agree(%)
Neutral(%)
Disagree(%)
Strongly disagree(%) 58%

Interpretation: -
Around 58% of the employees agree that calling new prospects is an important part of
prospecting.

c) You prefer cold calls through mails.

Options Strongly Disagree Neutral Agree Strongly


Disagree Agree
No. 0 0 0 32 18
% 0 0 0 64% 36%

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Cold_Calling_Mail
0% 0% 0%

Strongly agree(%)

36%
Agree(%)

Neutral(%) 64%

Disagree(%)

Interpretation:
64% of the employees agree that sending mails is considered as a proper way for cold calling.

d) You prefer cold calling through junior salespeople.

Options Strongly Disagree Neutral Agree Strongly


Disagree Agree
No. 0 26 17 7 0
% 0 52% 34% 14% 0

Cold_Calling_Junior_Salespeople
0% 0%
Strongly agree(%)
14%
Agree(%)

Neutral(%) 52%
34%

Disagree(%)

Interpretation:
Not many that is only 14% of employees consider calling their own customers instead of
handing it over to junior salespeople.

e) Respond to prospect’s enquiries is important.

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Options Strongly Disagree Neutral Agree Strongly
Disagree Agree
No. 0 0 0 50 0
% 0 0 0 100% 0

Prospect_Inquiry
0%
0%
0% 0%

Strongly agree(%)
Agree(%)
Neutral(%)
Disagree(%)
Strongly disagree(%)
100%

Interpretation:
a) larification close: Clarify the doubts leading to closure.

Options Strongly Disagree Neutral Agree Strongly


Disagree Agree
No. 0 0 0 35 15
% 0 0 0 70% 30%

Clarification_Close
0% 0%

Strongly Disagree(%)
30%
Disagree(%)
Neutral(%)
Agree(%)
70%
Strongly Agree(%)

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Interpretation:
70% agree that all the clarifications should be cleared before closing the sale.

b) Arousal close: Create a sense of urgency.

Options Strongly Disagree Neutral Agree Strongly


Disagree Agree
No. 0 0 8 22 20
% 0 0 16% 44% 40%

Arousal_Close
0% 0%

Strongly Disagree(%) 16%

Disagree(%) 40%
Neutral(%)
Agree(%)
Strongly Agree(%) 44%

Interpretation:
Only 44% agree that creating a sense of urgency can help in closing the sale.
c) Minor decision close: seek approval on small decisions related to completing the
purchase.

Options Strongly Disagree Neutral Agree Strongly


Disagree Agree
No. 0 0 0 37 13
% 0 0 0 74% 26%

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Minor_Decision_Close
0% 0% 0%

Strongly Disagree(%)
26%
Disagree(%)
Neutral(%)
Agree(%)
Strongly Agree(%) 74%

Interpretation:
74% of the employees agree that minor decisions have to be taken before closing the sale.

72% of the employees strongly agree that any reason stopping the customer from buying the
product should be removed.

a) Use silence: let the prospect decide.

Options Strongly Disagree Neutral Agree Strongly


Disagree Agree

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No. 25 24 1 0 0
% 50% 48% 2% 0 0

Use_Silence
2% 0% 0%

Strongly Disagree(%)
Disagree(%)
Neutral(%) 50%
48%
Agree(%)
Strongly Agree(%)

Interpretation:
50% disagree to the fact that the employees should not be silent while closing the sale.

First Week

I was informed about the products of HDFC Bank which include different
types of Current Account , Savings account, Fixed Deposit, Recurring Deposit,
Systematic Investment Plan( Mutual Fund),Point of Sale machine, m-PoS
machine, Smart Hub. Also got a brief introduction about Digital Banking Apps
like payz app, Chillr and Perks and learning of the apps.

Second Week

I started pitching the products and doing cold calls to all Potential customers in
the Catchment Area given to me. Segregated the market into Restaurants,
Hotels, Jewelers Shops, Gymnasium, Salon, Mobile Stores, Petrol Pumps,
Apparels, branded Stores having Corporate tie up. In the mid of the week I was
also allowed to sit in Welcome Desk to know the operational work of the bank
,i.e., Passbook update, Account and Interest Statement , TDS Statement, FD &
RD Booking online, Information Regarding different types of investment
likewise- Mutual Funds, SIPs, Insurance Schemes(as Unit Linked Insurance
Plan and Traditional Schemes). Interaction with customers belonging to

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different segments, Forex Transactions (highest revenue generator).

Third Week

Understood how to segment the customer base into 3 parts- Imperia, Preferred,
Classic. Subsequent to that I pitched the products as per the needs and
requirements of customers. Initially focused on Jewelers Shop, Products were
pitched accordingly which was tailor made for the customers. Pitched for PoS,
m-PoS machine spontaneously informed about Merchant Discount Rate (MDR
Charges). Offered them with competitive rates depending upon the volume of
transactions held yearly.

Fourth Week
Got an opportunity to know and understand the forex transactions particularly
for trade finance and even retail operations involving currency exchange .
Learnt different terminologies of trade involving different methods of payment,
buyer’s credit, suppliers credit, Letter of Credit(different types of letter of
credit), Letter of Undertaking, Bank Guarantee(different types of Bank
Guarantee). At the same time went on pitching for PoS machine, m-PoS
machines with competitive MDR Rates.
Completed 60 Cold Calls for Current, PoS & m-PoS.

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Fifth Week
While pitching cold calls for Current a/c and EDC machine I found Royal
Enfield as a lead for Current a/c and 3 EDC machines having a turnover of 10
crores.( This was applauded by the Branch Manager and Cluster head).
Subsequent to this sourced one current a/c and Business Loan of 3 lakhs of a
customer having a turnover of 50 lakhs.

Sixth Week
Apart from pitching cold calls also performed Operational work of Bank like
account statement, Passbook Update, Aadhaar Card Enrollment and correction.
Apart from this also pitched for credit cards as well which was lifetime free.
Developed the knack of pitching for Credit cards to the existing account holders
and lured them with various offers.
Seventh & Eight Week
Had an overview of Bank Guarantee, Letter of Credit, Letter of Comfort, Trade
Finance and different methods of finance. Interacted with the customers for
Payzapp and persuaded the customer for using this app as Country Drive was
going on for PayZapp. Interacted with few customers for Mutual Fund and SIP
and asked them to have relationship with us. Apart from that , entertained the
customers with Internet Banking that includes FD Booking, RD Booking, Credit
Card applying online, NEFT, RTGS, IMPS, ONLINE OTP, REPIN
GENERATION, PIN GENERATION, etc.

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SCREENSHOTS OF COLD CALLS CONDUCTED

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Chart Title
25

20

15

10

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VERBATIM- In the catchment Area provided to me, I have performed 111 cold
calls. Subsequently, results which I got has been depicted in the afore given
Statistics, that categorically shows State Bank of India(21) is leading, followed
by HDFC Bank(18) and so on.

NET BANKING:
1. Among the customers in the branch 60% are highly motivated to upgrade to net
banking.
2. 50% of the customers in the branch are senior citizens and recently retired persons
who hesitate to upgrade to net banking.
3. Almost all the services are done digitally in the bank.
4. The employees motivate the customers to move to digital platform.

7.Findings and Suggestions


7.1. Prospecting
Finding 1:
Not many employees agree that personal research is necessary for prospecting.
Suggestion:
The employees should be motivated to do more research work before prospecting so that
potential prospects can be tapped instead of wasting time on people who are not interested.
Finding 2:
Cold calling is preferred through phone by the employees of the bank.
Finding 3:
All the employees agree that responding any query of the prospects in necessary in order to
gain their trust.
Finding 4:
Employees agree that customers having huge number of contacts should be tapped.
Finding 5:
Employees are not that much motivated to join public seminars or trade shows.
Suggestion:

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The branch should be highly motivated to join trade shows or any public seminars where they
can get prospects by putting small stalls and distributing pamphlets.
Finding 6:
All the employees try to get some references of other potential customers from existing
customers in order to increase their business.
Finding 7:
Personal introduction of the employee and the prospect is necessary before making any
approach for selling the product.
Finding 8:
Community contacts can bring in many prospects at the same time for the branch.
Finding 9:
Not many employees depend on non-competing sales people for gaining prospects.
Finding 10:
The employees of the bank should be motivated to gain contacts in organizations, service
clubs and schools.
Suggestion:
• For prospecting new customers, more camps should be organized in various
organisations.
• The sales person can pitch nearby opened new shops or schools. Through schools, the
bank can pitch teachers as well as parents by distributing pamphlets in their school or
giving any particular offer to them.
Finding 11:
Warm calling is necessary for all employees for prospecting so that they can personally visit
and approach the prospects.
Finding 12:
Personal networking is very necessary for gaining prospects.

7.2. Pre-approach
Finding 1:
Almost all the employees take the basic information of the prospects who are references from
the existing customers

Finding 2:

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The employees prefer asking the existing customers to arrange an interviews with new
prospects to kick start the sale presentation.
Finding 3:
Direct contact with the prospects can help the employee keep a track of the prospect.

7.3. Approach
Finding 1:
The employees try to approach the prospect keeping in mind their needs and approaching
them accordingly.
Finding 2:
The employees believe that specifying the product’s positive points can help the employees
attract the prospects easily.
Finding 3:
Using proper confident statements without hurting anyone’s sentiments is very necessary
while approaching the prospect.
Finding 4:
The employees keep the prospect’s main interest in mind and then go for cross selling.

7.4. Sales Presentation


Finding 1:
The employees believe that asking questions to the prospects and knowing their expectations
helps them to present their product matching their requirement.

Finding 2:
The presentation should be more specific to the prospect’s needs rather than beating around
the bush.

Suggestion:
The sales presentation should be 60% from the prospect’s perspective and 40% from the
bank’s perspective. Something that can help them resolute their issues will only be listened.
Finding 3:
Not many employees use visualize offerings while presenting their product.

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Suggestion:
Visual offerings should be included in the presentation. Brochure should be distributed before
starting the presentation to the prospects attending the presentation so that they can always
refer to that whenever they have a requirement

Finding 4:
The presentation should be specifying the specific features of the product which makes it a
must for the prospects to buy it.

Finding 5:
Talking the prospect’s language and knowing the local language of the place can be helpful.

Finding 6:
Partially standardized presentations by making slight changes according to the prospect can
be helpful.

Finding 7:
Comparing and explaining the new products and its benefit over other existing product is
the main focus in a presentation.

Finding 8:
The presentation flow should be designed in such a way that by the end of the presentation,
it should be satisfying the need or the requirement.

Finding 9:
The standardized presentation should not be used for all products or for all prospects.

7.5. Handling the objections

Finding 1:
While handling objections, the employees prefer giving direct answers to their queries and
not beat around the bush.

Finding 2:
Giving delayed answers can show the employee’s lack of confidence therefore they have to
be confident and prompt answers should be given.

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Finding 3:
Offsetting the points which is going negative impresses the prospects.

Finding 4:
The employees should dispute any kind of objection and simply not lose control over the
chances of convincing the prospect.

Finding 5:
Comparing item and explaining the benefits of one product over the other is found helpful.

Finding 6:
Turning the reasons of the prospect of buying some other bank’s products into reasons for
buying HDFC’s products can stop prospects from switching banks.

Suggestions:
Having knowledge of other bank products and features can help the employee’s stop
prospects from approaching other banks.

7.6. Closing Sale

Finding 1:
Straight forward close should be avoided until and unless there is an intimation from the
prospect.

Finding 2:
Presuming the prospect is convinced should be avoided by the employees.

Finding 3:
Clarifying the doubts is very necessary before closing the sale. The prospect should be
confident and convinced.

Finding 4:
Tshe employees create a sense of urgency when closing the sale but it can backfire.

Suggestions:
Informing the prospects about one day offers or offers related to specific customers can be
used to convince the prospect.

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Finding 5:
The employees help in making final minor decisions can help in closing the sale.

Finding 6:
Any obstacle stopping the prospect from buying the product should be removed before
he/she changes his/her mind.

Finding 7:
The employees avoid keeping silence as it may affect the entire process of selling.

7.7. Following Up

Finding 1:
Once the customer has bought the product, continuous questions should be asked to the
prospects which include welcome calling.

Finding 2:
Periodic updates to the customers about offers, new interest rates can help in retaining the
customers.

Finding 3:
Reassuring the customer that his banking is safe with the branch by continuously updating the
customer with monthly statements can be helpful.

7.8. Net banking


Findings;
As the bank moves to digital platform, the branch is trying to transfer maximum services on
digital platform.

Suggestions:
• Camps should be held to train the customers for net banking.
• Mails regarding all procedures should be mailed to the customers as well.
• Separate net banking help desk should be present in all branches.

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8.CONCLUSION
HDFC Bank is one of the leading banks with maximum footfall in their branches.
Bistupur branch getting the advantage of being located in an area located in Heart of the City,
in the vicinity to Big Corptorate Clients and Adityapur Industrial Area. It helps them of
getting maximum Current accounts, Salary Account, Business Loan, Personal Loans. Having
various competitors in the given catchment area serves as a threat to the Current business of
the Bank, having the maximum salary account, it has a risk of getting closed as soon as the
organization stops its business or the employees retire or switch.

ESSAfter overall analysis of the selling process in the branch, my findings are:
• For prospecting, employees refer to referral approach and direct contacts where they
can try other approaches like organizing camps or putting stalls.
• For approaching, direct contact is preferred where they can also contact through some
existing customers who can convince them with their experience.
• For sales presentation, more focus should be given to visual offerings like brochures,
pamphlets and posters in the bank.
• The branch should focus more on upgrading of customers to net banking by training
them and providing a help desk.
General findings include:
• Proper filing of papers with proper labels are to be given importance.
• The branch size should be increased which will not only bring more business but also
reduce the pressure on individual employees.
• Large screens with visual displays of offers in the branch can attract customers.

9.Annexure I

Strongly Disagree(2) Neutral(3) Agree(4) Strongly


disagree(1) agree(5)

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PROSPECTING
1.Personal research is necessary
for prospecting.
2.You prefer cold calls through
telephone, mails, junior
salespeople
3. Response to prospect’s
inquiries is important
4.Cultivating well known
customers who can influence
other buyers.
5.Participate in public
seminars/trade shows directed
at potential customers.
6.Referral approach to get other
potential prospects.
7.Customer’s personal
introduction to new customers.
8.Community contact
9.From non- competing sales
people
10.contact
organizations:service
clubs,community groups
11.Warm call:informing
prospects through mail that
they will be called
12.Personal networking

Pre-approach
1.Prospect information:obtain
information from current
customers
2.In v termediary
approach:current customers
arrange sales interview
3.Direct contact approach

The approach

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1.Prospect focused approach
2.Product benefit approach
3.Statement approach
4.Peak interest approach

Sales presentation
1.Ask prospect questions before
starting the presentation
2.Presentation should be
tailored specifically for each
prospect
3.use visualize offerings like
printout, charts to reinforce the
ppt
4.Presentation should be
focusing on product benefits
5.talk prospect’s language
6.partially standardized
presentation
7.Use comparisons
8.Need-satisfaction approach
9.Standardized sales
presentation

Overcoming objections
1.Direct answer method
2.Avoid delay answers
3.Offset methods
4.Dispute the objection
5.Comparative item method
6.Turn around method

Closing
1.Straightforward close
2.Presumptive close
3.Clarification close
4.Arousal close
5.Minor decision close
6.Single obstacle close

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7.Use silence

Follow up services
1.Follow up questions,
complaints and adjustments
2.periodic follow up of
customer satisfaction
3.Reassuring the customer

Format Used During Cold Calls


 Name of the Customer
 Address of the Customer
 Banking Relations
 Opportunities Identified
 Cash Credit Limit with any other Bank
 Customer is having Merchant Relationship with any
Other Bank
 Attach Visiting Card
 Signature of the Resource

22. REFERENCES
For the purpose of this project, I have referred to the following references.

• www.Indiatimes.com
• www.wikipedia.org
• www.axisbank.com

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• www.icicibank.com
• www.hdfcbank.com
• www.slideshare.net
• www.businessworld.in
• Annual Report of HDFC Bank

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