7 P's of Private Sector Bank

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INTRODUCTION TO PRIVATE SECTOR BANKS

All those banks where greater parts of stake orequityare held by the private

shareholders and not by government are called "private-sectorbanks". These arethe major players in thebankingsector as well as in expansion of the business

activitiesIndia.The present private-sector banks equipped with all kinds ofcontemporary innovations, monetary tools and techniques to handle the

complexities are a result of the evolutionary process over two centuries. They havea highly developed organisational structure and are professionally managed. Thus

they have grown faster and stronger since past few yearsThe part of the economy that is not state controlled, and is run by individuals andcompanies for profit. The private sector encompasses all for-profit businesses that

are not owned or operated by the government. Companies and corporations that aregovernment run are part of what is known as the public sector, while charities and

other nonprofit organizations are part of the voluntary sector.

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HISTORY AND EVALUTION OF PRIVATE SECTOR BANKS

Private-sector banks have been functioning in India since the very beginning ofthebankingsystem. Initially, during 1921, the private banks likebank ofBengal,bank of Bombayandbank of Madraswere in service, which all together

formedImperial Bank of India.Reserve Bank of India(RBI) came in picture in 1935 and became the centre ofevery other bank taking away all the responsibilities and functions of Imperial

bank. Between 1969 and 1980 there was rapid increase in the number of branchesof the private banks. In April 1980, they accounted for nearly 17.5 percent of bank

branches in India. In 1980, after 6 more banks were nationalised, about 10 percentof the bank branches were those of private-sector banks.The share of the private

bank branches stayed nearly same between 1980 and 2000.

Then from the early 1990s, RBI'sliberalisationpolicy came in picture and with thisthe government gave licences to a few private banks, which came to be known asnew private-sector banks.

There are two categories of the private-sector banks: "old" and "new".

The old private-sector banks have been operating since a long time and may bereferred to those banks, which are in operation from before 1991 and all those

banks that have commenced their business after 1991 are called as new private-sector banks.[

Housing Development Finance CorporationLimited was the first private bank in

India to receive license from RBI as a part of the RBI'sliberalizationpolicy of thebanking sector, to set up a bank in the private-sector banks in India.

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LIST OF PRIVATE SECTOR BANKS

Old private sector banks New private banks

1) Catholic Syrian Bank Ltd. 1) Axis Bank Ltd.2) City Union Bank Ltd. 2) Development Credit Bank Ltd.3) Dhanalakshmi bank Ltd. 3) HDFC Bank Ltd.4) Federal Bank Ltd. 4) ICICI Bank Ltd.5) ING Vysya Bank Ltd. 5) Induslnd Bank Ltd.6) Jammu & Kashmir Bank Ltd. 6) Kotak Mahindra Bank Ltd.7) Karnataka Bank Ltd. 7) Yes Bank Ltd.8) Karur Vysya Bank Ltd.9) Lakshmi Vilas Bank Ltd.10)Nainital Bank Ltd.11)Ratnakar Bank Ltd.12)South Indian Bank Ltd.13)Tamilnad Mercantile Bank Ltd.

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THE 7 PS OF THE PRIVATE SECTOR BANKS

PRODUCT

(A)DEPOSITS: Savings, Current, Fixed etc.(B)ADVANCES:a) Term Loan,b) Clean Loan, c) Bills Discounting, d) Advances,e) Pre-shipment Finance, f) Post-shipment finance, g) Secured and Unsecured linesof credit.(2) Non-fund oriented: a) Guarantees, and b) Letter of Credit.(C)INTERNATIONAL BANKING: a) Letter of Credit, and b) Foreign Currency.(D)CONSULTANCY: a) Investment Counselling, b) Project Counselling, c)Merchant Banking, and d) Tax Consultancy.(E)MISCELLANEOUS: a) Traveller Cheques, b) Credit card, c) Remittances, d)Collections, e) Sale of Drafts, f) Standing instructions, and g) Trusteeship.

As seen in the goods-service continuum, your product can have both tangible andintangible aspects, and is the thing you offer to satisfy your customers wants andneeds. Within this element, you need to consider such things as your productrange; its quality and design; its features and the benefits it offers; sizing and

packaging; and any add-on guarantees and customer service offerings.

PRICE

The price mix in the banking sector is nothing but the interest rates charged by thedifferent banks.Let's understand this with an example. A particular buyer approaches for a car loansay for a period of 3 years. He is charged Rs. 20,000 as interest. however if a salesrepresentative of another bank comes to know of this deal he will try to attract thecustomer by giving him a better deal that is a loan at a lower rate on interest. In thisway due to the high level of competition the customer benefits.

PROMOTION

Promotion is nothing but making the customer more and more aware of theservices and benefits provided by the bank.The banks today can use a lot of new technology to communicate to theircustomers. Two of the fastest growing modern tools of communicating with thecustomers are:1. Internet Banking2. Mobile Banking

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PLACE

Place mix is the location analysis for banks branches. There are number a factorsaffecting the determination of the location of the branch of bank. Like populationcharacteristics, commercial, proximity of other commercial outlets.

Your choice of such channels is important, as is the variety of channels youuse. For example, a common issue for businesses beginning to trade on-line is howthat will affect their off-line business, for example selling directly through the webcould alienate retail outlets that have been the mainstay of your business in the

past.

PEOPLE

The impact that your people can have on your marketing cannot be underestimated.At its most obvious, this element covers your front line sales and customer service

staff who will have a direct impact on how your product is perceived. You need toconsider the knowledge and skills of your staff; their motivation and investment insupporting your brand. Any element of the marketing mix will also have its impacton other elements of your business, but the people element is one where theimportance of regarding marketing as an integral part of the way you do business iscrystal clear.

PROCESS

The process mix constitutes the overall procedure involved in using the servicesoffered by the bank.Let's take for example the process for application for a car loan.

Now this mainly involves 3 things.1. Producing of proper documents2. Filling up of application form3. Paying for the initial down payment

PHYSICAL EVIDENCE

Physical evidence is the overall layout of the place. How the entire bank has beendesigned. Physical evidence refers to all those factors that helps make the processmuch easier and smoother. For example in case of a bank the physical evidencewould be the placement of the customer service executive's desk, or the location ofthe place for depositing Cheques.

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INTRODUCTION TO ICICI BANK

ICICI Bank is Indias second-largest bank with total assets of Rs. 3,663.74 billion(US$ 76 billion) at September 30, 2009 and profit after tax Rs. 19.18 billion (US$398.8 million) for the half year ended September 30, 2009. The Bank has a

network of 1,588 branches and about 4,883 ATMs in India and presence in 18countries. ICICI Bank offers a wide range of banking products and financialservices to corporate and retail customers through a variety of delivery channelsand through its specialised subsidiaries and affiliates in the areas of investment

banking, life and non-life insurance, venture capital and asset management. TheBank currently has subsidiaries in the United Kingdom, Russia and Canada,

branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar andDubai International Finance Centre and representative offices in United ArabEmirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia.

Our UK subsidiary has established branches in Belgium and Germany.ICICI Banks equity shares are listed in India on Bombay Stock Exchange and

the National Stock Exchange of India Limited and its American DepositaryReceipts (ADRs) are listed on the New York Stock Exchange (NYSE).

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HISTORY OF ICICI BANK

ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indianfinancial institution, and was its wholly-owned subsidiary. ICICIs shareholdingin ICICI Bank was reduced to 46% through a public offering of shares in India infiscal 1998, an equity offering in the form of ADRs listed on the NYSE in fiscal2000, ICICI Banks acquisition of Bank of Madura Limited in an all-stockamalgamation in fiscal 2001, and secondary market sales by ICICI to institutionalinvestors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at theinitiative of the World Bank, the Government of India and representatives of

Indian industry. The principal objective was to create a development financialinstitution for providing medium-term and long-term project financing to Indian

businesses. In the 1990s, ICICI transformed its business from a developmentfinancial institution offering only project finance to a diversified financialservices group offering a wide variety of products and services, both directly andthrough a number of subsidiaries andaffiliates like ICICI Bank. In 1999, ICICI

become the first Indian company and the first bank or financial institution fromnon-Japan Asia to be listed on the NYSE.

After consideration of various corporate structuring alternatives in the context of

the emerging competitive scenario in the Indian banking industry, and the movetowards universal banking, the managements of ICICI and ICICI Bank formedthe view that the merger of ICICI with ICICI Bank would be the optimal strategicalternative for both entities, and would create the optimal legal structure for theICICI groups universal banking strategy. The merger would enhance value for

ICICI shareholders through the merged entitys access to low-cost deposits,greater opportunities for earning fee-based income and the ability to participate inthe payments system and provide transaction-banking services. The merger wouldenhance value for ICICI Bank shareholders through a large capital base and scale

of operations, seamless access to ICICIs strong corporate relationships built upover five decades, entry into new business segments, higher market share invarious business segments, particularly fee-based services, and access to the vasttalent pool of ICICI and its subsidiaries. In October 2001, the Boards of Directorsof ICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited andICICI Capital Services Limited, with ICICI Bank.

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THE 7 Ps OF ICICI BANK

PRODUCT MIX:

1. DEPOSITS:

ICICI Bank offers wide variety of Deposit Products to suit our requirements.Coupled with convenience of networked branches/ over 1800 ATMs and facilityof E-channels like Internet and Mobile Banking, ICICI Bank brings banking atyour doorstep.

Savings Account: ICICI Bank offers a power packed Savings Account with ahost of convenient features and banking channels to transact through. So now youcan bank at your convenience, without the stress of waiting in queues.

Senior Citizen Services:The Senior Citizen Services from ICICI Bank hasseveral advantages that are tailored to bring more convenience and enjoyment inyour life.

Young Stars:Its really important to help children learn the value of finances

and money management at an early age. Banking is a serious business, but wemake banking a pleasure and at the same time children learn how to manage their

personal finances.

Fixed Deposits:Safety, Flexibility, Liquidity and Returns!!!! A combination ofunbeatable features of the Fixed Deposit from ICICI Bank.

Recurring Deposits: Through ICICI Bank Recurring Deposit you can investsmall amounts of money every month that ends up with a large saving on

maturity. So you enjoy twin advantages- affordability and higher earnings.

Roaming Current Account:Only Roaming Current Account from ICICI Banktravels the distance with your business. You can access your accounts at over 500networked branches across the country.

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Bank @ Campus: Thanks to bank@campus, child can now surf the Net andaccess all the details of his / her account at the click of a mouse! No need to visitthe bank branch at all.

ICICI Bank Salary Account: is a benefit-rich payroll account for Employersand Employees. As an organization, you can opt for our Salary Accounts toenable easy disbursements of salaries and enjoy numerous other benefits too.

2. INVESTMENTS

Along with Deposit products and Loan offerings, ICICI Bank assists you tomanage your finances by providing various investment options such as: ICICI Bank Tax Saving Bonds Government of India Bonds Investment in Mutual Funds Initial Public Offers by Corporate Investment in Pure Gold Foreign Exchange Services Senior Citizens Savings Scheme, 2004

3. ANYWHERE BANKINGICICI Bank is the second largest bank in the country. It services a customer baseof more than 5 million customer accounts through a multi-channel accessnetwork. This includes more than 500 branches and extension counters, over

1800 ATMs, Call Centre and Internet Banking.Thus, one can access the various services ICICI Bank has to offer at anytime,anywhere and from anyplace.

4. LOANa) Home Loans

b) Personal Loansc) Car Loans

d) Two Wheeler Loans

e) Commercial Vehicle Loansf) Loans against Securities

g) Farm Equipment Loans

h) Construction Equipment Loansi) Office Equipment Loans

j) Medical Equipment Loans

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5. CARDSa) Credit Card: ICICI Bank Credit Cards give you the facility of cash,convenience and a range of benefits, anywhere in the world. These benefits rangefrom life time free cards, Insurance benefits, global emergency assistance service, discounts, utility payments, travel discounts and much more.

b) Debit ATM Card: The ICICI Bank Debit Card is a revolutionary form of

cash that allows customers to access their bank account around the clock, aroundthe world. The ICICI Bank Debit Card can be used for shopping at more than100,000 merchants in India and 13 million merchants worldwide.

c) Travel Card: Presenting ICICI Bank Travel Card. The Hassle Free way toTravel the world. Traveling with US Dollar, Euro, Pound Sterling or SwissFrancs; Looking for security and convenience; take ICICI Bank Travel Card.Issued in duplicate. Offers the Pin based security. Has the convenience of usageof Credit or Debit card.

6. DEMAT SERVICESICICI Bank Demat Services boasts of an ever-growing customer base of over 7lacs account holders. In their continuous endeavor to offer best of the classservices to our customers we offer the following features:

Digitally signed transaction statement by e-mail. Corporate benefit tracking. e-Instruction facility facility to transfer securities 24 hours a day, 7 days a

week through Internet Interactive Voice Response (IVR) at a lower cost. Dedicated specially trained customer care executives at their call centre, to

handle all queries.

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7. MOBILE BANKING

With ICICI Bank, banking is no longer what it used to be. ICICI Bank offersMobile Banking facility to all its Bank, Credit Card and Demat customers. ICICIBank Mobile Banking enables you to bank while being on the move.

8. NRI SERVICES

ONLINE MONEY TRANSFER facility available to NRIs worldwide throughwww.money2India.com at the click of a button

Benefits: FREE Money transfers into accounts with over 30 banks in India Demand Drafts issued and payable at over 1250 locations in India ONLINE Tracking of the status of your funds SUPERIOR Exchange rates OFFLINE MONEY TRANSFER facility is also available across geographies

through Local branches and in association with partner banks/ exchange houses.

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PRICING MIX:

The pricing decisions or the decisions related to interest and fee or commissioncharged by banks are found instrumental in motivating or influencing the target

market.The RBI and IBA are concerned with regulations. The rate of interest is regulatedby the RBI and other charges are controlled by IBA.

The pricing policy of a bank is considered important for raising the number ofcustomers the accretion of deposits. Also the quality of service provided hasdirect relationship with the fees charged. Thus while deciding the price mixcustomer services rank the top position.

The banking organizations are required to frame two- fold strategies. First, thestrategy is concerned with interest and fee charged and the second strategy is

related to the interest paid. Since both the strategies throw a vice- versa impact, itis important that banks attempt to establish a correlation between two. It isessential that both the buyers as well as the sellers have feeling of winning.

Pricing ICICI Bank Products Starts With Three Basic Questions.

1. What rate does the bank need to meet its financial objectives?Some considerations for loan and deposit pricing are:

Related income taxes Earning assets to total assets Equity-to-asset ratio Pricing for the activities and risks associated with the product Asset and liability mixAnother element to consider in the pricing of earning assets is the risk of loss.

Most notably, this is relevant in loan pricing. Many banks assign a risk weightingto individual loans over a certain size or based on loan type and assign a creditrisk charge based on those ratings.

Customer relationships are difficult to assign a value to in the pricing process.Customers will generally press for some price concessions in consideration ofother relationships they have with the bank.

Asset and liability mix also impacts pricing results. Generally speaking, banksoperating with higher loan-to-asset ratios are able to afford to pay more fordeposits. Likewise, banks can afford to be more competitive on certain deposit

products if they have fewer maturities in a particular timeframe or less totaloutstanding balances in a product line.

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2. What is the market rate for the core product?Customers have more distribution channels available to them today than at any

other point in history. In the past 10 years, the number of bank locations hasincreased 20%. Of course, there are the mortgage bankers, the Internet, and a hostof other financial service providers competing for your customer loan and deposit

business.The point is, the competitive marketplace always ensures that if a financialinstitution is charging too much for loans or paying too little for deposits, itsshare of the market will likely dwindle as existing and prospective customers findalternative providers. You can do all the math you want to determine required

pricing points, but if your pricing is uncompetitive, your market share will shrink.

3. What would the bank have to do to sales and operations to make its rates

the most competitive in its market?Pricing is a key issue for the associates who sell bank products to your customers.The fact is, lenders want the lowest rates, and people dealing with depositorswant to pay the highest rates. You need the right balance of fee income, strategiesto reduce operating costs, and a healthy asset and liability mix to change your

required pricing.

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PLACE:

This component of marketing mix is related to the offering of services. Theservices are sold through the branches.

The 2 important decision making areas are: making available the promisedservices to the ultimate users and selecting a suitable place for bank branches.

The number of branches OF ICICI: 1900 in India and 33 in Mumbai.

LOCATION OF BRANCH:Vimal Shopping Centre,Near Post Office,Main Road,

Vasai Road West,

Thane - 401202

LOCATION OF ATMS: Vimal shoping centre

With branch Stella Evershine City, Vasai(E) Gokhivare, Vasai (E Babola Naka Vasai (W)

Why they select this place as branch? The selection of a suitable place for the establishment of a branch is significant

with the view point of making place accessible. The safety and security provisions Convenient to both the parties, such as the users and the bankers Infrastructure facility Near to station and located on main road well crowded area. Market coverage

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PROMOTION MIX:

Advertising:Television, radio, movies, theatres Print media:hoardings, newspaper, magazines Publicity:road shows, campus visits, sandwich man, Sponsorship Sales promotion:gifts, discount and commission, incentives,etc. Personal selling:Cross-sale (selling at competitors place),personalized

service. Telemarketing:ICICI one source Call center (mind space)

PEOPLE:

All people directly or indirectly involved in the consumption of banking servicesare an important part of the extended marketing mix. Knowledge Workers,Employees, Management and other Consumers often add significant value to thetotal product or service offering. It is the employees of a bank which represent theorganisation to its customers.

In a bank organization, employees are essentially thecontactpersonnel with

customer. Therefore, an employee plays an important role in the marketingoperations of a service organisation.To realize its potential in bank marketing, ICICI become conscious in its potentialin internal marketing the attraction, development, motivation and retention ofqualified employee-customers through need meeting job-products. Internalmarketing paves way for external marketing of services. In internal marketing avariety of activities are used internally in an active, marketing like manner and ina coordinated way.

The starting point in internal marketing is that the employees are the first internal

market for the organization.The basic objective of internal marketing is to develop motivated and customerconscious employees.

A service company can be only as good as its people. A service is a performanceand it is usually difficult to separate the performance from the people.

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If the people meet customers expectations, then neither does the service.Therefore, investing in people quality in service business means investing in

product quality.

PROCESS:

Flow of activities: All the major activities of ICICI banks follow RBI guidelines.There has to be adherence to certain rules and principles in the bankingoperations. The activities have been segregated into various departmentsaccordingly.

Standardization:ICICI bank has got standardized procedures got typical

transactions. In fact not only all the branches of a single-bank, but all the bankshave some standardization in them. This is because of the rules they are subjectto. Besides this, each of the banks has its standard forms, documentations etc.Standardization saves a lot of time behind individual transaction.

Customization:There are specialty counters at each branch to deal withcustomers of a particular scheme. Besides this the customers can select theirdeposit period among the available alternatives.

Number of steps:Numbers of steps are usually specified and a specific pattern isfollowed to minimize time taken.

Simplicity:In ICICI banks various functions are segregated. Separate countersexist with clear indication. Thus a customer wanting to deposit money goes todeposits counter and does not mingle elsewhere. This makes procedures not onlysimple but consume less time. Besides instruction boards in national boards innational and regional language help the customers further.

Customer involvement:ATM does not involve any bank employees. Besides,during usual bank transactions, there is definite customer involvement at some orthe other place because of the money matters and signature requires.

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PHYSICAL EVIDENCE:

Physical evidence is the material part of a service. Strictly speaking there are nophysical attributes to a service, so a consumer tends to rely on material cues.There are many examples of physical evidence, including some of the following:

Internet/web pages Paperwork Brochures Furnishings

Business cards The building itself (such as prestigious offices or scenic headquarters)

The physical evidences also include signage, reports, punch lines, other tangibles,employees dress code etc.

Signage:Each and every bank has its logo by which a person can identify thecompany. Thus such sign ages are significant for creating visualization andcorporate identity.

Financial reports:The Company financial reports are issued to the customers toemphasis or credibility.

Tangibles: Bank gives pens, writing pads to the internal customers. Even thepassbooks, cheque books, etc reduce the inherent intangibility of services.

Punch lines: Punch lines or the corporate statement depict the philosophy andattitude of the bank. Banks have influential punch lines to attract the customers.

Employees dress code:ICICI bank follows a dress code for their internalcustomers. This helps the customers to feel the ease and comfort.

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ICICI STRATEGY FOR PROMOTION OF FINANCIAL

INCLUSION:

ICICI Bank has taken up specific initiatives to ramp up financial literacy as well asintermediation to the underserved and under banked segments in both rural andurban areas.ICICI Banks financial intermediation models, both through the microfinanceinstitutions and business correspondents have been designed to build a repositoryof information with regard to financial behaviour of the customers.

ICICI Banks Financial Intermediation Models:With focus on low-income segments, ICICI Bank has come up with innovativedelivery channels:

Microfinance

ICICI Bank works closely with MFIs and NGOs to adapt its products to suitconsumerneeds.Two innovative models have helped achieve scale in serving the low-incomehousehold:a) Partnership Model being implemented with NGOs and MFIs: Under this modelICICI Bank forges an alliance with existing MFIs wherein the MFI undertakes the

promotional role of identifying, training and promoting the micro-financeclients and the ICICI Bank finances the clients directly on the recommendationof the MFI, so the customer and portfolio resides in the Banks book.

b) Securitisation of Portfolios of MFIs: Under this model ICICI Bank buys outportfolios from MFIs. The MFI continues to service the clients and acts as thecollection agent. Here again, the MFI shares the credit risk with the Bank. Avariant of the securitisation model is on-tap securitisation, wherein the MFI

receives an advance purchase consideration to create a portfolio of loans thatcould then be periodically sold to ICICI Bank.

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Technology

The Bank has been actively looking at technology solutions to scale up the microfinance portfolio. Further, the Bank has been considering adopting a 'Core BankingSystem' (CBS) for managing the loan portfolio generated under the partnershipmodel. In this regard, the Bank has found an able partner in FINO to providetechnology solutions to the micro finance sector. The technology solutioncomprises of core banking and smart card systems. In light of the technologysolutions available through FINO, the Bank has designed a new process fordelivering loans under the partnership model.Some of the key aspects where a strong technology platform will add value to themicro finance operations include reduction in transaction cost; better data

management and reporting capacities and capability to interface with multipleperipherals, etc. This will also enable enhanced disclosure and transparency in theoperations of MFIs, setting a platform for robust securitisation / buyoutopportunities to meet the priority sector lending objectives of the regulator.

Business Correspondent

In line with the RBI guidelines ICICI Bank employs Business Correspondent (BC)model to extend financial services, especially the much-needed savings services torural customers.In the pilot stage, the transactions by BC are being done with the help of an 'e-Passbook' and an Authentication Device (AD). The e-Passbook can display andstorethe customer KYC information, customer account details and the transactions ineach account. It also has a unique feature of biometric authentication by the wayof fingerprints, thereby mitigating the risk related to PIN (Personal Identification

Number) in the rural scenario.ADs provide Customer interface with user-friendly menu options, enablingtransactions. An authorized operator is enrolled by capturing the fingerprints of all

the 10 fingers to mitigate fraud risk, can operate each AD. The transaction isrecorded on the AD, which at specific intervals would be uploaded and updated inthe Bank's system through a normal telephone line, which is a widely availableinfrastructure even in remote rural areas. Further connectivity through GSM andCDA would also be made possible to ensure that the transaction details areupdated in the Banks system at higher frequency.

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Multiple products

ICICI Bank offers a complete suite of products and services to meet the individualfinancial requirements of customer segments. Savings, investments and insurance

products are made available to its rural and agri customer base. The Bank alsooffers microfinance services to low-income households and crop loans, farmequipment loans, commodity based loans to farmers.

Hybrid channels

ICICI Bank employs delivery channels backed by technological innovations toachieve scale and outreach in a sustainable manner. The Banks channelarchitecture includes branch and non-branch channels. Branches act as a business

hub providing banking services on the one hand, while facilitating the fulfilment ofproducts that have been sourced by the business facilitators and businesscorrespondents.

Non-branch channels are of two types, business facilitators and businesscorrespondents.

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CONCLUSION

Thus ICICI BANKhas a great facility and services which attract the customer,

also has a good staff which provides with all the requirements of the customers. It

has great physical evidence and owns a huge share in regional market. Also givesall the securities related to banking activities.