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Secondary Objectives
1) To know about Prime Bank Limited and to observe and understand
the activities of customer service department.
2) To assess the quality and quantity of various service at Prime Bank
Limited.
3) To identify the customer perception towards the customer services of
Prime Bank Limited.
4) To identify problems in providing customer service.
5) To acquire the practical knowledge of the banking activities.
6) To know the mission, vision, objectives and strategies of the
organization.
7) To know the organizational major functions descriptions of its
business and detailed descriptions of various functional departments.
8) To explore the effectiveness of the products and services offered by
Bank Asia.
1.6 Limitations:
Time Limitation:
The duration of the internship was only three months. This time is not sufficient
to understand a broad sector like banking. So many aspects could not be
attached at this report only because of shortage of time.
Data Confidentiality:
The main barrier of preparing this report is data confidentiality. Data provided
by bank was not enough to cover the main aspects of this report. So I mainly
have to depend on observation of their internal banking process.
Information Validity:
Data was collected through observation and discussion of bank personnel.
Statistical analysis of the data has not been done. Thats why the findings are
not statistically validated.
Survey Limitation:
It was very difficult to questioning customers formally because of some
restrictions from bank. For this I mainly depend on informal conversation and
observation of customers.
2.1 Introduction:
The banking industry is highly competitive, with banks not only competing
among each other; but also with non-banks and other financial institutions.
Most bank product developments are easy to duplicate and when banks provide
nearly identical services, they can only distinguish themselves on the basis of
price and quality. Therefore, customer retention is potentially an effective tool
that banks can use to gain a strategic advantage and survive in todays everincreasing banking competitive environment.
A bank is a financial institution and a financial intermediary that accepts
deposits and channels those deposits into lending activities, either directly or
through capital markets. A bank connects customers that have capital deficits to
customers with capital surpluses.
Banks act as payment agents by conducting checking or current accounts for
customers, paying checks drawn by customers on the bank, and collecting
checks deposited to customers current accounts. Banks also enable customer
payments via other payment methods such as Automated Clearing House
(ACH), Wire transfers or telegraphic transfer, and automated teller machine
(ATM).
Banks borrow money by accepting funds deposited on current accounts, by
accepting term deposits, and by issuing debt securities such as banknotes and
bonds. Banks lend money by making advances to customers on current
accounts, by making installment loans, and by investing in marketable debt
securities and other forms of money lending. Prime Bank Limited has resulted
in great success in all areas of operation with a view to improve the socioeconomic development of the country.
with Islamic banking services in the banking sector in order to bring about
qualitative changes in the lives of people of Bangladesh. PBL through its steady
progress & continuous success has, by now, earned the reputation of being one
of the leading private sector Banks of the country. It has now established itself
as one of the leading and strongest of private sector Bangladeshi banks having
remarkable progress in all areas of operation despite challenging environment.
The sbank received ICAB Awards and SAFA merit Awards. The bank remains
fully committed to the delivery of higher shareholders value. The high
profitability track record underpins value that the shareholders derive from
investing in the shares of Prime Bank. In doing business, Prime Bank follows
the fundamental principles of Corporate Governance- Accountability,
Responsibility and Transparency. In discharging its responsibilities, Prime Bank
works as a socially responsible corporate entity. It has focused in the areas of
preservation of memory of Martyr, health care, education, games and sports,
talent development and contribution to charity.
2.4 Vision:
To be the best Private Commercial Bank in Bangladesh in terms of efficiency,
capital adequacy, asset quality, sound management and profitability having
strong liquidity.
2.5 Mission:
To build prime bank ltd., into an efficient, market driven, customer focused
institution with good corporate governance structure. Continuous improvement
in our business policies, procedures and efficiency through integration of
technology at all levels.
Chairman
Board of Director
Executive Committee
Managing Director
Additional Managing Director
Prime Bank Limited always tries to give proper services to their customers. For
this they open several branches on convenient places for their customers. Prime
Bank Limited, Subidbazar Branch is number 55th among 111 branches. As the
branch situated at residential area generally they have more general customer
either than commercial customers. But there are also some commercial
customers. Some related information regarding this branch is given below.
Branch Serial Number:
55
Branch code:
160
Date of Opening:
25 October, 2007
Head of Branch:
Operation Manager:
Md. Muhiduzzarnan
Total Employee:
12
Functioning Departments:
Address:
The Prime Bank limited Subidbazar Branch has divided its whole General
banking process in to the following sections;
Account Opening Section
Cash Department
Loan Section
Foreign Remittance Section
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3.3.12 Mail:
Prime Bank accept cheque deposits, cheque requisition, accounts opening form
via mail and use mail to communicate to their customers, e.g. by sending out
statements.
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Balance Enquiry: Customer can check the balance from any ARM booth of
PBL and Dutch Bangla Bank.
Mini Statement: Mini Statement facility can be easily obtained from any booth
of Prime Bank Limited at free of cost.
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4. SWOT analysis:
SWOT analysis is the detailed study of an organizations exposure and potential
in perspective of its strength, weakness, opportunity and threat. This facilitates
the organization to make their existing line of performance and also foresee the
future to improve their performance in comparison to their competitors. As
though this tool, an organization can also study its current position, it can also
be considered as an important tool for making changes in the strategic
management of the organization.
4.1 Strength:
(a) Good Customer Relationship:
PBL provides quality services to the clients compared to its other contemporary
competitors. The bank has a very good relationship with its customers. The
bank believes in maintaining personal relationship with the customer.
(b) Experienced Senior Management:
The senior management of PBL is responsible for promoting the highest level
of business ethics and integrity. Their aim is to create and foster a culture
throughout the bank that emphasizes and demonstrate the importance of
maintaining high business ethics and close relationship with customers.
(c) Islamic Banking Activities:
Beside the conventional banking activities Islamic banking activities of Prime
Bank ltd. provides a great edge to the bank then the other bank. So the
consumer of different mentalities can be satisfied getting two ways of banking
service in a single bank.
(f) Cooperative Banking environment:
In the Prime Bank, there always exist cooperative banking environment for the
clients and employees that also influenced its customers and the success of the
bank.
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4.2 Weakness:
(a) Offers only few services among the wide service range:
Though Prime Bank Ltd. has a wide range of services but they offer only a few
of them in Sylhet. In Sylhet, they offer some specific types of services.
(b) Lack in concentrating on marketing activities:
Prime bank does not promote their customer services on a regular basis. They
seem to be not concern about promoting themselves and their services at all.
Where other competitors use billboard to promote their single services, PBL
only use some 5 or 6 feet banners to promote the inauguration of new branch.
(c) Technological Backup is not satisfactory:
One of the major weaknesses of Prime bank Ltd. is the lack of proper
technological backup. Technological backup is not up to date for PBL which
often slower the pace of work. Recently, PBL entered into agreement with
Dutch-Bangla Bank Limited (DBBL) to facilitate the clients of PBI by
providing ATM facilities through ATM (Automated Teller Machine) Booth of
DBBL. This also is the lacking in technological facilities of PBL.
(d) Unavailability of ATM Booth:
There is shortage of ATM booth of Prime Bank in the Sylhet zone. The Prime
Bank provides only 4 ATM booths in Sylhet City, where sufficient balance of
money also become shortage. Beside ATM service charges of Prime Bank is so
high that is why customers are being dissatisfied with it.
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4.3 Opportunities:
(a) Branch Expansion:
Prime bank is growing quickly all over the country. Besides expanding in the
urban areas, PBL has prospects to open more branches in sub-urban areas,
which will eventually enhance the governments efforts at reviving the rural
economy as well as reaching more people by better service.
(b) Training Facility:
Prime Bank Training Institute (PBTI) is supporting the bank by offering in
house training courses, workshops and seminars. As the bank has its own
training institute to enhance the capability of human resources, PBL can use this
opportunity to train their employees in specific areas and create specialized and
expert people for the bank.
(c) Banking Software:
Providing quality service is one of the major goal of Prime Bank ltd.
TEMENOUS T24 is functionally a rich thin client scalable modular system
which increase operational efficiency and is enabling the bank to gain
competitive edge and opportunity. The Prime Bank, Subidbazar branch is
enjoying the installment of this software from the very beginning.
(d) Banks Goodwill:
Prime Bank Ltd. has its own corporate goodwill that factors influenced the
success of this branch.
4.4 Threat:
(a) Level of competition:
Competition is always a major threat for any organization. In recent years, the
number of private bank is increasing. These banks always pose a threat for
others by coming up with new product line, innovative technology, quality
services, etc. thus the level of competition rises and create threat for Prime
Bank.
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5.1 Recommendations:
On the basis of my studies and observation, from my point of view, the
following recommendations can be judged and applied to promote the product
& service of Prime Bank Ltd.
1. Provide Prompt Customer Service:
Branch has to deal with lots of customers of the bank that is what it needs to
focus more on efficient service and more staffs are required for the Customer
Service Desk.
2. Introduce New Service:
According to their huge number of customer, product variety, number of
products and its availability should be increased and offered to the customers.
3. Promotional Activities:
The Prime Bank should amplify their effective promotional activity. As such it
should pursue more advertisement campaign in order to build a strong image
among people. To attract new customers they could use print and electronic
media.
4. Provide Banking Material faster:
The time duration from application to delivery of ATM/Master card of the
Prime Bank to its customer should be shorten.
5. Promote additional ATM Booth:
The Number of ATM booth has to be increased for the Sylhet zone.
6. Fully online banking facilities:
Prime Bank Limited is an online bank, but still they could not provide all the
facilities of online banking. Customers have to collect their cheque books, ATM
cards, etc, from the branch where they open account. These cause problems in
many times, and inconvenient for customers. So they must take steps to be a
fully online bank that means to provide all kinds of online facilities to
customers.
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5.2 Conclusion:
The customers today are more conscious and apply their precious judgment in
selecting their service providers. Thus The Prime Bank finds a fundamental
change in the way the customers think and act in choosing their products and
services. The customer wants to know the value, ethical standard, tangibles etc
demonstrated by the banks. They are also careful and sensitive about the way
the banks treat the employees as well as the community in which the bank
operates their businesses. As such, it is imperative on the part of the bank to
strike the balance between profitability and service sensitiveness. To the end,
Prime Bank Limited is integrating their responsibility into service and its
operation.
During the three months internship program in Prime Bank Ltd. Subidbazar
branch, almost all the desks have been observed. As such, it has been observed
that the branch provides all the conventional banking services as well as some
specialized Financing activities to the economy. Customers Services of any
bank is a crucial department in reality. A banks performance is largely depends
on this department. The Prime Bank Ltd. Subidbazar branch provides all the
services related to the variety of products of the bank to its customers. Thus the
Prime Bank Ltd. Subidbazar branch is playing an important role in the banking
systems and service in Sylhet.
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Bibliography:
1. Annual Report of the Prime Bank Ltd. (2011-2012)
2. Prime Magazine, 2nd & 3rd Issue. Published by Prime Bank Limited.
4. Booklet, brochures of various products of Prime Bank Limited.
5. Previous Internship report on Prime Bank Limited.
6. Book Reference:
i) Business Research Methods by William G. Zikmund, Barry J. Babin, Jon C.
Carr & Mitch Griffin, Eight Edition.
ii) Principles of Marketing by Philip Kotler, Fourteen Edition.
iii) Crafting & Executing Strategy by Arther A. Thompson, A.J. Strikiand III,
John E. Gamble, Sixteenth Edition.
7. Web Reference:
i) www.primebank.com.bd.
ii) www.banking.com