ING Vysya Bank: Products and Services & Institutional Banking

scope

Prepared by:NIKITA KUMARIEnrollment No.- A6030113031M.A. Economics 2013-15Amity School of Economics

Summer Internship project report

on

* ING Vysya Bank: Company Overview

ING Vysya Bank Ltd., is an entity formed with the coming together of erstwhile, Vysya Bank Ltd, a premier bank in the Indian Private Sector and a

global financial powerhouse, ING of Dutch origin, during Oct 2002.

The origin of the erstwhile Vysya Bank was pretty humble. It was in the year 1930 that a team of visionaries came together to form a bank that

would extend a helping hand to those who weren't privileged enough to enjoy banking services.

It's been a long journey since then and the Bank has grown in size and stature to encompass every

area of present-day banking activity and has carved a distinct identity of being India's Premier Private

Sector Bank.

In 1980, the Bank completed fifty years of service to the nation and post 1985; the Bank made rapid strides to reach the coveted position of being the

number one private sector bank. In 1990, the bank completed its Diamond Jubilee year.

* Type :Private* BSE : 531807* Industry :Banking, Financial Services & Insurance* Founded :2002 (est. 1930 as Vysya Bank)* Headquarters : Bangalore, India* Key people :Shailendra Bhandari (CEO & MD) Uday Sareen (Deputy CEO) Arun Thiagarajan (Chairman of the Board)* Revenue :₹5588 crore (US$950 million)* Employees : Over 10,000* No. of Branches : 527* No. of ATMS : 405* No. of Extension counters : 10

Company Background: ING Vysya Bank

*Introduction

OBJECTIVES

To have a general idea about the products and services provided by ING Vysya Bank.

Judgment of the level of awareness and satisfaction about the services of ING Vysya bank among institutions.

To explore the Institutional banking group of ING vysya bank and to analyze its scope in the market.

Study of various opportunities,threats, strengths and weaknesses of ING Vysya Bank and its competitiveness by preparing of a SWOT Analysis .

*RESEARCH METHODOLOGY

RESEARCH DESIGN:*Research was initiated by examining the secondary data to gain insight into the objective.

*By analyzing the primary and secondary data, the study aim is to explore the short comings of the present system and primary data will also help to validate the analysis besides on unrevealing the areas which calls for improvement and effectiveness.

*DEVELOPING THE RESEARCH PLANThe data for this research project has been collected through self Administration. Due to time limitation and other constraints direct personal interview method is

used. A structured questionnaire was framed as it is less time consuming, generates

specific and to the point information, easier to tabulate and interpret. Moreover respondents prefer to give direct answers.

In questionnaires open ended and closed ended, both the types of questions has been used.

*COLLECTION OF DATA1: Secondary Data:It was collected from internal sources. The secondary data was collected on the basis of organizational file, official records, newspapers ,magazines, preserved information in the company’s database and website of the company.2.Primary data:All the people from different profession were personally visited and interviewed. They were the main source of Primary data. The method of collection of primary data was direct personal interview through a structured questionnaire.

*SAMPLING PLANSince it is not possible to study whole universe, it becomes necessary to take sample from the universe to know about its characteristics.· Sampling Units: Different Autonomous institutions.· Sample Technique: Random Sampling.· Research Instrument: Structured Questionnaire.· Contact Method: Personal Interview.*SAMPLE SIZEThe sample size for this project was 32 independent institutions(Schools, Colleges and Companies). Since it was not possible to cover the whole city in the available time period, it was necessary to take a sample size of 32 respondents as the study was basically on institutions.*DATA COLLECTION INSTRUMENT DEVELOPMENT:The mode of collection of data will be based on Survey Method and Field Activity. Primary data collection will base on personal interview. The questionnaire is prepared according to the necessity of the data to be collected.

*Review of Literature*Products of ING Vysya BankCurrent A/C

Savings A/C

Features General current A/C

Comfort Current A/C

Advantage current A/C

Orange Current A/C

Platina current A/C

AQB Rs 10,000 Rs 25,000 Rs 50,000 Rs 1,00,000 Rs 5,00,000

Features Platina Savings A/C

Zwipe/Zwipeclassicsavings a/c

Orangesavings a/c

Aspirasavings a/c

Advantagesavings a/c

Zing savingsa/c

AQB Rs 1,00,000

Zwipe:Rs 25,000Zwipeclassic: Rs 20,000

Rs 10,000 Zero Zero Rs 2,500

* AQB- Average Quarterly Balance

*ING Institutional Banking Group

Integrated with existing Payment Gateway

Net banking integration with all leading Banks

SMS Fee Reminders to parents & Fee Receipts

User Manuals for Students/ Parents

Customer service available 24/7

All collection reports are available on Fee Module real time

UNIQUE FEATURES:ING Fees Collection Services

*Business ModelFor Schools and Colleges

• No Integration Fee or Set up cost

• AMC to be charged

For Parents• Parents pay Convenience fee on

Net Banking

Credit Card

Debit card

For Bank• Higher Ticket size

• Low-risk or chargeback

*Login Page

XYZ SchoolXYZ School brief detailsXYZ

SCHOOL Logo

• Student/Fee Details

* Payment Confirmation

Payment received for Rs. 10,000/-

*DATA INTERPRETATION & ANALYSISHere findings are represented in the form of graphs and charts. This shows the overall extract of the data collected from various

surveys and other methods.

THE RESPONDENTS WERE ASKED ABOUT HOW OFTEN HAD THEY HEARD OF ING VYSYA BANK LTD. TO KNOW

THE AWARENESS LEVEL ABOUT ING VYSYA BANK

As per the data collected and analyzed, 49% of the respondent institutions were well aware of ING Vysya bank while in rest ,13% have never heard about it and rest 38% have heard about ING Vysya bank few times. ING has got 87% awareness and thus have a good level of awareness among the institutions for their banking services..

14%

38%

49%

ResponsesNever heard before Seen or heard few times See or hear frequently

* Ms-Excel has rounded off the decimal percentage to nearest whole number

THE RESPONDENTS WERE ASKED THAT WHICH OF THE BANKS WILL THEY PREFER FOR THERE CASH INFLOWS

AND OUTFLOWS

According to the data analyzed by responses in the questionnaire,32% of the respondents prefer HDFC bank for there cash inflows and outflows.Similarly,26% prefer AXIS Bank and 23% prefer ICICI bank. ING Vysya bank has got just 16% respondents using its services.

16%

32%

26%

23%

3%

Cash Inflows & Outflows

ING Vysya bankHDFC bankAXIS bankICICI BankOthers

THE RESPONDENTS WERE ASKED ABOUT THEIR GENERAL IMPRESSIONS ON ING VYSYA BANK PRODUCTS AND SERVICES TO KNOW THE SATISFACTION LEVEL IN

THE CUSTOMERS

The analysis clearly shows that ING Vysya has good quality products and a very good impression in the market hence 38% of the respondents have a good impression of ING Vysya Banking services which reflects a good scope for expansion and development of bank.44% responded that ING has average quality services while 19% were not at all happy and responded with low quality services and low reliability for ING Vysya bank services

High Quality services and reliability Average quality services Low quality services and reliability0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Consumer satisfaction

Consumer satisfaction

RESPONDENTS WERE ASKED WHETHER THEY ARE AWARE OF THE INSTITUTIONAL BANKING SERVICES AND ONLINE FEES COLLECTION SERVICES PROVIDED BY ING

VYSYA BANK OR NOT

Most of the institutions are unaware of the high quality institutional banking services provided by ING Vysya bank as only 10 responded in a positive manner about their knowledge on Institutional banking services if ING Vysya while other 22 were unaware.

Yes

No

10

22

Institutional Banking awareness

Institutional Banking awareness

RESPONDENTS WERE ASKED ABOUT THE KINDS OF SERVICES THEY WANT TO USE FOR THEIR

INSTITUTIONS

Most of the respondents want to use the preferred services i.e. services provided by the bank for the benefit of the institutions. Just 16% institutions required high priority services while 37% just wanted to use normal banking services by the bank.

High priority services

16%

Preferred services47%

Normal services38%

Kinds of services institutions want to use

A GENERALIZED VIEW WAS TAKEN FROM THE RESPONDENTS ABOUT THEIR PREFERENCES TO

DIFFERENT BANKS FOR ONLINE AND OTHER TRANSACTIONS FOR THEIR INSTITUTIONS TO KNOW ABOUT THE STAND OF ING VYSYA BANK IN FRONT OF

OTHER COMPETITORS

On analyzing the competitiveness of ING Vysya bank w.r.t its competitors, ING Vysya bank is falling back in the competitions as majority of the institutions preferred HDFC Bank,AXIS bank and ICICI bank for their online transactions, while ING Vysya bank has very few institutions

ING Vysya Bank HDFC Bank

AXIS BankICICI Bank

Others

0

2

4

6

8

10

12

14

ONLINE PAYMENTS

OTHER TRANSACTIONS

COMPETITORS

No.

of R

espo

nden

ts

THEIR WILLINGNESS TO USE ING VYSYA BANK INSTITUTIONAL BANKING SERVICES WAS

ANALYZED

62.5% OF THE RESPONDENTS SHOWED THEIR WILLINGNESS TO USE ING VYSYA BANK INSTITUTIONAL BANKING SERVICES FOR THEIR INSTITUTION WHICH SHOWS THAT ING VYSYA BANK INSTITUTIONAL BANKING GROUP HAS A VERY GOOD SCOPE IN MARKET AND BETTER OPPORTUNITIES TO DEVELOP AND EXPAND IN THE BANKING INDUSTRY AND THE SERVICES PROVIDED BY IT ARE APPRECIABLE AND SATISFACTORY.

POSITIVE

NEGATIVE

0 2 4 6 8 10 12 14 16 18 20

SCOPE OF INSTITUTIONAL BANKING ING VYSYA BANK

*SWOT ANALYSISSTRENGTHS WEAKNESSES OPPORTUNITIES THREATS

AdvancedInfrastructure

Lesser Branches New training programmes New private players

Internet & Institutional

banking services

Less awareness Online payment services for institutions can be

introduced & expanded

Competitors

Superior sevices Not well advertised Profit margins will be good High

volume/ low cost

market inintensivelycompetitive

Right strategy for right products

Work force insufficient Could extend broadly Risk involved

*Conclusions and RecommendationsThe institutions have a

moderate level of awareness about ING

Vysya bank products & services and

institutional banking services.

By getting training on sales, it can be concluded that ING Vysya bank has a very good sales

cycle and techniques.

The modern days technology like Internet

banking, phone banking, used by ING

bank for providing banking services has given positive signals for the institutions.

The network of ING is lagging behind a

bit than its competitors like ICICI bank , AXIS bank and HDFC

bank.

It can be analyzed from data that ING bank has

good products and services;considering the amount of resources by

them in the market.

It has a very good capability to have the

new customers especially the youth because it has the

Formula a/c.

ING-Vysya Bank is providing more facilities to its customers in

comparison to other banks such as ING Inwards, insta pay

etc…

ING bank has

potentially tapped

market in Noida and hence has

opportunities for growth.

The products of ING bank have good

credibility and applicability in

the region.

ING Institutional

banking services are

quite impressive and have unique

features which assure its growth in the market.

The business model and

implementation timeline

provides detailed

information to the

institutions and also gives them strong reason for

using institutional

banking services of ING Vysya

bank.

Many institutions want to use institutional

banking services and thus reflect a

positive scope for it because of the special

features like ING Inwards

and fee payment services,

with security and

authenticity.

The financial and

operational benefits

provided by the

Institutional banking group of ING Vysya

bank provides reliability and satisfaction to

the institutions for

big transactions and makes it

easier.

The benefits provided by the ING Bank to the institutions should be advertised so that people can understand that reliability and security is the main aim of ING Vysya bank.

*Recommendations*Many of the respondents are not aware about their key

services. Bank has to take some initiatives for it.*It should emphasize more on advertisement.

Advertisement is a most powerful tool for position and brand in the mindset of customer.

*Due to intense competition in the financial market, ING Vysya Bank should adopt better strategy to attract more institutions.

*ING Vysya bank should develop better implementation plan to spread institutional banking services and online payment services to other cities.

*Delivering on promises and being trustworthy is the other really important factor according to analysis.

NIKITA KUMARI

EASY TO DEAL WITH….