Retention Strategies of Standard Chartered Bank for Customers (credit card)

Abstract

The Banking industry is one of the most attractive industries in Bangladesh. Every year, this industry is growing at a higher pace with a number of multi-nationals coming in the competition phase. Among different multinational banks those are operating in Bangladesh, Standard Chartered Bank is considered to be the largest banking service provider in the country. This report endeavors to provide background information of the 'RETENTION STRATEGTES Of STANDARD CHARTERED BANK FOR CUSTOMERS (CR.EDrr CARD)". The broad project objective is to draw some strategies for Standard Chartered Bank, which helps to retain the rapidly growing customer volume. In order to reach the broad objective, some specific research objectives are identified. These are to identify tlte reason behind the closing attitude of the credit card hotders and to provide an overview of the existing product and services offered by Standard Chartered Bank. The report also focuses on the various aspects of the banking industry in Bangladesh, evolution of private banks, nurturer status of the banking industry its size and growth. With the global slow down in the face of rising competition, the customers faced with an increasing array of financial products and services and expecting more from providers in terms of customize offerings, value, ease of access and personalized services. As a result, retaining customers and minimizing shake are both major concern for financial service institution. At present, Standard Chartered Bank is operating in the country with huge number of credit cards holders. But the current trend of the credit card indicates a rising rivalry among the different competitor in the industry. Hence, a good number of SCB card holders are not continuing with the bank but switching to its competitors mainly because of better facilities such as more credit limit, less fees and charges etc. This might not cause a great deal of loosing profit of the Standard Chartered Bank however it is a matter of bank reputation. To have an insight from the practical aspect, this study is carried out to identify various reasons behind the closing attitude of credit cardholders of Standard Chartered Bank. At the same time, emphasize on the different existing product and seruices offered by the bank for their valuable cardholders. therefore, this study tries to give some suggestion of improving the services offered by the bank based on the reason behind closing attitude of the cardholders and comparative analysis with other banks to reinstate their valuable cardholders. This study contains mainly five parts. Part One is the Orientation to the Study, which includes objective of the study, significance, scope, methodology and limitation of the study. Part Two is the Organizational part that gives the idea about Standard Chartered Bank's historical background, mission, objectives, different divisions, banking services offered by SCB from both Global and Bangladesh perspective. Third part contains the project pdrt, which mainly discussed about the project findings of the study including the brief overview of the credit card, its advantages, disadvantages, reason behind closing attitudes, existing products and seruices offered by Standard Chartered Bank, the effect of these products and services on closing attitude, comparative analysis and the trend of closing in the last two years. The forth part of this study is the conclusion of the total study. The fifth part consists of some recommendation is drawn on the basis of comparative analysis and reason behind closing attitude to reduce the attrition rate of the cardholders for the sake of Bank's reputation as well as grab the profit potentiality.