Evaluation of Consumer Satisfaction Level at Standard Chartered Bank “Dhanmondi” Branch

Introduction: Since Service Quality Assurance is a new concept in the Banking and Financial Service industry, collection of data based on Literature Review is one of the biggest constraints in the research. Most of the review done on the research has been through the web. The study provides an over view of the implementation of Internal Service Measures in Standard Chartered Bank and the role of Service Assurance in maintaining outstanding customer services. Research Context:

This research brings forward the various concerns that created by consumers. From this research we can learn about the general banking function, structure of SCB and it’s procedures, rules, regulations and overall banker’s customer relationship. Literature Review: Standard Chartered is the world’s leading emerging markets bank headquartered in London. Its businesses however, have always been overwhelmingly international. This is the summary of main events in the history of standard chartered and some of the organizations with which it merged.

Standard chartered is named after two banks which merged in1969. They were originally known as the standard bank of British South Africa and the chartered bank of India, Australia and china. Of the two banks, the chartered bank is the older having been founded in 1853 following the grant of a royal charter from Queen Victoria. The moving force behind the chartered was a Scott, James Wilson, who made his fortune in London making hats. James Wilson went on to start the economists, still one of the world’s pre-eminent publications.

Nine years later, 1962, the standard bank was founded by a group of businessmen led by another Scott, John Paterson, who had immigrated to the Cape Province in South Africa and had become a successful merchant. Both banks were keen to capitalize on the huge expansion of trade between Europe, Asia and Africa and to reap the handsome profits to be made from financing that trade. The chartered bank opened its first branch in 1858 in Chennai and Mumbai. A branch opened in shanghai that summer beginning standard chartered ‘unbroken presence in china.

The following year the chartered bank opened a branch in Hong Kong and an agency was opened in Singapore, a privilege to continue to exercise up until the end of the 19th century. Over the following decades both the standard bank and the chartered bank printed bank notes in a variety of countries including chin, south Africa, Zimbabwe, Malaysia and even during the siege of marketing in south Africa. Today standard chartered is still one of the three banks, which prints Hong- Kong’s bank notes. The standard bank opened for business in Port Elizabeth, South Africa in 1863.

It pursued a policy of expansion and soon amalgamated with several other banks including the commercial bank of Port Elizabeth, the Coles berg bank, the British kaffarian bank and the Faure smith bank. The standard bank was prominent in the financing and development of diamond fields of Kimberly in 1867 and later extended its network further north to the Newtown of Johannesburg when gold was discovered there in 1885. Over time half the output of the second largest gold field in the world passed through the standard bank on its way to London.

In1892 the standard bank opened for business in Zimbabwe and expanded into Mozambique in 1894, Botswana in 1897, Malawiin 1901, Zambia in 1906, Kenya, Zanzibar and the democratic republic in Congo in 1911 and Uganda in 1912. Of these new businesses, Botswana, Zanzibar and the D. R. C. proved the most difficult and the branches soon closed. A branch in Botswana opened again in 1934 but lasted only for a year and it was not until 1950 that the bank reopened for business in Botswana.

In Asia the chartered bank expanded opening offices including Myanmar in 1862, Pakistan and Indonesia in 1863, they Philippines in 1872, Malaysia in 1875, Japan in 1880 and Thailand in 1894. Some 34 years after the chartered bank appointed an agent in Sri Lanka it opened a branch in 1892 to take advantage of businesses from the tea and rubber industries. During 1904 a branch opened in Vietnam. Both the chartered and the standard bank opened offices in New York and Hamburger in the early 1900s. The chartered bank was gaining the first branch license to be issued to a foreign bank in New York.

Even within this period of apparent retrenchment the standard chartered expanded its network, re-opening in Vietnam in 1990, Cambodia and Iran in 1992, Tanzania in 1993 and Myanmar in1995. With opening of branches in Macau and Taiwan in 1983and 1985 plus a representative office in Laos, the Standard chartered now has office in every country in the Asia pacific region with the exception of North Korea. In 1998 standard chartered concluded the purchase of a controlling interest in Banco exterior de Los Andes an Andean region bank involved intrade finance.

With this purchase standard chartered now offers full banking services in Colombia, Peru and Venezuela. In 1999,standard chartered acquire the global trade finance businesses of union bank of Switzerland. This acquisition makes standard chartered one of the leading clearers of the dollar payment in the U. S. A. standard chartered also opened a new subsidiary, standard chartered Nigeria Ltd. in Lagos, acquired 75% of equity of Nakornthon bank Thailand and agreed terms to acquire 89% of the share capital of metropolitan bank of Lebanon.

Today standard chartered is the world’s leading emerging market’s bank employing 30,000 people in 500 offices in more than 50 countries primarily in countries in Asia pacific region, south Asia, Middle East, Africa and the Americas. The new millennium has brought with it two of its largest acquisition in the history of bank with the purchase of Grind lays bank from the ANZ group and the acquisition of chase consumer banking operations in Hong Kong in 2000. These acquisitions demonstrate standard chartered firm commitment to the emerging markets, where we have a strong and established presence and where we see our future growth.

Research Aim and Objectives: The aim of the research is to present and evaluate the satisfaction level of consumers. The following objectives are considered in order to support the aim of this research: 1. To identify consumer’s demand. 2. To analyze the performance of SCB. 3. To study the customers relation with the SCB. Research Methodology: The research has been conducted on the basis of primary and secondary data and information gathered through field work. The methodology adopted in carrying out the research consists of personal interviews as well as questionnaires filled by both the banking staff and selected customers.

The questionnaire will help determine the satisfaction level of customers visiting the branch and also how much quality of service matters to them. Questionnaires designed to be filled by staff also help in understanding the emerging concept of Service Excellence and also to find out what measures are being taken ensure that customers are being served with quality. Visits to branches determine the quality of service being maintained by the Service Assurance, the practices by the front line staff and the response of the customers. Research Design: I shall have to collect responses from Dhaka, “Dhanmondi” area.

The research will be undertaken methodically by following these steps: 1. Sampling and data collection. 2. Collecting Secondary data. 3. Analyzing and evaluating data collected. 4. Conclusion and Inference. Sampling and data collection: In theoretical terms, a sample is defined as a “subgroup or part of larger population”. The sampling process will be an important step for this research because the population is relatively large. The research should therefore consider probability sampling. Since the research is done to figure out the satisfaction level of the customers, therefore, I am targeting them to do the survey on.

?Age: 18 and above ?Sex: Both male and female clients of the bank. ?Non–Probability Sampling: I plan to go for Convenience Sampling. As I would be interviewing and conducting my survey on anyone. ?Sample Size: 50 respondents (both from visiting bank customers and from outsider). Collecting Secondary data: As for secondary resources, I would use relevant journals and various publications of SCB. Also, I would like to collect data from the NSU library, newspaper and the Internet. Also, some of the published statistics by the Bangladesh Bank and the Standard Chartered Bank (SCB) would be used.

Analyzing and evaluating data collected: In order to analyze gathered data, I plan to use statistical software like SPSS that will run z-test, t-test, regressions and such. The data will be presented in graphs for better understanding and clarity. Conclusion and Inference: Based on the results and findings, a comprehensive conclusion will be given to support the responses previously analyzed and evaluated. It can be in the form of stating future trends or directions based on the research findings or a statement of advantages and limitations of the current situation. Critical Reflections:

During the course of the research, there might be the possibility of constraints, drawbacks, cost implication, etc. that is needed to be deal with. Such considerations should be given importance since me and I would have to maintain the flow of the research. Research Limitations: Through careful consideration, the following limitations are brought forward to me that might produce some form of difficulty during prepare this research. 1. Time Constrains: This report is prepared within a short time. 2. Accurate no. of Respondents: It is difficult to find accurate responses from 50 samples.

3. Personal Interview: For the security of the organization many information couldn’t provide me. Time Table and Cost Consideration: Time Table: Events WeekResearch ProposalQuestionnaire DesignData CollectionData AnalysisReport(Draft)Report(Final) Week 01 Week 02 Week 03 Week 04 Week 05 Week 06 Cost Consideration: ParticularsAmount (TK. ) Paper Costs Printing Costs Transportation Costs Refreshment Costs Binding Costs Total Costs References: http://www. scribd. com/doc/21556147/Project-on-Standard-Charted-Bank http://www. scribd. com/doc/36070899/Brm-Scb-Research-Report-Final http://www. scribd. com/doc/40868826/1-My-Intern-Proposal