Internship is a partial requirement of graduation. It offers a great opportunity for any student to get
some tremendous and brilliant ideas about the practical field. It is also a challenging experience to
prepare Internship Report which increases intellectual abilities as an efficient graduate. As Banking
sector have emerged as the most important player of our economy
and they also offer a
passionate environment for career development so it was my premier
objective since the very
beginning of BBA program to accomplish internship in this type of H financial institution.
A develop banking sector plays a vital role for financial stability of a country.
Standard Chartered Bank (SCB) is a multinational bank and financial services group that is ncorporated in
the U.K. with a unique international network. It now spans in the developed
and emerging economies of the world, after having been in existence for 150 years now. I am
very glad for getting the opportunity to accomplish my practical training in the Standard Chartered
Bank at 67,Gulshan Avenue; which i s the Head Office of Standard Chartered Bank in Bangladesh. The
internship program was carried on the Corporate Affairs department. The internship report has been
based on the Customer’s perception about different product and services provided by Standard Chartered
Bank. During the three month long internship period spanning form February’12 to April’12 in
Standard Chartered Bank the writer of this report gained practical knowledge about the evaluation
process of Customer Satisfaction a consumer product of SCB and worked on a project titled “Relationship
between clients’ knowledge on the services provided
by Standard Chartered Bank and the actual services that are available by the
bank for the customers”. Here the analysis has been made on the service of SCB, different product like
Account; loan of SCB as a whole as well as a performance evaluation of SCB has been made to identify
the relationship of the profitability of the bank and the contribution of the customer satisfaction.
Significance
As an institution, bank has been contributing towards the development of
any economy
for a long time and at the moment it is treated as an important service industry in modern
world. Nowadays, the function of a bank is not limited within the same geographical limit of
any country. Due to globalization and free market economy, this industry is facing
severe
competition. Most of the banks fail due to lack of proper strategic planning and goals. One of the
major reasons of their poor performance is adaptation of traditional banking system.
They are very much slow in adopting new product line, less concerned about attracting
and satisfying customers and being reluctant to implement information technology. That’s
why it is very necessary for each and every bank to evaluate its performance over the
periods.
Basically, this study is conducted to expose the way to find out the customer’s satisfaction level and
know how to provide them better service. Different evaluating procedures and techniques have been
followed to measure the customer’s Satisfaction. This study will establish that there is a basis why
expectations and goals need to be aligned and why the misalignment causes unsatisfactory results. The
goal of SCB is to satisfy its clients; therefore the bank needs to communicate to its clients about the
services available to them by SCB.
On the other hand the clients need to be aware of what the bank is communicating to them. If the clients
choose to remain uninvolved with their bank then their level of expectation will be very difficult to match
as there would be no basis on those expectations.
Client dissatisfaction arises based on their expectations supported by their lack of staying updated with
information as provided by the bank. Hence the study is important as it will prove that when it comes
to client satisfaction the clients are also as responsible in staying aware and updated on the banking
services as well as the bank is responsible to deliver services as promised.
Credit card
A Credit Card is a piece of plastic used for purchasing goods & services and for obtaining cash
disbursements on credit terms. It is unsecured credit i.e. credit without collateral or securities. Each
cardholder is assigned a revolving credit limit by the issuing financial institution. Cardholders can
purchase goods/services upto the credit limit and can re-use the credit facilityupon repayment. Credit
Card allows partial payments for purchases, but charges interest on the amount owed. Interest rates are
traditionally higher than those charged on consumer loans.
5.3.1 History of Credit Card
The use of Plastic Money originated in the United States during the 1920s, when individual Mcompanies,
such as hotel chains and oil companies, began issuing them to customers for purchases made at
those businesses. This use increased significantly after World War II. In 1951, Diners Club issued the
first Charge Card to 200 customers who could use it at 27 restaurants in New York. With this system,
the Credit Card company charged cardholders an annual fee and billed them on a monthly or yearly basis.
Later in the late ‘50s, the Credit Card concept emerged where the bank credits the account of the
merchant as sales slips are received and assembles charges to be billed to the cardholder at the end of
the billing period. The cardholder, in turn, pays the bank either the entire balance or in monthly
installments with interest. The first Credit Card ‘BankAmericard’ was issued by Bank of America in late
1958 in California, USA. This system was licensed in other states starting in 1966, and was renamed as
VISA in 1976. At the same time, three different groups of banks that were not franchisees of Bank of
America began activities that would later merge to become today’s Master Card International.In 1978 the
MasterCard International and VISA International organizations agreed to a concept of duality, in other
words, banks could honor and issue both Credit Cards.
5.3.2 Key Benefits of Standard Chartered Credit Card
Wide Acceptance: Standard Chartered Bank (SCB) issues both VISA and MasterCard Credit Cards,
the two renowned Credit Card brands. Standard Chartered Taka Credit cards are accepted at more than
4500 outlets across Bangladesh. SCB International Visa Credit Card is a globally accepted Credit Card
welcomed at all locations displaying the Visa logo. The card can be used at over 18 million establishments
in more than 150 countries around the world and over 3,000 merchant outlets in Bangladesh.
Easy Repayment Facility: Standard Chartered Credit Cardholders have the flexibility to make payment
of as little as 5% of the outstanding balance per month and carry forward the rest of the balance.
Supplementary Card: Standard chartered Credit Cardholder can enjoy the convenience of having
supplementary cards for cardholders’ spouse, children over 18 years of age or any family members or
friends. The primary cardholder can set a spending limit for the supplementary card which limits the
maximum amount that the supplementary cardholder can spend in one billing cycle.
Cash Advance Facility: SCB Credit Cardholders can get instant cash advance up to 50% of card limit from
any of the SCB ATMs, thus having access to cash 24 hours a day. Besides, cash can also be obtained from
branches during transaction hours.
All Accident Insurance coverage: SCB Taka (both primary & supplementary) Credit Cardholders are
automatically enrolled into All Accident Insurance Coverage. Silver cardholder are insured for BDT
100,000, Gold Cardholders are Covered for BDT 500,000 and Platinum Cardholders are covered for BDT
1,000,000.
InstaBuys: This exclusive feature allows SCB Taka Credit Cardholders to enjoy installment loan facility on
their Credit Card at an interest rate of as low as 16.95%. Under this plan,Cardholders can transfer any
purchase greater than BDT 5000/- into installment loan and repay in Equal Monthly Instalments (EMI).
Rewards Program: Under this plan, SCB Taka cardholders are rewarded for using their cards at
merchant outlets. For every 50 Taka spent, cardholders earn 1 treasure point, which keeps
accumulating as long as the card relationship is continued. Against this treasure point SCB offer a wide
variety gift to the cardholder.
Auto Bills pay: This exclusive feature allows SCB Credit Cardholders to pay their monthly M utility bills
through Credit Card through a standing instruction. Cardholders can avail this S facility to pay their
monthly Mobile Phone bills, cable TV bills, and electricity bills.
Free Access at Balaka Business Class Lounge: SCB Gold Credit Cardholders and their immediate family
members have complimentary access to the Balaka Business Class Lounge at Zia International Airport.
Discounts
Standard Chartered Credit Card has made arrangements with many shops, restaurants, gas station in
Dhaka, Chittagong, Khulna, Sylhet, etc., to offer host of exclusive discounts on credit card purchases.
Target Market
Salaried
Self-employed
SCB RFCD & ERQ A/C holders (Int’l Card)
Age
Primary 21-60
Supplementary 18-60
Minimum Income
Master / Visa Card (Local)
BDT 10,000
Gold Master Card (Local)
BDT 55,000
Visa Gold / Silver (Int’l)
N/A (secured)
Multiple Cads
Primary
Supplementary
One each type
Max 4 / Primary Card
Credit Limit
Master / Visa Card (Local)
BDT 10,000 ~ BDT 90,000
Gold Master Card (Local)
BDT 100,000 ~ BDT 500,000
Visa Silver
US$ 500 ~ US$ 4,500
Visa Gold
US$ 5,000 ~ US$ 20,000
Cash Advance Limit
50% of total limit
Business Existence (for self-employed only)
1 Year – Local
Any Accidental Death Insurance
Master / Visa Silver (Local)
BDT 100,000
Gold MasterCard (Local)
BDT 500,000
Interest Free Period
Minimum
15 Days
Maximum
45 Days
Validity Period
1st issuance
12 ~ 24 months
Renewal
12 ~ 24 months
Renewal
Cards automatically unless revoked by the bank/requested by customer.
Minimum Repayment (15 days after the statement date)
Local – Higher of 5% / BDT 500
International – Higher of 5% / US$ 10
Minimum Income
Master / Visa Card (Local)
BDT 10,000
Gold Master Card (Local)
BDT 55,000
Visa Gold / Silver (Int’l)
N/A (secured)
Multiple Cards
Primary
Supplementary
One each type
Max 4 / Primary Card
Credit Limit
Master / Visa Card (Local)
BDT 10,000 ~ BDT 90,000
Gold Master Card (Local)
BDT 100,000 ~ BDT 500,000
Visa Silver
US$ 500 ~ US$ 4,500
Visa Gold
US$ 5,000 ~ US$ 20,000
Cash Advance Limit
50% of total limit
Debt Burden Ratio
50%
Secured Card (Local / Int’l)
LTV 90%
Business Existence (for self-employed only)
1 Year – Local
Any Accidental Death Insurance
Master / Visa Silver (Local)
BDT 100,000
Gold MasterCard (Local)
BDT 500,000
Interest Free Period
Minimum
15 Days
Maximum
45 Day
Validity Period
1st issuance
12 ~ 24 months
Renewal
12 ~ 24 months
Renewal
Cards automatically unless revoked by the bank/requested by customer.
Minimum Repayment (15 days after the statement date)
Local – Higher of 5% / BDT 500
International – Higher of 5% / US$ 10.
5.3.3
Standard Chartered International VISA Credit Card
The International VISA Credit Card from Standard Chartered comes with a winning combination of valuepacked features and benefits. It simplifies customer travel and eliminates the need to carry cash. Whether
traveling on business or taking a holiday, customers just relax and let Standard Chartered VISA Credit Card
take care of everything.
Platinum Master Card
Standard Chartered Platinum Master Card offers the privilege of having a line of credit that reflects
customer’s achievement and spending power. With this card, he enjoys a very high credit line starting
from Tk. 4,00,000 to meet all his spending requirements anytime, anywhere around Bangladesh.
Customers can withdraw cash upto 50% of his credit limit from any of Standard Chartered branches
during transaction hours. Besides, customer can also withdraw cash upto Tk.50, 000 per day from any of
the Standard Chartered Bank ATMs using platinum Master Card.
5.3.5
Standard Chartered Gift Card
Standard Chartered believes that customers are unique in style and taste. SCB also know how important
it is to get it absolutely right when it comes to buying gifts for someone special. Now with Standard
Chartered Gift Card, customers quest for the perfect gift is over.
Convenient: Customer can choose a Standard Chartered Gift Card as gift; which he/she can load-up with
the amount of choice. As this is a Visa Card, the recipient has the option of using this Card to buy his/her
product of choice from outlets across the country that accepts Visa Cards electronically. The recipient can
also withdraw Cash from the ATMs any time of the day.
Flexible: Based on requirement, customer can load-up Gift Card for any amount ranging from Tk.1, 000
to Tk.100, 000; while paying only a nominal issuing fee. Moreover, customer can pay for the Gift Card
through Cash or his/ her Standard Chartered Credit Card / Account.
Safe: Even if Gift Card is lost or stolen, customer can easily get a replacement card by contacting Standard
Chartered’s 24-hour Call Centre.