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Transcript of Prime Samia
1.1 Background of the Study:
Bank is that financial institution which bridge between surplus group and deficit group. This is the sector that can help in achieving economic growth of any nation. Banking is one of the most competitive sectors in Bangladesh. Banking industry has a huge growth during last decades. It is very difficult to capture a large market share because of huge competition. Moreover it is totally service based industry. So no one can deny the importance of customer service to gain competitive advantage in banking industry and customer satisfaction is an important dimension for performance measurement. As most of the banks offer similar products and services, improving customer satisfaction has become the crucial point to gain and increase market share.
The Prime Bank being the first privet sector bank is always one step ahead of the other competitors in serving the customer and satisfying them. Its goal is to meet customers expectation through offering better services.
1.2 Origin of the report:This report is prepared as a compulsory part of BBA program of School of Business, Sylhet International University, Sylhet. The main objective was to translate theoretical knowledge into on the job situation. After completion of academic courses of BBA program I was placed at Prime bank ltd., Subid Bazar Branch, Svlhet as an intern.
This report covers the topic General Banking of Prime Bank Ltd., Snbid Bazar Branch, Sylhet. During this internship period I learned how the host organization works with the help of the internal supervisor. On the basis of working experience for this period I have prepared this report and I have tried my best to relate the theoretical knowledge with the practical work situation.
1.3 Scope of the Study:The study is about Prime Bank Limited, it is a famous commercial bank and it has 111 branches all over the Bangladesh. So the overall scope of the report should be around all the branches of the bank. But my scope was limited because I am appointed by the authority in Subid Bazar Branch of that particular bank. So I had the opportunity to work at that branch only.1.4 Objectives of the study:
To fulfill the requirement of BBA program containing three months internship and gain practical experience.
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
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
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
1.5 Methodology of the study:To prepare the report on General Banking of Prime Bank Ltd., I have to collect both primary and secondary data. The primary sources of my report are-face to face conversation with the officers of Bank Asia, customers & expert opinion. The secondary sources are-file record study, annual report of Prime Bank Ltd. and other sample banks, journals, websites etc.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 ever-increasing 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 socio-economic development of the country.2.2 Historical Background of Prime Bank Limited:Prime Bank started its journey in the year 1995 with the firm commitment of excellent customer service with a difference. It was incorporated on 17th April 1995 with Tk. 1000 million of authorized capital and Tk. 100 million of paid up capital by a group of successful entrepreneurs. It is not only a conventional Bank. Its a modern, dynamic private commercial bank & plays a constructive role in the economic development of the country. Prime bank is the first private bank to introduce lease finance, Hire purchase & customer credit schemes along 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.2.3 Operation in Sylhet:Prime Bank started its operation in Sylhet in the first quarter of 1996. To provide the service to consumers of Sylhet; Prime Bank Ltd. extends its branch in Laldidighirpar in Sylhet in January 10, 1996. This branch now acts as the central branch in Svlhct zone. To consolidate its position in Sylhet the Islamic banking branch in Amberkhana started its operation on December 17, 1997. The opening of Amberkhana branch pronounced the managements vow to strengthen islamic banking operation along with conventional banking for the consumer of Sylhet. To better service of clients, Uposhohor branch of Sylhet, came in to operation on December 4, 2005. To solidify the position and considering the demands of consumers, Subidbazar branch started its operation on October 25, 2007.2.4 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.
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.
2.6 Strategic Priority:To have sustained growth, broaden and improve range of products and services in all areas of banking activities with the aim to add increased values to shareholders investment and offer highest possible benefits to customers.
2.7 Core Values:For the customers: To be the best Private Commercial Bank in Bangladesh in terms of efficiency, capital adequacy, asset quality, sound management and profitability having strong liquidity.
For the employees: By promoting the well-being of the members of the staff.
For the shareholders: By ensuring fair return on their investment through generating stable profit.
For the community: By assuming the role as a socially responsible corporate