Syndicate Bank Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Syndicate Bank through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Syndicate Bank Product Strategy:
Syndicate Bank is one of the most well recognized banks in India. Syndicate bank offers various products & services like deposits and loan facilities in its marketing mix. They offer current/saving accounts(CASA) and Term (fixed) deposits. In the Loan category they offer retail loan, Corporate loan, Agriculture loan, Priority sector loan and SME loan. It offers international banking services through NRI account. It offers credit and debit cards. Syndicate bank goes in sync with government initiatives, the bank is focusing on financing manufacturing units to support the Make in India campaign of Government of India. The bank has opened 40.08 lakh accounts under Pradhan Mantri Jan Dhan Yojana. Syndicate Bank has adopted a new strategy to re-energize its old operations and offer new innovative products to the customers. It has set up a new department “Product innovation and BPR” to step up its business and sales plan. Syndicate Bank has come up with several new products like “Synd Rd Plus” which allows the customer to deposit more than one installment during a month without any penalty being levied for premature withdrawal or delayed payment. Other new product was SyndProfessional, which offered a credit facility to professionally qualified people. SyndSolar, SyndMortagage, Synd defense plans were some of the new addition to the product portfolio.
Image: company website
This concludes the product strategy in Syndicate Bank marketing mix & strategy.
Syndicate Bank Price/Pricing Strategy:
Below is the pricing strategy in Syndicate Bank marketing mix strategy:
Syndicate bank provides 4% interest on its domestic account, No-frills Account and Non-resident account with different minimum balance requirements for rural, urban and semi urban areas. It has term deposits facilities ranging from 7-14 days to above 5-10 years.
Syndicate Bank offers different interest rates on different amounts of deposits and also depending on the duration of the deposit. The interest rate ranges from 4.5% to 6.8%. Different interest rates are charged for different loans. For example, for housing loan an interest rate of 9.65% is charged, for vehicle loan 10.3% to 11.65% is charged, for personal loan 13.4% to 14.40% is charged. The mean rate for education loan is 11.28%.
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Syndicate Bank Place & Distribution Strategy:
Following is the distribution strategy in the Syndicate Bank marketing mix:
Syndicate bank has a wide reach. Its corporate office is in Bangalore, India. During the fiscal year of 2015-2016 it opened two new regional offices, one in Vadodara and Dehradun. Syndicate Bank has a total of 3700+ number of branches including one branch in London. Out of the total no. of branches 1219 were in under banked districts and 945 branches in minority districts. 10 branches were opened in the North Eastern States of India during 2015-2016. The domestic branch network of Syndicate Bank consists of 1200+ rural, 1000+ semi-urban, 800+ urban and 600+ metro branches. The bank has more than 3700 ATMs across the country. The bank has 109 branches which handle full-fledged Foreign exchange transactions.
Syndicate bank has sponsored three regional rural banks which are in the top league among various Regional rural bank of the country. They cover 18 districts in 3 states and consists of a network of 1512 branches.
Syndicate bank uses internet banking, SMS banking and mobile banking as its delivery channels.
Syndicate Bank Promotion & Advertising Strategy:
The promotional and advertising strategy in the Syndicate Bank marketing mix is as follows:
Business promotion is an integral part of Syndicate bank’s policy. It makes continuous efforts to popularize its products and services so that people are aware and can make full use of their products and services. The saving bank account campaign achieved an accretion of Rs. 2500 crore during the campaign. Seeing the stiff competition in the retail segment and to expand business under retail credit portfolio, Syndicate Bank conducted three retail and MSME campaigns in 2015.These campaigns were successful in mobilizing the business.
Syndicate Bank launched pensioners mela to increase the Aadhaar seeding of pensioners’ accounts. Mutual fund Bonanza campaign was launched to generate revenue for the bank from lump sum investments along with an increase the base of Systematic Investment Plans (SIP). The bank also celebrated farmers’ day and honored some of the best farmers in the country.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Syndicate Bank.
People:
Syndicate bank’s human capital sums up to a total of 32,097 employees. The bank periodically accesses the skill gaps and recruit officers in specialized areas like marketing, law, CA, IT and Economist. The bank follows reservation policy as prescribed by the government of India. They treat their employees as their most valuable assets and make sure that they are always future ready. Syndicate Bank has several staff welfare schemes like renovation of their bank quarters and compensation to bank employees killed in robberies, and terrorist attacks. From time to time they intervene to develop and train their employees. Syndicate Bank offers different training programs to employees at different levels. There is Syndicate Institute of Bank Management, (SIBM), Manipal and the seven Training Centres at Delhi, Chennai, Bangalore, Ernakulam, Hyderabad, Kolkata and Mumbai to cater to the training needs of the bank. They have implemented a Human Resource Management System (HRMS) to integrate all employee related data like heir profiles, leave record, performance appraisals. For talent grooming and retention, the bank reimburses the examination fee and pay other incentives if the employee passes professional examinations like IRDA, CISA, risk management examinations etc.
Process:
Since banks are involved in granting loans they have to show prudence in their processes and should do careful assessment of the borrowers before granting loans. Syndicate bank has pro-active risk management practices and a multi-tiered credit approval system.
The processes in Syndicate bank are customer friendly and their convenience and comfort is kept at utmost priority. Their customer service is based on principles of courtesy, communication, efficiency and timeliness, general management and knowledge. Syndicate Bank has put in place a robust customer grievance mechanism on which regional offices are rated on the number of complaints they received and the time taken to escalate them. The bank has also appointed an internal ombudsman (Chief customer service officer) as directed by the Reserve bank of India. Syndicate Bank wants to develop a Lead Management System to segment the customers according to their profile and achieve higher conversion rate from leads to sales.
Physical Evidence:
Syndicate bank’s logo has a dog in it which is in sync with their motto ‘Faithful and Friendly’. The background has yellow and orange colors in it. Orange symbolizes bank’s vibrancy and confidence whereas yellow indicates innovation through collective work and thinking. Syndicate Bank adopted “ASPIRE” as its corporate theme which signifies- Acquire Quality Business, Sustainable Growth, Perform 360 Degree, Improve Governance, Reduced Stressed Assets, Excellence in Customer Service. Syndicate Bank has launched a flagship programme for a large scale transformation of its branches to provide best in class service to its customers and to modernize the whole bank. The name of the project is project Ananya. It involves restructuring of its business processes and its department and digitalization of their services. Hence, this completes the Syndicate Bank marketing mix.
About Syndicate Bank:
With a commitment to social welfare and a primary objective to provide financial help to Udupi’s local weavers who were hit by a crisis in the handloom industry, Syndicate bank was setup in 1925. Its visionary founders Sri Upendra Ananth Pai, Sri Vanam Kudva and Dr. T.M.A Pai established the ban with a capital of Rs. 8,000/-. Arun Srivastava is the current managing director and the CEO of the bank. Over the span of 90+ years Syndicate Bank has established a solid customer base for itself. Its customer base stands at over 49 million as of march 2016. The bank is well equipped with the IT infrastructure, skills and knowledge to sustain in the competitive industry. The bank’s mission is to be a leading provider of banking solutions by offering various financial services to all strata of the society. Other than this Syndicate Bank is socially very active.
It has various CSR initiatives. Under one such initiative called the Synd Samagra Gram Vikas Yojana, it has adopted 26 villages across the country to develop them.
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