Excellence in Customer Service of IFIC Bank Limited

The main Objective of the report is to explain the Excellence in Customer Service of IFIC Bank Limited. Other objectives are to highlights different aspects of customer excellence in customer service of the Bank and analysis the opinions related to different level of customer service. Finally suggest some recommendations to improve the total customer service level of the bank.

Objectives of the Report

Broad Objective

The main Objective of the Study is to assess the Excellence in Customer Service of IFIC Bank Ltd.

Specific objective

To achieve the main objective, this study highlights some specific objectives that are as follows:

• To give a brief overview of IFIC banks Ltd.
• To highlights different aspects of customer excellence in customer service of IFIC Bank Ltd.
• To analysis the opinions related to different level of customer service.
• To suggest some recommendations to improve the total customer service level of the bank.

Methodology

Primary Data:

Many of the data and information were collected from my practical experience and queries from the executives while doing my internship at IFIC Bank Ltd. Besides that most of the necessary information has been collected by face to face interview with the major clients of the       bank    and people working in different department, personal investigation with bankers, circular sent by Head Office and maintaining daily diary which contains all the activities that has been observe and done in the bank

The primary sources are:

• Practical observation.
• Face to face conversation with branch manager, officers and executives of the bank.
• Face to face conversation with the existing and new customers of IFIC.
• Relevant document’s studies as provided by the officers concerned.
• Personal diary (That  contains  every  day  experience  in  bank  while  undergoing
  practical orientation).

Secondary Data:

• Annual Report of IFIC Bank Ltd.
• Gather knowledge about the bank from their banking (www.ificbank.bd.com)
• Publications obtained from different libraries and from internet

Population size:

All officers and clients of IFIC Bank Ltd

Sample Design:

I have considered the different section of people who have an account of this bank. The judgmental sampling procedure was used to select the sample units from different customers of different department of the bank who were willing to respond to the questionnaire. From the bank I was taken 50 customers for my sample of the survey that was given actual result about customer service level from different service department of the bank. As the sample of customer of the bank, 30 customers are female and 20 customers are male.

The methodology includes the methods, procedures, and techniques used to collect and analyze information. To prepare this report I have used two methods. And those methods were effective in preparing this report.

Overview of the IFIC Bank

Profile of IFIC Bank Limited

International Finance Investment and Commerce Bank Limited (IFIC Bank) is banking company incorporated in the People’s Republic of Bangladesh with limited liability. It was set up at the instance of the Government in 1976 as a joint venture between the Government of Bangladesh and sponsors in the private sector with the objective of working as a finance company within the country and setting up joint venture banks/financial institutions aboard. In 1983 when the Government allowed banks in the private sector, IFIC was converted into a full-fledged commercial bank. The Government of the People’s Republic of Bangladesh now holds 32.75% of the share capital of the Bank. Directors and Sponsors having vast experience in the field of trade and commerce own 8.62% of the share capital and the rest is held by the general public.

IFIC Bank is providing a wide range of financial services, offering specialist advice and products to corporate clients to meet diverse demands of changing market scenario. We have expertise to customize products & services to meet specific requirements of our clients. We are committed to serve our customer with extensive branch network all over the country to expedite our client’s business growth. We facilitate your business to face the challenges and realize opportunities, now and in the future. Bank’s main focus is relationship based banking and understanding corporate & institutional business environments in Bangladesh

Bank Mission

Our Mission is to provide service to our clients with the help of a skilled and dedicated workforce whose creative talents, innovative actions and competitive edge make our position unique in giving quality service to all institutions and individuals that we care for.

We are committed to the welfare and economic prosperity of the people and the community, for we derive from them our inspiration and drive for onward progress to prosperity.

Bank Vision

We want to be the leader among banks in Bangladesh and make our indelible mark as an active partner in regional banking operating beyond the national boundary.

Bank Slogan: Your Satisfaction First

Objective of IFIC Bank Ltd

Maximization of profit through customer satisfaction is the main objective of the Bank in addition. The others relevant objectives are:

1. To be market leaders in high quality banking products and services.
2. Active excellence in customer service through providing the most modern and Advance state of art technology in the different spheres of banking.
3. To participate in the industrial development of the country to encourage the new and educated young entrepreneurs to undertake productive venture and demonstrate their Creativity and there by participate in the national development.
4. To provide credit facilities to the small and medium size entrepreneur located in urban and sub urban area and easily accessible by our branches.
5. To reduce dependence of moneylender.
6. To make the small and medium enterprise self -reliant.
7. To develop saving attitude and making acquaintance with banking facilities.
8. To inspire for undertaking small projects for creation employment through income.
9. To ensure the high return on investment
10. To strive for profit and sound growth.
11. To play a significant role in the economic development of the country.
12. To protect money laundering.

Distribution of Branches

The Bank covers by its activities all the important trading and commercial centers of the country. As on in 2012 it has 100 branches within Bangladesh.

Operation Abroad

Joint Venture

1. Bank of Maldives- In 1983, IFIC Bank set up a joint venture bank names Bank of Maldives Limited (BML). It is the first bank of Maldives. In 1992, as per contract, IFIC Bank handed over the management of BML to Maldives.
2. Oman- Bangladesh Exchange – To facilitate remittance by Bangladeshi in Omen, IFIC bank set up a money exchange company as a joint venture, named Oman-Bangladesh Exchange.

EXCELLENCE IN CUSTOMER SERVICE

Customer Service:

Customer service is the set of behaviors that a business undertakes during its interaction with its customers. It can also refer to a specific person or desk which is set up to provide general assistance to customers.

CRM is a system with which to identify and track customers’ needs. Four basic steps will help to ensure a greater effectiveness in your CRM system:

• Establish clear and specific objectives regarding the CRM needs you wish to fulfill
• Plan a realistic strategy to accomplish the set objectives
• Identify a CRM software that matches up with set goals
• Evaluate on a regular basis to train and adapt your strategy to your progressive experience

Customer Satisfaction:

It refers to the satisfaction of customers in terms of how they are satisfied with the politeness, knowledge and promptness of employees in handling busy customers. It also takes into consideration the perception of the customers as to whether the product or service is worth what they are paying for it.

Customers of IFIC Bank Limited have a good perception about the quality of service provided by them. From our survey we found that customers are satisfied with the overall service of IFIC Bank. All the offers provided by IFIC Bank are very beneficial for the customers. But in case of service benefit is not the alone factor that determines the level of satisfaction. There are many other things that take control over the overall satisfaction. For instance, service having attractive offers may fail only because of rude behavior or carelessness of the provider. So it is very important to ensure other factors that are related with the success of the service.

The Five Factors to customer Satisfaction

There are five major factors identified by the experts that are essential to assure the quality of better service that will lift the level of satisfaction. They are reliability, responsiveness, assurance, empathy and tangibles. These five factors determines the quality of interaction between customer and provider, the quality of  Physical environment quality and outcome quality of the service which leads the overall service to the position of excellence of quality. From our survey we found that how these factors affect their satisfaction level.

Reliability:

It means ability to perform the promised service accurately. In case of banking reliability is very important. Because if the client pretends that the company  is not able to continue its service proper in the future they will not interested to banking with  IFIC Bank. From our survey we see that most of the customers chose IFIC Bank because they think it is reliable compare to others in case of providing various unique features .On the whole customers have a perception that IFIC Bank is capable to provide all the services they offered.

Responsiveness:

It is another vital factor that controls customers’ perception about quality of service. It means willingness of the employees to help the customers. According to the perception of customers responsiveness is very important to increase the quality of the service. Even the customers ranked the importance of responsiveness in banking 7 out of 9. If employees do not response immediately to the need of the customers, valuable time of the customers will be spent unnecessarily. Even the customer may become frustrated whether he will get the service or not. The customers of IFIC Bank replied that IFIC Bank responses promptly.

Assurance:

It means the knowledge and ability of the employees to develop trust in the mind of the clients about the completion of the task properly and on time. Customers have a great perception about IFIC Bank that they perform according to their promise. Assurance has a great impact on the quality of the service because if promises are not kept customers may switch to other bank.

Empathy

To ensure better service it is very important for the employees to have empathy. Empathy means giving individual attention and taking extra care of the customer. IFIC Bank has young and energetic employs that interact with customers nicely and they continuously ask about their satisfaction and dissatisfaction of every individual.

Tangibles

Tangibles are very important factor because it directs the customer mind about the quality of the service. Tangibles are physical facilities, equipment etc used in the context of service company. Interior decoration, sitting arrangements, temperature of the room, cleanness odor everything controls the perception of customers about the quality of the service. IFIC Bank has confirmed well interior decoration in all their branches and they try keep the standard of their services cape same all over the world. They use all the elements Used in there company like chairs, carpet etc imported from abord and all of them are same for all branches.

Excellence in Customer Service provide by IFIC Bank Ltd

International Finance Investment and Commerce Bank Ltd is one of the leading financial institutions. It expressed its eagerness to offer new services to its valued customer and reward their loyalty and support with innovative service offers. IFIC Bank Bangladesh focused and committed to bringing in distinctive and world class products and services while maintaining service levels and customer satisfaction at the highest standards. The following Product& Services offered by IFIC Bank, Bangladesh, which come with a range of attractive benefits for the customers that maximize value to the customers and differentiate it from its competitor.

Here I have categorized various types Banking Service. These are

• Retail Banking Service,
• Corporate banking Service,
• SME Banking Service,
• Agriculture credit Service,
• Foreign Exchange service
• Internet Banking Service/ E-Banking
• Common Services offered to all Customers

From this banking service they provide there Excellency to the customer and achieve customer satisfaction. Given below Product and Service offered by IFIC Bank Ltd.

Retail Banking Service

Retail Banking is mass- banking facility for individual customers to avail banking services directly from our wide branch net work all over the country. We provide one-stop financial services to all individual customers through our innovative products & services to cater their need. With a view to provide faster and more convenient centralized online banking services, most of our branches have been brought under the real time online banking system.

IFIC Bank offers a wide variety of deposit products, loan product & value added services to suit your banking requirements. Products and services for individual customer include: Consumer Finance, Deposit Product, Card, NRB Account, Student File, SMS Banking etc.

Deposit Product

To establish a Banker and customer relationship Account opening is the first step. Opening of an account binds the Banker and customer into contractual relationship. But selection of customer for opening an account is very crucial for a Bank. Indeed, fraud and forgery of all kinds start by opening account. So, the Bank takes extremely cautious measure in its selection of customers.

(a) Savings Account

We are offering the most attractive interest rate of 6.5% on your Savings Account:

• Initial Deposit: Tk. 300.00 at rural branches & Tk. 1000/- for urban branches which should be considered as minimum balance.
• Competitive Interest Rate
• No extra hidden charge
• Debit Card facility
• SMS Banking Facility
• ATM facility
• Online banking facility
• Utility payment service
• Transfer of fund from one branch to another
• Opportunity for availing locker facility

(b) Current Account

• Minimum required balance Tk.2000/-
• Facility are same as SB A/c

(c) Fixed Deposit Receipt (FDR)

Fixed deposit gives you higher interest than other forms of deposits. IFIC Bank is offering Competitive interest rate in FDR:

Fixed Deposit Rate

(d) Special Notice Deposit (SND) Account

Special Notice Deposit (SND) Account is opened for any individual/firm/company/FinancialInstitutions/societies/clubs/Trust/NGOs/Banks/Corporations/Autonomous bodies/government organizationsInitial Deposit for opening account Tk. 25,000/- (Min.

(e) SND Interest Rate

(f) Pension Savings Scheme (PSS)

IFIC Bank is pleased to offer 3(three) / 5(five) Years Monthly Savings plan with higher return and monthly pension option at maturity. Monthly Installment option and Payment after maturity, now being offered under the scheme, are as under:

• Rate of Interest 11.00%
• Can receive full payment at maturity or option for a pension on monthly basis, Income Tax Rebate.
• Credit facility (Max 80.00%, but Min Tk.20,000)

(g) More Money

• Interest Rare: <Tk.10, 000-0.00% Tk.10, 000-to 30,000/- 7.00%> Tk.30,000/-8.00%
• An initial deposit TK. 10,000.00
• Complementary one Debit Card (free of charge) to be issued to the Account holder.
• For the Account Holder (1st Applicant only for joint Account Holders) there will be a life Insurance Coverage up to Tk.5, 00,000.00 (Five lac) in case of accidental death and Tk. 30,000.00 (Fifty thousand) for normal death.

(h) School Savings Plan – A Plus

• Student of less than 18 years of age will be eligible for opening the Account.
• Monthly deposit under the Plan is 5 (five) & 7 (seven) years.
• The Account is to be operated by the guardian (Father/Mother/G. parents/ Uncle/ Others) of the Account Holder till he/she attains to the age 18 years (Majority).

(i) Monthly Income Scheme – Protimash

• The applicant will require to open/have a CD/SB Account with the branch Tk.1000.00 per lac per month for 3 year

(j) Three Years Deposit Plus (3YDP)

• 1,28,,367/- per lac A/c holder can get Credit facility against the A/c

Consumer Finance/Service

Consumer Service/Finance provide for the consumer personal purpose.

IFIC Easy Loan

• Interest Rate: 17.00%
• Serve any personal financial needs; Paid against Financial securities.
• Repayment tenure 12 to 36 months

Consumer Durable Loan

• Interest Rate: 17.00%
• Customers desire to purchase consumer durables like – computer, television, refrigerator, washing machine, air conditioner, music systems, motorcycle.
• Min Tk. 100,000/-
• Monthly installment for 36 month is Tk.3542/-

Parua (Education Loan)

• Interest Rate: 17.00%
• Education Loan that can make a student’s dream comes true.

Maximum Tk. 8.00 lac to be repayable in 12 to 48 monthly Installments Such as for Tk.  100,000 – (36 months),installment size is Tk.3542/-

Thikana (Home Loan)

• Interest Rate: 15.30%
• Home Loan
• Maximum Tk.75.00 lac to be repayable in 12 to 180(1-15 years) monthly installment.

Any Purpose Loan

• Interest Rate: 17.00%
• a personal loan to meet any financial requirement
• An amount upto Tk.3.00 lac to be repayable at 12 to 36 month Installment)

IFIC Marriage Loan

• Interest Rate: 17.00%
• For Marriage festival.
• Maximum Tk.3.00 lac to be repayable in12 to 36 monthly

CNG Conversion Loan

• Interest Rate: 17.00%
• For CNG conversion of the vehicle.
• Maximum Tk.1 .00 lac to repayable at 12 to 36 monthly installment

 IFIC Home Renovation Loan

• Interest Rate: 17.00%
• Need to renovate old home
• Maximum Tk.3.00 lac to be repayable installment

IFIC Medical Loan

• Interest Rate: 17.00%
• Hospitalization or other emergency medical needs to salaried people.
• Maximum Tk.3.00 lac to be repayable in 1 2 in 16 monthly installment

IFIC Holiday Loan

• Interest Rate: 17.00%
• To visit overseas with family or friend.
• Maximum Tk.3.00 lac to be repayable in 12 to 36 monthly installment.

IFIC PeshajeebiLoan

• Interest Rate: 17.00%
• Doctor/Engineer/ IT professional/ Management Consultant or any professional
• Maximum Tk.10.00 lac to repayable in 12 to 48 monthly installment)

IFIC Auto Loan

• Interest Rate: 16.30%
• To purchase vehicle.
• Maximum Tk.20 lac to be repayable in 12 to 60 monthly installment

IFIC Card Service

IFIC Card is powered by VISA, world’s largest electronic payments network. IFIC Bank has been issuing VISA branded Credit Card, Debit Card & Prepaid Card. Customer can choose any of the above card according to his/her need.

IFIC Credit Card

• Cardholder can enjoy credit facility at lower interest rate of 2% per month
• Can enjoy cash withdrawal facility up to 60% of your credit limit through ATMs.
• You can enjoy upto 100% of your credit limit through Bank POS from any branch
• Cardholders can enjoy 20 o 30 days interest free period;
• 2 types: Gold and Classic for both local and international use.

IFIC Debit Card

• IFIC Bank VISA Debit Card can be used at any ATM displaying VISA Logo for withdrawal of cash and at any POS displaying VISA Logo for purchase of goods & services within Bangladesh
• the designated savings/current account be operated by using the debit card without using cheques 24 hours in a day, 7 days in a week 365 days in a Year

IFIC Prepaid Card

• IFIC Bank VISA Prepaid Card can be used at any ATM displaying VISA logo for withdrawal of cash and at any POS displaying VISA Logo for purchase of goods & services within Bangladesh.
• There is no need to have any account with the Bank.

IFIC Traveler’s Card

• The Card will be issued in favor of the person having valid Passport &.Intent to travel abroad.
• It is a prepaid issue the card, there is no need an A/c of the Cardholder.
• It is a dual Currency card. USD &. BDT

IFIC Business Debit Card

• The Card is issued against the Institute which have an A/c with IFIC.
• The proprietor or the signatory of the company can withdrawal through the Card.
• The maximum withdrawal limit per transaction & the maximum withdrawal limit per day more than IFIC Debit Card.

Remittance Card

• It is a Prepaid Card issued by the branch against the remittance come from abroad.
• The cardholder can buy goods, withdrawal cash from ATM or POS by the.

Bank POS

Bank POS are available at all the branches of the Bank. Any IFIC Card Holder can withdraw cash from any branch of IFIC Bank Ltd. through Bank POS. Credit Card Holders can withdraw cash up to 100% of their credit limit.

We are providing following facilities to NRBs

Student File Service

Remittance of Foreign Exchange for Bangladeshi student going abroad for education purpose in regular courses in recognized educational institutions in Undergraduate & Post-graduate level

Applicable Countries:

• S.A., Canada, U.K., Australia, New Zealand, SAARC Countries, Myanmar &other countries
• Authorized Dealer Branches issue Draft for: Tuition Fees, Living Expense.

Currencies:

• S. Dollar, British Pound Sterling, EURO, Australian Dollar, Canadian Dollar
• Other than academic courses
• Commercial Flying
• Computer Programming
• Chartered Accountancy
• Cost & Management Accountancy arc special fields for which students are allowed to open Student File

SMS Banking

• The convenience to access of Banking needs from anywhere anytime.
• Can check the balance, account information, or even get your mini account statements through IFIC SMS Banking Service.
• SMS Banking facility is lice of charge;
• All Account& Card Holder of IFIC Bank arc eligible to apply for SMS Banking service.
• Bank is allowing its customers to get all these information on customer’s Grammen Phone, Robi, Banglalink, CityCell mobile through SMS.

Corporate Banking Service

IFIC Bank is providing a wide range of financial services, offering specialist advice and products to corporate clients to meet diverse demands of changing market scenario. We have expertise to customize products & services to meet specific requirements of our clients. We are committed to serve our customer with extensive branch net work all over the country to expedite our client’s business growth. We facilitate your business to face the challenges and realize opportunities, now and in the future. Our main focus is relationship based banking and understanding corporate & institutional business environments. Our experienced Relationship Managers & their team can respond to and anticipate your needs and give you competitive business advantages. Products and services for commercial and business customers include: Working Capital Finance, Project Finance, Term Finance, Trade Finance, Lease Finance, Syndication Loan etc.

Working Capital Finance

Business Enterprises engaged in manufacturing/ trading/ service business are eligible to avail Working Capital Loan to meet day to day expenses for processing of manufacturing and selling product & services.

It includes both fund and non-fund based products. Fund-based working capital products include secured over draft cash credit, packing credit, short-term loans payable on demand. Non-fund based products include bank guarantee performance guarantees and bid bonds are also supporting the business of our customers.

Project Finance

IFIC Bank provides project loan to set up /BMRE of long-term infrastructure and industrial projects service unit on the basis of debt and equity.

The Bank has been financing Term Loan (Industrial) facility for establishing new project and/or BMRE of various projects in the sectors viz. textile, garments, power, steel, telecom, pharmaceuticals, packaging, consume Product health, CNG refueling, Real-estate.

Term Finance

IFIC Bank is offering short term & mid-term finance to meet emergency financial needs of the project/business

Import

• Letter of Credit
• Loan against Imported Merchandize (LIM)
• Loan against Trust Receipt (LTR)

Export

• Pre-shipment finance
• Post-shipment finance

Lease Financing

For individual and small enterprise besides medium and large enterprises; Can enjoy tax benefit. IFIC offers financing vehicles/ CNG conversion/ refueling plant/ sea or river transport, Capital machinery/plat/ equipment/lift / generator/boiler, construction equipment/ computer for IT education center, medical equipment etc.

Syndication Finance

IFIC Bank along with other commercial banks has been financing large scale projects under syndication arrangement to raise and meet huge credit need of a company

SME Banking Service

The growth of Small and Medium enterprises (SMEs) in terms of size and number has multiple effects on the national economy, specifically on employment generation, GDP growth, and poverty alleviation in Bangladesh. At present, Small & Medium Enterprise sector is playing a vital role in creation of new generation entrepreneurs and ‘Entrepreneurs Culture’ in the country. Experience shows that borrowers of small enterprise sector prefers collateral free loan since normally they cannot offer high value security to cover the exposure. To facilitate SME sector of the country, IFIC Bank provides collateral free credit facilities to the small & medium entrepreneurs across the country whose access to traditional credit facilities are very limited. We are offering 15 different products for selected target groups, such as – Easy Commercial Loan, Retailers Loan, Muldhan Loan, Women Entrepreneur’s Loan (Protyasha), Transport Loan, Working Capital Loan, Project Loan, letter of Contractor’s Loan, Bidder’s Loan, Working Capital Loan, Project Loan, Letter of Guarantee, Letter of Credit Loan against Imported Merchandize (LIM), Loan against Trust Receipt etc.

Security over Draft (SOD)

• Interest Rate: 14.00%
• To meet business requirement of individual enterprise(other than public limited company) against pledge of financial instruments i.e. FDR

Easy Commercial Loan (Loan General)

• Interest Rate: 2.00% above the FDR Rate For PSS &MIS the rate:15.30%
• To meet business requirement of individual business enterprises (other than public limited company) against pledge of financial instruments i.e. FDR, ICB Certificate, WEDB, NFCD, PSS Account, MIS & Share Certificates & any other Govt. security eligible for credit facilities.

Retailers Loan

• Interest Rate: 16.00%
• To meet working capital /capital finance for any small & retail entrepreneur with successful business record, having a valid trade license are eligible for Retailers loan Nature of the Loan: Term Loan
• Loan Size: Maximum Tk.2.00 Lac; Loan Period : 12 to 36 Months

Transport Loan

• Interest Rate: 15.00%
• To purchase of Road/Water transport for commercial use

Commercial House Building Loan

• Interest Rate: 15.00%
• Individual, business enterprises (other than public limited company) having commercial plot are eligible for construction of commercial building.

Possession Right Loan

• Interest Rate: 15.00%
• For financing fixed working capital proprietorship concern having no collateral Security to offer other than possession right of shop.

Working Capital Loan

• Interest Rate: 15.00%
• Business Enterprises (other than public limited company) engaged in manufacturing trading business are eligible to avail Working Capital Loan to meet day to day expenses for processing of manufacturing and selling product

Project Loan

• Interest Rate: 14.30%
• Business Enterprises (other than public limited company) engaged in manufacturing
  service industry can avail Project Loan to set up /BMRE of manufacturing/service unit

CC (Pledge/ Hypo)

• Interest Rate: 15.00%
• Loan against Stock.

Letter of Guarantee

Business Enterprises (other than public limited company) engaged in construction, supply and other business enterprise can avail Letter of Guarantee facility for issuing guarantee to participate tenders, execute job order and to meet any other obligation

Loan against Imported Merchandize (LIM)

• Interest Rate: 15.00%
• Business Enterprises (other than public limited company) engaged in import merchandise can avail working capital for retirement of import documents

Loan against Trust Receipt (LTR)

• Interest Rate: 14.30%
• Business Enterprises (other than public limited company) engaged in import merchandise can avail working capital for retirement of import documents

Muldhan

• Interest Rate: 16.00%
• Any business purpose loan for business enterprises (other than Public Limited Company) incorporated in Bangladesh engaged in manufacturing or trading or service business
• Nature of the Loan : Term Loan
• Loan Size: TK. 200,000/- (Taka Two Lac) to Tk.5,000,000/- (Taka Fifty lac)

Women Entrepreneur’s Loan (Protyasha) Letter of Credit

• Interest Rate: 15.00%
• Woman entrepreneurs having two years’ experience Small and Medium sized business, owned by women entrepreneurs. Nature of the Loan: Term Loan
• Loan Size: Tk. 30,000/-(Fifty Thousand) to Tk. 3.00 lac

Letter of Credit

• Business Enterprises (other than public limited company) engaged in construction, supply and other business enterprise can avail Letter of Guarantee facility for issuing guarantee to participate tenders, execute job order and to meet any other obligation

Agriculture Credit Service

Bangladesh is an agro-based country and majority of our population dependant on Agriculture. Although maximum of the total population is dependent on agriculture, its contribution to GDP has gradually come down. Moreover, every year a huge amount of food grain and other agricultural products are imported to meet the demand of the country.

Phasali Rin

• For purchasing of agricultural machinery like new power tiller/power tiller with plough (tractor), single cylinder tractor with plough, power tiller with trolley, Rotavator etc.
• Nature of the Loan: Lease Financing
• Loan Size: Tk.30,000/- to Tk. 1,000,000/-

Shech Saronjam Rin

• For purchasing of irrigation machinery like Shallow tube well, Deep tube well, Motor pump,
• Generator etc.
• Nature of the Loan: Term Loan
• Loan Size : Tk.20,000/- to Tk. 1,000,000/-

Poshupokkhi & Motsho Khamar Rin

• To meet financial needs of livestock development/ fish culture (including shrimp)
• Nature of the Loan: Term Loan Size : Tk.20,000/- to Tk.300,000/-

PhalphasaliRin

• For maintenance expenses of fruit orchard
• Nature of the Loan: Term Loan Size : Tk.20,000/- to Tk.300,000/-

KrishiSaronjamRin

• To meet financial needs for cultivation of, RopaAmon, Robishasso, Summer time crops, cotton & other crops (Ginger, Edible Root, Vegetables)
• Nature of the Loan: Short Term Loan / Loan General Loan Size : Tk.20,000/- to Tk. 100,000/

Foreign Exchange Service

Services Provided By Import Department:

Letter of Credit: Business Enterprises can avail Non-funded facility for import / procurement of raw materials, machinery, equipment, merchandise item.

Loan against Imported Merchandize (LIM): Business Enterprises engaged in import merchandise can avail working capital for retirement of import documents

Loan against Trust Receipt (LTR): Business Enterprises engaged in import of merchandise can avail working capital for retirement of import documents.

Payment against Documents (PAD): Arrangement under which a buyer can get the delivery (shipping) documents only upon full payment of the invoice or bill of exchange

Services Provided By Export Department:

• LC Advice & transfer
• Foreign Export bill Negotiation/ Collection (FDBP-Foreign Documentary Bill Purchase & FDBC-Foreign Documentary Bills for Collection)
• Local Bill Negotiation (IDBP-inland Documentary Bill Purchase & LDBC- Local Documentary Bills for Collection)
• ECC (Exporters Cash Credit)
• EDF (Exporters Development Fund)
• Back to Back LC
• Cash Incentive
• Duty Drawback

Internet Banking Service/E- Banking Service

Internet Banking Service

IFIC bank offers internet banking to its customers. Internet banking offers customers to do bank transactions wherever they are and anytime they want. It is safe and convenient to access the account 24hours and 7days in a week.  Facilities provided by Internet Banking are:

Facilities available through i-Banking:

• Account service: View relationship with the bank at a glance; check account balance, view & download statement etc.
• Fund transfer: Transfer fund between own SB Accounts
• Standing orders: Request the set up of standing orders (A/c & Cards)
• Cheque status: Check status of cheque issue from accounts.
• Utility bill payment: Pay utility bill online.
• Credit card payment: Only 1 credit card link
• Credit card services: View card statement, check card balance, and apply for a credit limit increase.
• Personal information: Change existing password.
• Market watch: Get up date on foreign exchange rate.

E-Cash & Online Banking

E- cash: A New Dimension in Banking Service

Online Banking 

IFIC Bank Limited has introduced real-time any branch banking on April 05, 2005. Now, customers can withdraw and deposit money from any of its 23 branches located at Dhaka, Chittagong, Sylhet, Gazipur,  Bogra, Naogaon, Narayanganj and Munshigonj.  Our valued customers can also enjoy 24 hours banking service through ATM card from any of Q-cash ATMs located at Dhaka, Chittagong, Khulna, Sylhet and Bogra.

All the existing customers of IFIC Bank Limited will enjoy this service by default.

Key features: 

• Centralized Database
• Platform Independent
• Real time any branch banking
• Internet Banking Interface
• ATM Interface

Since the importance of Web presence in the Internet is absolutely critical, IFIC Web Site www.ificbankbd.com has long been launched for the convenience of the customers, where all the activities and information are constantly being posted and updated. A Central Mailing System is operational at the Head Office to let the customers have direct electronic access to the selected staff.

Common Services offered to all Customers

 24- Hour Call Centre

IFIC Bank provide to customer  24-hour Call Centre services. IFIC Bank offers Customer Services 24-hour a day, 7 days a week through state-of –the-art Call Centre. This Call Centre facility is designed to provide for both bank accountholders and credit cardholders one stop solution for their banking needs. For any enquiry on customer can simply call at 16255, Phone- 9563020,9562060..

Any Branch Banking

Any branch banking gives customers the privilege to operate from any of the branches of IFIC Bank in Bangladesh. All of the 100 branches are conveniently located across important cities throughout the country. Customers maintaining an account with any of the branches can walk in to any of the branches convenient to them for operation of the account which means they are not restricted to a particular branch to operate that account.

Evening Banking

The service is available from 6pm to 8pm in the branches. Customers can deposit cash and cheques as well as withdraw cash during the extended banking hours. Cheques are only accepted during Evening Banking. The processing of cheques is done the next morning.

Major Findings

This is the most important part of my report titled Excellence in Customer service of IFIC Bank Limited. In findings part I am interpreting the results of my survey on 50 sample customers. The results of this study are stated below in points:

• Most of the peoples have Savings account.
• Most of the customers choose this bank because of the bank location.
• Most of the customers are satisfied with the service charge of the bank
• The customers are satisfied with the account opening procedure of the bank.
• Most of the respondents are receive Cheque against a requisition within 10-15 minutes.
• The customers are satisfied with the service provided by the bank.
• The customers are satisfied with the behavior of the employees.
• The customers who have the account in the bank they can apply for the card and most of them have card. But this is not enough for the bank.
• The customers are not satisfied with the number of ATM booths.
• The customers are not satisfied with the system of issue a card.
• The customers are satisfied with the IFIC Bank employees because they can expertly solve the banking problem.
• The customers are satisfied inquiring over telephone.
• The customers are satisfied about the delivery process of customer service.
• All employees of SBL are efficient and responsive.
• Branch environment of IFIC Bank is very pleasant.
• IFIC Bank is very much committed to their clients.

Recommendation

IFIC Bank Limited has an efficient and excellent management team and performing with a great expertise and care. The limitations can be overcome by some measures to make the performance outstanding. I have some suggestions for The IFIC Bank Limited derived from my observations out of my survey on 50 customers. Those are given below:

• Bank should give importance on other accounts.
• Bank should improve the size, location and personal relationship.
• Number of the branch should be increased. In the rural area bank can be open their branch.
• The account opening procedure should be more easier.
• The procedure should be short and the employees must be efficient to deliver the service.
• To hold the level of customer satisfaction bank should offer new product and provide better service depends on customers’ needs.
• Employees of the bank should be more efficient to provide the service to the customer to reach the 100% satisfaction level of customers.
• To increase the number of card holder’s bank should advertise of it properly and influence the account holders to take the debit or credit cards.
• I think the number of ATM booths must be increased.
• Bank should make the procedure short of issuing card and try to issue the card quickly.
• I think the technology of ATM must be improved.
• Bank should give emphasis on training program to make them more experts.
• Employees of the bank should be more aware to answer over the telephone.
• Here, bank should ignore the lengthy delivery process of customer service.
• The IFIC Bank Limited should maintain good relationship with the customers by providing qualitative products and services.
• The employees must be smart and energetic to serve the customers efficiently.
• Complain/ suggestions box for the customers may be arranged.
• The IFIC Bank Limited should arrange the time-to-time promotion system for the employees to increase their effectiveness/ efficiency/ motivation level.
• Monthly providing of account statements may increase customer’s loyalty to the bank.
• The bank should concentrate on interest rate according to the expectation of the customers

CONCLUSION

IFIC Bank has started its banking activities much earlier comparing to the other banks and due to that, it has gained a lot of banking experience, which has been proved very worthy for them. But that is a part of their job because our countries economic condition is yet to progress a lot. Time to time they are offering different attractive packages of program for customer like different types of account such as Current Deposit Account, Savings Accounting and Fixed Deposit Account etc from the given charts and tables we can see the various range of their deposits and other offers, which remains on changing time to time. They also have adequate planning for compensation in various sectors like-they have a wide range of bonus- branch bonus, sales bonus as the percentage of individual performance etc. They also have some special incentives for specified performance, which is encouraging for the employees. But at the same time they have some drawbacks like- they do focus mainly on financial incentives and benefits and not on non-financial ones. But it is not wise on their part. So they need to consider the non-financial incentives a little bit seriously for the customers as well as for the employees also. They also need to increase the range of attractive offers with the increasing business. Another thing is, according to my perception, they require a much prompt guideline to operate their activities.

To summarize the whole situation, I would like to say that, this organization is giving a wonderful service to the people in general and at the same time they are also trying to educate our people about the world class banking procedures which is, according to my concept, a very worthy step and we should cooperate with them in this matter for our own benefit. The IFIC Bank Ltd is trying to manage the overall banking activities program and they will definitely progress with the modernization of business environment.