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PROJECT REPORT
ON
CUSTOMER RELATIONSHIP MANAGEMENTWITH
RELIGARE SECURITIES LTD
BYGurvinder Singh
Religare Securities LimitedSummer Internship Project
(Batch 2009-2011)
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PROJECT
ONCUSTOMER RELATIONSHIP MANAGEMENT
WITHRELIGARE SECURITIES LTD
COMPANY GUIDE FACULTY GUIDE
Mr. Balwinder Singh Prof. B.S.HundalBranch Manager, G.N.D.U.Religare Securities ltd. AmritsarMohali
SUBMITTED BY
GURVINDER SINGH
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ACKNOWLEDGEMENT
It is said, the most important single word is WE and the zero
important single word is I. This true even in todays modern era. It
is absolutely impossible for a single individual to complete the
assigned job without help and assistance from others.
It is my greatest pleasure to acknowledge sincere gratitude towards
Mr. Balwinder Singh (Branch Head), Mr. Ashwani Bhardwaj (Sr.
Relationship Manager) and Mr. Raman Kumar Saili (Project Head)
Religare Securities Ltd. Mohali, for the completion of the projectwork.
I would also like to acknowledge to my sincere gratitude to our
university facultyfor helping me in this project work.
I am thankful to all of my friends and batch mates for their help in
completing this project work. Finally, I am thankful to my entire
family members for their great support and encouragement.
GURVINDER SINGH
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Declaration
I hereby declare that this report on CUSTOMER RELATIONSHIP
MANAGEMENT AT RELIGARE SECURITIES LTD. hasbeen
written and prepared by me during the academic year 2009-2010.This
project was done under the able guidance and supervision of Prof.
B.S.Hundal, Faculty, Guru Nanak Dev University, Amritsar and Mr.
Balwinder Singh, Branch Manager, Religare Securities Ltd., Mohali
in partial fulfillment of the requirement for the Master of Business
Administration Degree course of the Guru Nanak Dev University.
I also declare that this project is the result of my own effort and has
not been submitted to any other institution for the award of any
Degree or Diploma.
Place: Mohali
Gurvinder Singh
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TABLE OF CONTENTS
Chapter 1. Rationale of the Study.
Chapter 2. Objectives of the study.Title of the project
Objective of the study
Scope of the study
Chapter 3. Profile of the company.
Chapter 4. Review of Literature.
Chapter 5. Research Methodology
Research DesignData Collection Methods / Sources
Sampling Plan which should include sampling unit,
sampling size and sampling methods viz. questionnaire
methods interview methods observation etc.
Chapter 6. Data Analysis and interpretations using various charts
and graphs
Chapter 7. FindingsChapter 8. Limitations (if any)
Appendix
Copies of questionnaire
Bibliography
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CHAPTER 1.
RATIONALE OF THE STUDY
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RATIONALE OF THE STUDY
Customer Relationship Management (CRM) is a business approachwhich recognizes the importance of customers as the driving force
behind the success of failure of any business. It enables the business
organization to maintain, analyze and act upon the information which
the business identifies as relevant to improve its relationships with the
customer, and thus enhance its chances of success.
Customer Relationship Management (CRM) helps companies
improve the profitability of their interactions with customers while atthe same time making the interactions appear friendly through
individualization and personalization of services. This management
includes Data Mining with the help of which Customer Life Cycle can
be managed well in Acquiring new customers, increasing value of the
customers, retaining good customers.
The basic steps of Data Mining for effective CRM are:
1. Define Business Problem2. Build Marketing Database
3. Explore Data
4. Prepare data for modeling
5. Build Model
6. Deploy model and results
The company can then use the information to learn about the behavior
of its customers and improve the way it does a business. It can look at
recurring complaints from multiple customers to solve a problem
which would otherwise go unchecked with a normal formats and
management system of the company.
The main objective of my project is to find effective solution for the
Customer Relationship Management and accordingly increase thecredibility and profitability of the company. This study is more related
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to consumer behavior and perception about the facilities and
convenience provided by the company, Customer Satisfaction is
emphasized in this management.
o Helping an enterprise to enable its marketing departments toidentify and target their best customers, manage marketing campaigns
with clear goals and objectives, and generate quality leads for the
sales team.
o Assisting the organization to improve telesales, account, and sales
management by optimizing information shared by multiple
employees, and streamlining existing processes (for example, takingorders using mobile devices)
o Allowing the formation of individualized relationships with
customers, with the aim of improving customer satisfaction and
maximizing profits; identifying the most profitable customers and
providing them the highest level of service.
o Providing employees with the information and processes necessary
to know their customers, understand their needs, and effectively build
relationships between the company, its customer base, and
distribution partners.
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CHAPTER 2.
OBJECTIVE OF THE STUDY
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OBJECTIVE OF THE STUDY
A. Title of the project:Customer Relationship Management (CRM) with Religare Securities
B. Objective of the Study:
The objective of the project was to analyze Effective Customer
Relationship Management for Religare Securities Ltd. Mohali for
that we have to understand current CRM System and Services
provided from the company and its effect on Customer Needs,Satisfaction Level, their response and emotions. The objective of this
study to analyze existing customer satisfaction as those customers are
the key sources to new customers with respect to the performance,
sales efforts and sales service.
As the company stands second in India in aspect of turnover after
Kotak Mahindra Securities, its clear that it has very strong Customer
Relationship Management System and perfect people to handle itproperly for the benefit of customers and company as well.
Actual and personal meeting with existing customers and employees
has brought me to the reality of the effectiveness of the system and
their success. For analyzing the same factor I staked my whole
duration of the project and simultaneously for internal study and
market watch and other group assignments.
Questionnaire is based on the existing services and the satisfactionlevel of the existing customers which includes questions like Name,
Age, Gender, Income, Investment Frequency, feedback about services
which they are provided like conformation, calls, suggestions,
solutions on stuck money like dead investment and all.
On an average all the customers are happy with the company and look
forward to the growth of it.
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C. Scope of the study:
Scope the this study is it will assist Religare to get its own Customer
Relationship Management system mirror well and it will get all the
important things before eyes to apply all the possible ways to providea superb service to the customers and accordingly make them loyal
and retain them long lasting and also to get new customers to be
served.
Scopes can be stated in few points as follows.
o Maintain current / existing customers.
o Achieve new potential customers.
o Retain all the customers.o Profitability Increment
o Reputation and credibility Increment, etc.
The heart of CRM is not being customer centric but rather to use
customer profitability as a driver for decision making and action.
Before exploring this assertion, it is useful to review the process ofresource allocation as it is practiced in most organizations. The budget
process largely consists of an extrapolation of the past. Resource
constraints pit function against function with back room deals that are
based on internal politics versus the marketplace. This decision
process has little insight as to what is working and what is not
working (as it applies to the marketplace) or for that matter why?
Without insight relative to cause and effect, the organization has nochoice but to follow intuition and anecdote. It is analogous to the
story about the marketing VP who admitted that half the advertising
budget was wasted; the problem was he did not know which half.
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CHAPTER 3.
PROFILE OF THE COMPANY
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Profile of company
Religare Enterprises Ltd.
eligare Enterprises ltd (REL), incorporated in 1984 and
promoted by RANBAXY (now by Mr.Malvinder Singh and
Mr. Shivinder Singh), is the holding company of 11
subsidiaries. It is among the leading integrated financial services
group in the country today. Religare is a diversified financial services
group of India offering a multitude of investment options. Each of its
subsidiaries is engaged in a wide spectrum of financial products andservices targeted at retail, high-net worth individuals, corporate and
institutional clients.
The services offered by the group include Share Broking, Financing
loans against shares, IPO financing, distribution of Mutual funds,
Insurance Broking, Commodity broking, Wealth Management,
Advisory Services, Private Equity, merchant banking and trading in
arts and articrafts. The major revenue drivers for the company are itsretail equity broking arm Religare Securities and Religare Finvest,
which finances loans against shares.
Religare has been constantly innovating in terms of product and
services and to offer such incisive services to specific user segments it
has also started the NRI, FII, HNI and Corporate Servicing groups.
These groups take all the portfolio investment decisions dependingupon a clients risk / return parameter.
Religare has a very credible Research and Analysis division, which
not only caters to the need of our Institutional clientele, but also gives
their valuable inputs to investment dealers.
R
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RSL is a member of the National Stock Exchange of India, Bombay
Stock Exchange of India, Depository Participant with National
Securities Depository Limited and Central Depository Services (I)
Limited, and is a SEBI approved Portfolio Manager.
Our Brand Identity
NameReligare is a Latin word that translates as 'to bind together'. This name
has been
Chosen to reflect the integrated nature of the financial services the
company offers. The name is intended to unite and bring together the
phenomenon of money and wealth to coexist and serve the interest of
individuals and institutions, alike.
SymbolThe Religare name is paired with the symbol of a four-leaf clover.
The four-leaf
Clover is used to define the rare quality of good fortune that is the aim
of every financial plan. It has traditionally been considered good
fortune to find a single four leaf clover considering that statistically
one may need to search through over 10,000 three-leaf clovers to even
find one four leaf clover.
Each leaf of the four-leaf clover has a special meaning in the sphere
of Religare.
The first leaf of the clover represents H ope. The aspirations to
succeed. The dream of becoming. Of new possibilities. It is the
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beginning of every step and the foundations on which a person
reaches for the stars.
The second leaf of the clover represents T rust. The ability toplace ones own faith in another. To have a relationship as partners in
a team. To accomplish a given goal with the balance that brings
satisfaction to all not in the binding but in the bond that is built.
The third leaf of the clover represents C are. The secret
ingredient that is the triumph of diligence in every aspect. From it
springs true warmth of service and the ability to adapt to evolvingenvironments with consideration to all.
The fourth and final leaf of the clover represents G ood F
ortune. Signifying
that rare ability to meld opportunity and planning with circumstance
to generate those often looked for remunerative moments of success.
H opes, T rust, C are, G ood fortune. All elements perfectly
combine in the emblematic and rare, four-leaf clover to visually
symbolize the values that bind together and form the core of the
Religare vision.
VISION & MISSION
Companys Vision Providing integrated financial care driven by the relationship of trust
and confidence.
Companys Mission
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To be India's first Multinational providing complete financial
services solution across the globe.
Brand EssenceCore brand essence is Diligence and Religare is driven by ethical and
dynamic processes for wealth creation.
History and background
RELIGARE Securities Ltd. (RSL)was a wholly owned subsidiary
of RELIGARE Financial Services Ltd. (RFSL), a Company promoted
by the late Dr.Parvinder Singh, Ex-CMD of Ranbaxy Laboratories
Ltd.
The primary focus of Religare Securities Ltd. is to cater to services in
Capital Market Operations to Institutional Investors. The Company is
a member of the National Stock Exchange (NSE) and OTCEI. The
growing list of financial institutions with whom RSL is empanelled as
approved Broker is a reflection of the high levels of servicesmaintained by the Company.
REL operates from seven domestic regional offices, 43 sub-regional
offices, and has a presence in 498* cities and towns controlling
1,837* business locations all over India.
Religare has grown rapidly from what was largely equity trading
company into a diversified financial services company operatingthrough its 11 subsidiaries.
As on June 30, 2008, Religare has operations at 1,575 locations across
465 cities and towns and a large management team leading group of
over 9,500 employees.
Recently acquired Hichens, Harrison & Co. (Hichens), one ofThe oldest broking firm in London, for a sum of GBP 55.5 million.
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Acquisition to boost the institutional and investment banking
operations of Religare and extend its geographical reach to London,
South Africa, Argentina, Brazil, Dubai, Qatar, Singapore, Malaysiaand Indonesia.
In India Religares geographical distribution is shown as follows:
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Religare Enterprises Ltd.
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Religares Joint Ventures
AEGON RELIGARE LIFE
INSURANCE COMPANYLife insurance Business (AEGON as apartner)For more for more information log on tohttp://www.aegonreligare .com
RELIGARE MACQUARIE WEALTH
MANAGMENT LTD.PrivateWealthBusiness (Macquarie,
AustralianFinancial Services major as a partner)For more information log on tohttp://www.religaremacquarie.com
Vistaar Religare -The Film FundIndias first SEBI approved
filmfund(Vistaaras a partner)For more information log on tohttp://www.vistaarreligare.com
Milestone ReligarePrivate equity Fund
Milestone, one of Indias premierindependent
Fund houses and Religare have cometogether and trough the JV have formed anentity, Milestone Religare investmentadvisors pvt ltd.For more information log on
http://www.religaremacquarie.com/http://www.religaremacquarie.com/http://www.vistaarreligare.com/http://www.vistaarreligare.com/http://www.vistaarreligare.com/http://www.religaremacquarie.com/8/2/2019 Final Project by Guru - Copy
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http://www.milstonereligare.com
Other Group Companies
Fortis Healthcare Limited, established 1996
was founded on the vision of creating an
integrated healthcare delivery system. With 22
hospitals in India, including multi-specialty & super specialty centres,
the management is aggressively working towards taking this number
to a significant level in the next few years to provide qualityhealthcare facilities and services across the nation.
Super Religare Laboratories Limited
(formerly SRL Ranbaxy) within 11 years of
inception has become the largest Pathological Laboratory network in
South Asia. It started a revolution in diagnostic services in India by
ushering in the most specialized technologies, backed by innovation
and diligence. The current footprint extends well beyond India in the
Middle East and parts of Europe.
For more information log on to:http://www.srl.in/
Religare Wellness Limited (formerly Fortis
Healthworld) is
one of the leadingplayers in the wellness
retail space with a footprint of over 100 stores across India. The group
envisages setting up a pan India world class retail network of wellness
stores that would provide comprehensive solutions under one roof.
http://www.milstonereligare.com/http://www.milstonereligare.com/http://www.srl.in/http://www.srl.in/http://www.srl.in/http://www.srl.in/http://www.milstonereligare.com/8/2/2019 Final Project by Guru - Copy
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For more information log on to:
http://www.religarewellness.com:8080/default.html
Religare Technova Limited (formerly
Fortis Financial Services Limited)
Religare Enterprises Limited Key Data:
Ticker: 532915 Country: INDIA
Exchanges: BOM Major Industry: Financial
Sub Industry:SecuritiesBrokerage
2010 Sales
16,718,848,000(Year Ending Jan2011).
Employees: N/A
Currency: Indian Rupees Market Cap: 52,403,658,000
Fiscal Yr
Ends:March
Shares
Outstanding:127,813,800
Share Type: OrdinaryClosely Held
Shares:42,765,660
http://www.religarewellness.com:8080/default.htmlhttp://www.religarewellness.com:8080/default.htmlhttp://www.corporateinformation.com/Company-Snapshot.aspx?cusip=C35600120http://www.corporateinformation.com/Company-Snapshot.aspx?cusip=C35600120http://www.corporateinformation.com/Company-Snapshot.aspx?cusip=C35600120http://www.corporateinformation.com/Company-Snapshot.aspx?cusip=C35600120http://www.corporateinformation.com/Company-Snapshot.aspx?cusip=C35600120http://www.religarewellness.com:8080/default.html8/2/2019 Final Project by Guru - Copy
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Religare Finvest
Religare Finvest Limited (RFL), a Non Banking Finance Company
(NBFC) is aggressively making a name in the financial services arenain India. In a fast paced, constantly changing dynamic business
environment, RFL has delivered the most competitive products and
services. RFL is primarily engaged in the business of providing
finance against securities in the secondary market. It also provides
finance for application in Initial Public Offers to non-retail clients in
the primary market
RFL is also planning to initiate personal loan portfolio as fund basedactivity and mutual fund distribution as fee based activities Along
with this, the company also undertakes non-fund based advisory
operations in the field of Corporate Financing in the nature of Credit
Syndication which includes bills discounting, intercorporate deposit,
working capital loan syndication, placement of private equity and
other structured products
Religare Insurance Advisory Ltd.
Religare has been taking care of financial services for long but there
was a missing link. Financial planning is incomplete without
protective measure i.e. structured products to take care of event of
things that may go wrong consequently; Religare is soon coming up
with Religare Insurance Advisory Services Limited.
As composite insurance broker, we would deal in both insurance and
reinsurance, providing our clients risk transfer solutions on life and
non-life sides.
This service will take benefit of Religares vast business empire
spread throughout the country -- providing our valued clients
insurance services across India. We aim to have a wide reach with our
servicesliterally! Thats why we are catering the insurance
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requirements of both retail and corporate segments with products of
all the insurance companies on life and non-life side Still, there is
more in store. We also cater individuals with a complete suite of
insurance solutions, both life and general to mitigate risks to life andassets through our existing network of over 150 branchesexpected
to reach 250 by the end of this year! For corporate clients, we will be
offering value based customized solutions to cover all risks which
their business is exposed to. Our clients will be supported by an
operations team equipped with the best of technology support.
Religare Insurance Advisory aims to provide neutral, transparent and
professional risk transfer advice to become the first choice of India
Religare Securities ltd.
PRODUCT AND SERVICES
Religare customers have the advantage of trading in all the market
segments together in the same window, as we understand the need of
transactions to be executed with high speed and reduced time. At the
same time, they have the advantage of having all kind of insurance &
Investment Advisory for Life insurance, General Insurance, Mutual
Funds.
Religare is a customer focused financial services organizationproviding a range of investment solutions to our customers. We work
with clients to meet their overall investment objectives and achieve
their financial goals. Our clients have the opportunity to get
personalized services depending on their investment profiles. Our
personalized approach enables clients to achieve their Total
investment objectives.
Our key product offerings are as follows:
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Equity Broking - BSE and NSE
Derivatives Futures and Options
Internet Broking- Online Trading
Commodities Trading - NCDEX & MCX
Institutional Broking
Depository Services - NSDL & CDSL
Portfolio Management Services
NRI Investments
Initial Public Offerings (IPO)
Mutual Fund Investment
Equity Trading
Trading in Equities with Religare truly empowers you for yourinvestment needs. We ensure you have superlative trading experiencethrough
A highly process driven, delight approach
Powerful Research & Analytics and
One of the best-class dealing rooms
Further, Religare also has one the largest retail networks, with itspresence in more than 1800* locations across more than 490* citiesand towns. This means, you can walk into any of these branches andconnect to our highly skilled and dedicated relationship managers toget the best services.
Religare Enterprise Limited, through its subsidiaries, offers a range ofintegrated financial products and services to retail inventors, high networth individuals, and corporate and institutional clients in India. It
operates in three divisions: Retail Spectrum, Wealth Spectrum, and
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Institutional Spectrum. The Retail Spectrum division offers equitybrokerage, commodities brokerage, personal financial services,including insurance brokerage and mutual fund distribution; internettrading; loans against shares; and personal loans. The WealthSpectrum division provides portfolio management services, wealthadvisory services, and private client equity services, such asinternational equity services. The company was formerly known asReligare Enterprises Private Limited and changed its name to ReligareEnterprises Limited in July 2006. The company was incorporated in1984 and is based in New Delhi, India.
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Industry Profile
While regulation and reforms have made major improvements in the
quality of the equity markets in India, its rapid growth and
development are largely due to strong and efficient market
intermediation. The robustness of the Indian markets today is
attributable to a healthy blend of the quality of market Structure and
efficient intermediation. Even as several countries are instituting
procedures to commence. Equity derivative markets, India ranksamongst the top five countries globally in this segment, in less than
five years of its introduction. This is an example of the proactive and
progressive nature of the Indian brokerage industry.
In the last decade, the Indian brokerage industry has undergone a
dramatic transformation. From being made of close groups, the
broking industry today is one of the most transparent and compliance
oriented businesses. Long settlement cycles and large scale baddeliveries are a thing of the past with the advent of T+2 (Trading day
+ 2 days) settlement cycle and dematerialization. Large and fixed
commissions have been replaced by wafer thin margins, with
competition driving down the brokerage fee, in some cases, to a few
basis points.
There have also been major changes in the way business is conducted.
Technology has emerged as the key driver of business and investmentadvice has become research based. At the same time, adherence to
regulation and compliance has vastly increased. The scope of services
have enhanced from being equity products to a wide range of
financial services. Investor protection has assumed significance, and
so has providing them with education and awareness. Greater need for
capitalization has induced several firms to access the capital market;
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foreign firms are showing increasing interest in taking equity stakes in
domestic broking firms.
Major developments in equity brokerage industry in
India:
1. Corporate memberships
There is a growing surge of corporate memberships (92% in NSE and
75% in BSE), and the scope of functioning of the brokerage firms has
transformed from that of being a family run business to that of
professional organized function that lays greater emphasis on
observance of market principles and best practices. With proliferation
of new markets and products, corporate nature of the memberships is
enabling broking firms to expand the realm of their operations into
other exchanges as also other product offerings. Memberships range
from cash market to derivatives to commodities and a few broking
firms are making forays into obtaining memberships in exchanges
outside the country subject to their availability and eligibility.
2. Wider product offerings
The product offerings of brokerage firms today go much beyond the
traditional trading of equities. A typical brokerage firm today offers
trading in equities and derivatives, most probably commodities
futures, exchange traded funds, distributes mutual funds and
insurance and also offers personal loans for housing, consumptions
and other related loans, offers portfolio management services, and
some even go to the extent of creating niche services such as a
brokerage firm offering art advisory services. In the background of
growing opportunities for
investors to invest in India as also abroad, the range of products and
services will widen further.
In the offing will be interesting opportunities that might arise in the
exchange enabled corporate bond trading, soon after its
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commencement and futures trading that might be introduced in the
near future in the areas of interest rates and Indian currency.
3. Greater reliance on researchClient advising in India has graduated from personal insights, market
tips to becoming extensively research oriented and governed by
fundamentals and technical factors. Vast progress has been made in
developing company research and refining methods in technical and
fundamental analysis. The research and advice are made online giving
ready and real time access to market research for investors and
clients, thus making research important brand equity for thebrokerage firms.
4. Accessing equity capital markets
Access to reliable financial resources has been one of the major
constraints faced by the equity brokerage industry in India since long.
Since the banking system is not fully integrated with the securitiesmarkets, brokerage firms face limitations in raising financial
resources for business and expansion. With buoyancy of the stock
markets and the rising prospects of several well organized broking
firms, important opportunity to access capital markets for resource
mobilization has become available. The recent past witnessed several
leading brokerage firms accessing capital markets for financial
resources with success.
5. Foreign collaborations and joint ventures
The way the brokerage industry is run and the manner in which
several of them pursued growth and development attracted foreign
financial institutions and investment banks to buy stakes in domestic
brokerage firms, paving the way for stronger brokerage entities and
possible scope for consolidation in the future. Foreign firms picked upstake in some of the leading brokerage firms, which might lead to
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creating of greater interest in investing in brokerage firms by entities
in India and abroad.
6. Specialized services/niche brokingWhile supermarkets approach are adopted in general by broking
firms, there are some which are creating niche services that attract a
particular client group such as day traders, arbitrage trading, investing
in small cap stocks etc, and providing complete range of research and
other support to back up this function.
7. Online brokingSeveral brokers are extending benefits of online trading through
creation of separate windows. Some others have dedicated online
broking portals. Emergence of online broking enabled reduction in
transaction costs and costs of trading. Keen competition has emerged
in online broking services, with some of these offering trading
services at the cost of a few basis points or costs which are fixed in
nature irrespective of the volume of trading conducted. A wide rangeof incentives are being created and offered by online brokerage firms
to attract larger number of clients.
8. Compliance oriented
With stringent regulatory norms in operation, broking industry is
giving greater emphasis on regulatory compliance and observance of
market principles and codes of conduct. Many brokerage firms are
investing time, money and resources to create efficient and effective
compliance and reporting systems that will help them in avoiding
costly mistakes and possible market abuses. Brokerage firms now
have a compliance officer who is responsible for all compliance
related aspects and for interacting with clients and other stake holders
on aspects of regulation and compliance.
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9. Focus on training and skill sets
Brokerage firms are giving importance and significance to aspects
such as training on skill sets that could prove to be beneficial in the
long run. With the nature of markets and products becoming morecomplex, it becomes imperative for the broking firms to keep their
staff continuously updated with latest development in practices and
procedures. Moreover, it is mandated for certain types of
dealers/brokers to seek specific certification and examinations that
will make them eligible to carry business or trade. Greater emphasis
on aspects such as research and analysis is giving scope trading
conducted. A wide range of incentives are being created and offeredby online brokerage firms to attract larger number of clients.
10. From owners to traders
A fundamental change that has taken place in the equity brokerage
industry, which is a global trend as well, is the transformation of
broking from owners of the stock exchange to traders of the stock
market. Demutualization and corporatization of stock exchanges
bifurcated the ownership and trading rights with brokers vested only
with the later and ownership being widely distributed.
Demutualization is providing balanced welfare gains to both the stock
exchanges and the members with the former being able to run as
corporations and the latter being able to avoid conflict of interests that
sometimes came as a major deterrent for the long term growth of the
industry.
Emerging challenges and outlook for the brokerage industry
.Brokerage firms in India made much progress in pursuing growth and
building professionalism in operations. Given the nature of the
brokerage industry being very dynamic, changes could be rapid and
so as the challenges that emerge from time to time. A brief description
on some of the prospects and challenges of the brokerage firms are
discussed below.
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11. Fragmentation
Indian brokerage industry is highly fragmented. Numerous small
firms operate in this space. Given the growing importance oftechnology in operations and increasing emphasis on regulatory
compliance, smaller firms might find it constrained to make right type
of investments that will help in business growth and promotion of
investor interests.
12. Capital Adequacy
Capital adequacy has emerged as an important determinant thatgoverns the scope of business in the financial sector. Current
requirements stipulation capital adequacy in regard to trading
exposure, but in future more tighter norms of capital adequacy might
come into force as a part of the prudential norms in the financial
sector. In this background, it becomes imperative for the brokerage
firms to focus on raising capital resources that will enable to give
continuous thrust and focus on business growth.
13. Global Opportunities
Broking in the future will increasingly become international in
character with the stock markets being open for domestic and
international investors including institutions and individuals, as also
opportunities for investing abroad. Keeping abreast with
developments in international markets as also familiarization withglobal standards in broking operations and assimilating major
practices and procedures will become relevant for the domestic
brokerage firms.
14. Opportunities from regional finance
Regional economic integration such as that under the European Union
and the ASEAN have greatly benefited businesses in the individualcountries with cross border opportunities that helped to expand the
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scope and significance of the business. Initial measures to promote
South Asian economic integration is being made by governments in
the region first at the political level to be followed up in regard to
financial markets. South Asian economic integration will providegreater opportunities for broking firms in India to pursue cross border
business. In view of several of common features prevailing in the
markets, it would be easier to make progress in this regard.
15. Product Dynamics
As domestic finance matures and greater flow of cross border flows
continue, new market segments will come into force, which couldbenefit the domestic brokerage firms, if they are well prepared. For
instance, in the last three to four years, brokerage firms had newer
opportunities in the form of commodities futures, distribution of
insurance products, wealth management, mutual funds etc, and as the
market momentum continues, broking firms will have an opportunity
to introduce a wider number of products.
16. Competition from foreign firms
Surging markets and growing opportunities will attract a number of
international firms that will increase the pace of competition. Global
firms with higher levels of capital, expertise and market experience
will bring dramatic changes in the brokerage industry space which the
local firms should be able to absorb and compete. Domestic broking
firms should always give due focus to emerging trends in competitionand prepare accordingly.
17. Investor Protection
Issues of investor interest and protection will assume centre stage.
Firms found not having suitable infrastructure and processes to ensure
investor safety and protection will encounter constraints fromregulation as also class action suits that investors might bring against
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erring firms. The nature of penalties and punitive damages would
become more severe. It is important for brokerage firms to establish
strong and streamlined systems and procedures for ensuring investor
safety and protection.
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Chapter 4.
Literature Review
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Literature Review
Historical Background:
Customer relationship management (CRM), a concept that has beenaround since the mid 90s, has its roots in the technology of sales
automation and call center operations. At that time, it was thought that
merging the customer data from the field (sales) with the call center
interactions would result in more informed interactions with the
customer. The concept resonated with user organizations and soon
mergers and acquisitions created a host of software vendors all
claiming to have an integrated set of capabilities that became knownas CRM.
On a parallel track, Internet-based tools such as e-commerce, Internet
marketing, personalization, and self-help were evolving. These
products competed outside of the CRM sphere due to the newness of
the technology, and they were referred to as e-business. When the
concepts of CRM and e-business melded together there was a shortperiod of e-madness where vendors talked about eCRM and e-
everything. There are still vestiges of this transition in the industry
such as essentially using e-business to add value to vendors and
referring to it as partner relationship management (PRM) or providing
tools for employees and referring to it as employee relationship
management (ERM).
Similarly, enterprise resource planning (ERP) vendors realized thatthe 360-degree view of the customer has to include transaction data,
so they have likewise developed an integrated package with CRM
capabilities.
Thus from a technology perspective CRM consists of a set of
applications that address the needs of customer-facing functions that
in turn feed a common database that is supported by business
analytics. Each vendor has variations on this theme.
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On the other hands, CRM can be defined as a process or methodology
used to learn more about customers needs and behaviors in order to
manage and develop stronger relationships in an organized way withthem.
Components of CRM:
1. Contact an Account Management:
Relevant data for customer profile is captured with the help of thesoftware.
Necessary information is captured from prospective customers. CRM
system stores data in common customer database. The database
integrates customer account information and presents it in desirable
format to the company. The data is used for sales, marketing, services
and other applications.
2. Sales:
Sales process management follows a customized sales methodology
with specific sales policies and procedures. Sales activities include
Product information, Product configuration, sales prospectus and sales
quote generation. CRM also provide the history of customer account
so that the sales call can be scheduled accordingly.
3. Marketing and fulfillment:
CRM helps the professionals in product marketing, target marketing,
relationship marketing and campaign management. By analyzing
customer and business value of direct marketing can be estimated.
CRM also helps in customer retention, behavior prediction, channel
optimization, personalization. Customer response and requests can be
quickly scheduled and hence sales contacts.
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4. Customer Service and support:
CRM system provides service representatives with adequate access to
customer database. It also helps to create, assign and manage theservice requests by customers. Calling format is designed to route
customer calls to respective attendants as per the skills and authority
to handle special cases. Help desk system is developed to help
customer service representative to help customers who face problems
with product or service to resolve it. Web-based Self Service means
help customer to access personalized information at company website.
5. Retention and loyalty programs:
The primary objective of CRM is to enhance and optimize customer
retention and loyalty. CRM systems are also useful in determining
most loyal and profitable customers and reward. The essential link
between Marketing, Sales and Customer Service: Too often, the three
key functions that directly affect customers -Marketing, Sales and
Customer Serviceoperate independently of one another. This cancreate confusion and inconsistency in how you communicate and
service your customers. For examples, marketing staff may come up
with a price promotion. However, if that is not communicated to the
sales team, the result could be incorrect billing, which may take time
or resources from the customer to rectify and could create ill will and
mistrust, making it seem like your company does not adhere to its
word.
Similarly, if a salesperson makes a sale and gives certain guarantees
to a customer but those are not communicated to the customer service
team or even to the other sales team members, then the customer may
fees as if the company is not standing behind its assurance. This can
be particularly problematic if there is employee turnover and poor
communication between or even departments. This silo effect
where information is between vertically in departments that may or
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may not communicate with each other- could actually damage your
business.
With comprehensive CRM system, however, customer
communication is captured and housed in an accessible database,
making the most current information available to anyone who needs it
and has access to the system. By breaking through barriers between
various business functions and making communication transparent,
your company can act in a more consistent and unified fashion with
its customers, instilling a greater level of trust and strengthening
customer relationships.
Religare Securities Limited (RSL) provides a host of financial
services under one roof following a ONE STOP SHOP philosophy. It
has a dedicated team of professionals to cater to the variety of
services to Individuals, Corporate and Institutions. The team updates
its clients with opportunities - with a sense of competitive urgency
and risk management. Whats more, their special analysts design
customized services for HNI and Institutions.
Over the years Religare Securities Ltd. has played a successful role in
client's wealth creation. In the process Religare Securities Ltd. also
refined itself, as an investment advisor and is poised to provide
complete Investment Management Solutions to its valued clientele.
The following is the product profile of the company.
- BSE and NSE
- Online Trading
- NCDEX & MCX
- NSDL & CDSL
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Initial Public Offerings (IPO)
NEWS:
Religare Securities bags LIPPER-STARMINE Award for Excellence
in Research Mumbai, February 18, 2009: Religare Securities Limited
a wholly owned subsidiary of Religare Enterprises Limited has been
recently awarded the LIPPER-STARMINE broker award for"Earnings Estimates in Midcap Research for 2008". The Lipper|
StarMine Awards organized by Thomson Reuters, for Asset
Management and sell-side broking Companies in India, were
announced last week in Mumbai. The awards recognize analysts who
are more accurate than their peers in forecasting earnings, awarding
credit to those who demonstrate an ability to make accurate estimates
earlier than their peers.On receiving the award, Mr. Amitabh Chakraborty, President
(Equity), said, "We are extremely proud to receive this award as a
validation of our efforts in what was the most difficult and volatile
year in stock market and corporate history. It is in these difficult times
that the ability of a team to accurately estimate corporate earnings
stands its truest test and we have succeeded in enabling our customers
to make informed buy or sell recommendations in order to give aboveaverage returns to investors."
Religare Buys Citis Reverse Mortgage Biz
Religare Enterprises Ltd.(REL), a financial service firm owned by
billionaire brothers Malvinder Singh and Shivinder Singh, has
acquired a part of citi group home loan profile in India for about Rs.
500 crores.
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REL, through its wholly-owned non-banking finance company,
Religare Finvest, has bought the home equity business of citi group in
the country the division leads money against the property already
owned by a self employed businessman. The unit doesnt lead to retailconsumers who want to mortgage their property.
The demographic of the citis home equities customers perfectly
suited us in terms of their assets, locations and profile, Kavi Arora,
CEO at Religare finvest, told ET adding the transfer process is
expected to be completed by Sep.
A source at citi bank described the transaction as a small portfolio
sale as a part of a routine transaction . Such assets sold substituted byfresh organizations, he said.
Citi groups total home loan business, including the home financing
an mortgage part, is around rs 9000 cr. The home equity business has
about 1700 contracts with around rs 500 cr. Assets under mgt, Mr.
Kavi Arora.
Religare finvest already provide mortgage finance to SMEs,
equipment companies and infrastructure firm at annual interestbetween 11.5 - 12.5 %. Besides, it also provides IPO financing to
private-held firms.
Established in 2006, Religare finvest currently employs over 400
people and is present across 23 cities. Buyout of Citis home equity
business will take Religare Finvests assets to Rs 3300 Cr from Rs
2800 Cr at present. The firm aims to create assets worth over Rs
10000 by 2012.The deal is part of RELS expansion drive which includes a plan to
invest $1bn (Rs 4600 Cr) globally for strategic investments.
News from The Economic Times, 15th July, 2010.
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Equities
What is equity?
Funds brought into a business by its shareholders is called equity. It is
a measure of a stake of a person or group of persons starting a
business.
What does investing in equity mean?
When you buy a company's equity, you are in effect financing it, and
being compensated with a stake in the business. You become part-
owner of the company, entitled to dividends and other benefits that
the company may announce, but without any guarantee of a return on
your investments.
Dematerialization
What is Demat?Demat is a commonly used abbreviation of Dematerialisation, which
is a process whereby securities like shares, debentures are converted
from the "material" (paper documents) into electronic data and stored
in the computers of an electronic Depository. You surrender material
securities registered in your name to a Depository Participant (DP).
These are then sent to the respective companieswho cancel them after
dematerialization and credit your Depository Account with the DP.
The securities on dematerialization appear as balances in the
Depository Account. These balances are transferable like physical
shares. If at a later date you wish to have these "Demat" securities
converted back into paper certificates, the Depository can help to
revive the paper shares.
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What is the procedure for the dematerialisation of
securities?
Check with a DP as to whether the securities you hold can be
dematerialised. Then open an account with a DP and surrender theshare certificates.
What is a Depository?
A Depository is a securities "bank," where dematerialised physical
securities are held in custody, and from where they can be traded.
This facilitates faster, risk-free and low cost settlement. A Depository
is akin to a bank and performs activities similar in nature.
At present, there are two Depositories in India, National Securities
Depository Limited (NSDL) and Central Depository Services (CDS).
NSDL was the first Indian Depository.
It was inaugurated in November 1996. NSDL was set up with an
initial capital of Rs 124 crores, promoted by Industrial Development
Bank ofIndia (IDBI), Unit Trust of India (UTI), National Stock
Exchange of India Ltd. (NSEIL) and the State Bank of India (SBI).
Who is a Depository Participant (DP)?
NSDL carries out its activities through business partners - Depository
Participants (DPs), Issuing Corporates and their Registrars and
Transfer Agents, Clearing Corporations/Clearing Houses. NSDL is
electronically linked to each of these business partners via a satellite
link through Very Small Aperture Terminals (VSATS). The entire
integrated system (including the VSAT linkups and the software at
NSDL and at each business partner's end) has been named the
"NEST" (National Electronic Settlement & Transfer) system. The
investor interacts with the Depository through a Depository
Participant of NSDL. A DP can be a bank, financial institution, a
custodian or a broker.
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Chapter 5.
Research Methodology
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Research Methodology
Research Design:
Research design means adopting that type technique of research
which is most suited for the research and study of the problem. For
the study and the research of the problem proper material has to be
selected and collected for the investigation.
A research design is the arrangement of conditions for collection and
analysis of data in a manner that aims to combine relevance to the
research purpose with economy in procedure. - Jahoda, deutish.
Cook.
In order to know about effectiveness of Customer Relationship
Management in Religare Securities Ltd., it was necessary to interact
with the customer. The sample taken comprised of respondents from
Pune city. A questionnaire had to be designed to collect valuable
information from the different customer groups. The questionnaire
which was designed suitably to meet the objective of research work.
Nature of Research:
In this project report I have undertaken quantitative type of study.
Type of the questions:The questions in the questionnaire asked to the visiting customers of
Religare Securities Ltd, Regional office in Pune, are Straight Forward
and Limited Probing.
Type of the Questionnaire:
The questionnaire in this project report is straight forward and
formalized.
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Type of Analysis:
The analysis done in this particular project report is statistical.
Sources of Data:
a. Primary Data:
The Primary data are those data which are collected fresh and for the
first time and thus happen to be original in character. The primary
data that was collected through interview conducted in Regional
Branch with daily visiting customers. The primary data sources
include copies of questionnaire and data of their respective responses.
b. Secondary Data:
The secondary data are those which have already been collected by
someone else and which have been passed through the statistical
process. Secondary data was collected through company websites.
Some of the web sites http://www.religaresecurities.com/ and some
others like.
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Chapter 6.
Primary Data Collection
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Primary Data Collection
Research Technique:
As the researcher, I adopted survey method as a research techniquefor this particular project report.
Contact Method:
I as a researcher interviewed the respondents by personal interview.
Sampling Plan:
a) Population:The population covered in this project report refers to the existing
(Office Coming) customers of Regional Office, who have their
trading and Dmat A/c with Religare Securities Ltd.
b) Sample Size
The sample size undertaken by me for this particular project report is
100 respondents.
c) Sample Element
The respondents contacted and interviewed in this project report are
all from different domain some of them were Businessmen, High Net-
worth Investors, Proprietors, even Students also invest in Share
Market.
d) Sample Extent
As a researcher, I conducted this survey only for the customers in
Regional Office of Religare Securities, Mohali.
e) Sample Duration
The survey was undertaken from the 01st June, 2010 to 15th July,
2010.
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f) Research Instrument:
Questionnaires containing both open ended and close ended questions
were used as a research instrument in this particular project report.
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Chapter 7.
Data Analysis & Interpretation
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Data Analysis & Interpretation
1. Respondents
Interpretation:
Above pie chart represents that research contains 100 respondents
which are Businessmen, HNIs, Proprietors and Individuals and they
are 30, 8, 24, 38 respectively in numbers and percentages.
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2. Income Group(Annual):
Interpretation:
Above pie chart represents that the research contained 100 investors
and customers of Religare Securities Ltd. All the people were from
different different Income group which are in numbers shown above.
W e can clearly see sample includes more customers from first
income group i.e. INR 10,0001 Lakh
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3. Company Interaction via Email and Telephone Calls:
Interpretation:
From the above result of Company Interaction via Email and
Telephone calls, we can imagine the satisfaction level of customersand accordingly Customer Relationship is managed through electronic
media to maximize the wealth of customers. In Religare mostly
dealers are in touch of regular traders / customers and customers also
get loyal to the company through this practice. Every call is taped by
default for the evidence of orders to buy or sell the stocks and Emails
too.
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4. Do you find companys investment tips useful and beneficial?
Interpretation:
When it was asked sudden and on the time answer was the same of
maximum people, it means the credibility and trustworthiness of thecompany is on the height. Its nothing but the result of Relationship
Management.
It is said that Share Market means Well of Loss, nevertheless
Religares Customer dont have any tension in investing because they
believe in Companys Researchers and Analysts and their investment
tips too.
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5. Where do you rate Religare on the scale of 10 in terms of
Services?
Interpretation:
From the above answers Customer Relationship can be very well
highlighted because out of 100, 43 people have rated Religare on the
scale of 1 to 10 and again in remaining maximum customers say that
they rate Religare at on the scale of 1 to 10.Every customer has his
own value and consideration about Religare because they invest their
Hard Earned money and take risk to earn more cause of Religares
Services and Attachment and it is all the output of Customer
Relationship Management.
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6. Where do you invest/ trade mostly?
Interpretation:
One general question was asked in questionnaire to know the
investment flow of customers towards Religare Services. When it was
asked why they invest in specific area mostly then it was answered by
many people that liquidity market is easy to make money out of
investment and take money out whenever we feel not to put. And
other reason many customers dont want to invest for long time.Andabout currency some people were not interested.
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7. Where do you trade mostly?
Interpretation:
From the above view of graph we come to know that maximum
people, 61% customers trade in Intraday Trading. On this customers
say they like to trade in Intraday because of Short term investment
and high level of excitement and sometimes they feel their money
seems to sink. Its like One Day Cricket play for many customers.
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In Delivery, people say here is No / Low Risk, More Money, in this
people say if scrip goes down like Satyam, then also we get chance
to book profit buying current stocks in low price and putting old stock
aside temporarily. Here we find people hesitate to invest in Intradayand confident to trade in Delivery trading.
Very less traders population do trade in both area, for few people its
nothing but fund managing, if one finds difficulty in making money in
Intraday, they simultaneously manage their fund for Delivery, but
very few people feel do this type of management.
Eventually Religare is the Broking firm and it doesnt lose its
attention from making money for its customers and lose its attentionfrom Customer Relationship Management.
8. Do you trade in any other broking firm?
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Interpretation:
Above pie chart represents the maximum people have their Dmat A/c
and Trading A/c somewhere else also nevertheless they say they trade
from Religare only and few of their other A/cs are put Non-Operatingby them.
Here we get a fact that Religares Customer Relationship
Management really has something very attractive and attachable to
emotions cause of services.
Few of them were hesitating while answering this question.
9. Are you satisfied with the services provided by Religare?
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Interpretation
Above chart represents us the output of Customer Relationship
Management with the help of the services and customers satisfaction
can show a mirror of the efforts of the company towards making their
customers loyal to them.
Here 64% customers have selected and stated that they are fully
satisfied with the services that they are getting from Religare
Securities Ltd.
10. Since last how many years you are in field of trading?
Interpretation:
This question was asked intentionally to know the loyalty of
customers with Religare Securities Ltd., which is nothing but the
back-screen coding of on screen output. These all things are the proud
of Religare and its customers are also very proud to be in Religare.
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Findings
Customer Relationship Management Business Drivers and Benefits
It empowers management with a real-time pipelines and forecasting
so they can build and focus on high profit, sustainable relationships.
and best practices to
increase their likelihood of successful transactions.
profitability by integrating information across the enterprise.
tomer insight.
Customer Relationship Management Risks
information from becoming scattered across databases and servers.
company only otherwise Customers Database can be misused by
rivals.
Customer Common Findings while contacting:
domains like Business, Proprietors, High Net worth Income Group
(HNIs) and students.
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Dealing Room.
but is this case it misrepresents the Reality and Credibility.
that this questionnaire is from Religare Securities internal.
people did not take it serious because this was not important
to them as they are busy for trading at dealing Room.
their results because this study is for only two months altogether.
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Chapter 8.
Limitations
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Limitations
Findings are according to the observations.
1. Many consultants, vendors, and analysts today define CRM interms of being a customer-centric business strategy that is enabled by
a set of applications that support customer-facing functions and
management decision making. That may capture the essence of what
CRM is, but while it does not concentrate on the extra expenses
occurring on Companys A/c due to increment in expenses in serving
customers all the ways and Return on investment means consideration
may not be more than expected. Customer may not give that muchbusiness transactions which is estimated or expected.
2. It needs specific staffs to handle all the tasks of Customer
Relationship Management because the data that is feed in system
cannot be handled merely by Relationship Managers who has to make
new customers and take care of their dealings and also to accomplish
their additional responsibilities.
Suggestions
1. Short Duration:
o Project research duration was only for six weeks, in this tenure
neither study nor observation can be done properly. For example, we
saw sample planin that only 100 customers could be contacted and
now the problem is- from this samples we cannot think of Macro
Level Perception of customers. Many people may be from same point
of view and many may not and those 100 people may not contain
these type of people. So duration of Research Project should be more
than two months.
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2. Customer Category:
o To find effective Customer Relationship Management, Broking firmcan do one more thing which will be very beneficial to them in
finding Asset Customers from the bottom level management to top
level management. Religare should adopt system of allotting
Customer Categories according to their transactions, due payments,
exposure, loyalty, frequency of trading and all.
o In this system at all the level where CRM is handled and watched
by Top class officials of the company, they also get to know the list
names and details of the loyal customers and CEO or Board of
Directors also get to know total customers and at last their turnover of
the total transaction.
3. Affiliated Awareness Programs:
o Religare should arrange affiliated programs within its own groups
to come to the sense of new people and accordingly to prospecting
and acquiring new customers.
o With the help of it companies CRM will help it to get height of
success and dominate the world of Services. Because CRM affectsMarketing, Sales and profitability and these all can be achieved by
CRM.
o For E.g., Religare Securities can play few awareness
documentaries and Advertisement with Religare Vistaar this will
result in getting more and more customers to serve and accordingly
Religare can become the first ranker in turnover very soon.
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Appendix
I. Copy of questionnaire
II. Bibliography
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Questionnaire
1. Name:________________________________________________
2. Contact No:________________________________________________
3. Occupation: Businessman Proprietor HNI Individual
4. Income Group(Annual): 10000 - 1 Lakh 1 Lakh - 5 Lakh
5 Lakh-10 Lakh 10 Lakh - Above
5. How do you find Company Interaction via Email and Telephone Calls ?
Poor Fair Good Very Good
6. Do you find companys investment tips useful and beneficial?
Yes No Cant Say
7. Where do you rate Religare on the scale of 10 in terms of
Services?
1-4 5-7 8-10
8. Where do you invest/ trade mostly?
EquityCommodityCurrency
9. Where do you trade mostly?
Intraday tradingDelivery Trading
10. Do you trade in any other broking firm?
Yes No
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If Yes, name of the broking firm_______________________
11. Are you satisfied with the services provided by Religare?
Yes No
12 Since last how many years you are in field of trading?
Less than 1 Year More Than 1 Year More than 5 Year
13. What improvement do you want be done in companys
services?
14. Which service do you like most in Religare?
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Bibliography
Websites
http://deadpresident.blogspot.comhttp://religareonline.com
http://www.religaresecurities.com
Newspapers
The Economic Times
Business Standard