Be a customer-centric organization setting the benchmarks for service. Offer innovative yet simple products supported by the state-of-the art technology. Have a dynamic and energies workforce with a strong sense of belonging. Deliver top tier financial performance and superior value to stakeholders. Be a role model for corporate provenance and social responsibility. MISSION: Marketing Mix of Federal Bank of India By multiculturalism particular: Shareholders: Achieve a consistent annual post-tax return of at least 20% on net worth.
Employees: Develop in every employee a high degree of pride and loyalty in serving the Bank.
Customers: Meet and even exceed expectations of target customers by delivering appropriate products and services, employing, as far as feasible, the single-window and 24-hour-seven-day-week concepts, leveraging strengthened branch infrastructure, Tams, and other alternative distribution Hansel, cross-selling a range of products and services to meet customer needs varying over time, and ensuring the highest standards of service at all times. Pursue excellence in various facets of banking. Adopt best industry practices.
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Develop, adopt, and review a well-conceived business plan for achieving realistic targets of growth, profitability, and market share over the medium term. Operate within a well-defined, diversified, risk profile and adopt prudent risk-management norms and processes and effective control practices. Employ and leverage appropriate modern information technology to: enhance the quality, speed, and accuracy of product/service delivery; provide 'anytime-anywhere' banking facility; strengthen management information and control systems and processes; improve productivity; and reduce costs.
Increase awareness of the "Federal Bank" brand among targeted customer groups through cost-effective marketing. Adopt a robust corporate governance code emphasizing a high degree of professionalism of the Board and the management, and accountability and disclosure to shareholders. Decentralized decision making with accountability for decisions made, and assign cascading profit responsibilities to middle and Junior management. Develop a conducive and transparent work environment that fosters staff commitment, competence, initiative, innovation, teamwork and service-orientation.
For Federal Bank, Corporate Social Responsibility (CARS) has been an inherited and inbuilt element of its fundamentals right from the day the bank was founded. Our Founder's values and ethos based on trust got embedded in the bank's policies and principles which reflect on its day to day business. CARS in Federal Bank began with the first act of cultivating banking habits in an agrarian society - to effectively utilize del money for productive purposes. Creating employment opportunity for a predominantly farming community was phase two.
We are the fourth largest bank in India in terms of capital base and can easily boast of a Capital Adequacy Ratio of 17. 23 %, one of the highest in the industry. This along with the existence in a highly regulated environment has helped the bank to tide over the recession with minimum impact to its financial stability. In fact we have been expanding organically over the past few months. We believe in extending our reach to our customers by making our services available to all, xx. We have Branches and Tams across India in addition to the Representative Office at ABA Dhabi that serves as a nerve centre for the NOR customers in AAU.
As on December 2012, we have more than 10,000 employees. We are transforming ourselves, keeping our principles in tact, into an organization that offers service beyond par. Being in the service industry we are conscious of our surroundings and what happens in the PRODUCT: Deposit Schemes: If you want to deposit your funds for a period, ranging from a few days to a number of years, you are looking for Term Deposits. Term Deposits with Federal Bank fetches you good return coupled with high security. See link to our credit rating page on the side menu.
Term Deposits come in three flavors- Fixed Deposit, Cash certificate and Recurring Deposit Fixed Deposit If you want to withdraw periodical interest accrued in the account opt for Fixed Deposits. Cash Certificate When you do not prefer periodical interest payments, you can get compound interest (IEEE interest on interest) on your deposit and the principal with interest is payable at the end of the period. Cash Certificates from Federal Bank offers you these features. Federal Tax Savings Deposit Looking for saving income tax. Federal Tax Savings Deposit will be a good option for you.
Tax savings fixed deposits are the easiest tax savings options under section ICC. They are one of the best and safest investment options too. Recurring Deposits If you are a person who want to plan for the future but would like to make only systematic small deposits over a period of time, recurring deposits are for suitable for you. Federal Bank offers the most convenient Federal Savings Fund (OFFS) exactly to meet this requirement. Federal Bank have yet another recurring deposit, Pedicure, which will give you an in-built insurance cover with very low premium.
Check out the features of Pedicure deposit. NOR and NOR Services: Introduction of NOR account for the customers: Federal Bank has introduced a new current account scheme exclusively for our beloved NOR customers - NOR Current Account. The feature rich NOR Current account bears zero percent interest. Checkout the features of this new scheme - a bouquet of features such as waiver of minimum balance for first year, free queue books, free debit card, free internet banking with higher transaction limits, free mobile and email alerts and free mobile banking.
Millionaire Federal Savings Fund: Who doesn't want to become a millionaire. In fact, everyone does. Federal Bank gifts beloved NOR customers. This plan will let you invest systematically over a period of time and makes you a millionaire on maturity. Preferred Bank For Noirs: Federal Bank is an attractive destination for Gnarls for their complete banking needs. With power packed NOR products and services, Federal Bank remains the preferred bank to Gnarls. NOR relationship managers of the bank are deployed in most of the gulf countries to bring the services of the bank to the doorstep of Gnarls.
Interest rates for NOR Fixed Deposits effective from 24-December-2012 Period I Less than RSI. 15 Lakes I Single deposit of RSI. 15 Lakes to Less than RSI. 100 Lakes RSI. Additional interest rate of 0. 50% is available for deposits of resident senior citizens. Place: There are around a 104 Branches of Federal Bank throughout India and even Abroad. Basically the Federal bank opens branches in places where they have a lot of customers and they are very much involved in Financial Inclusion I. Setting up banks in the rural areas and educating the people about how the banking system works. Federal Bank expands its branches from India to various parts in the United States and even in the gulf region. Their representative office at ABA Dhabi started functioning from Jan 2008 with the objective of giving quality customer service to our customers in the Middle East.
The banks unionized employees and management have historically been at loggerheads and, thus in terms of employee productivity, the bank is lagging behind its peers. However, the management has taken various steps to improve employee productivity: - It has started training its employees to upgrade skill sets and empower them to take on larger roles within the bank. - Large recruitment of new employees who will focus on performance-incentive schemes is being undertaken. The bank follows an open door policy wherein any employee regardless of his position can approach the management to discuss their problems Continuous efforts of the management to educate and convince the unionized employees about the future strategy of the bank has yielded results and going forward, these issues may not arise and the employees will feel a part of the organization's growth story.
on Marketing Mix of Federal Bank of India
Bank of India is one of the leading state owned banks in India. Bank of India provides different products & services in its marketing mix consisting of corporate, rural, MSME, retail, NRI and Cards/ATM services. The detailed services are described below:
Marketing Strategy of IDBI Bank analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc.
Bank of India provides different products & services in its marketing mix consisting of corporate, rural, MSME, retail, NRI and Cards/ATM services. The detailed services are described below:
The promotional and advertising strategy in the Bank of India marketing strategy is as follows: Bank of India has always promoted its brand through social and digital media apart from newspapers, billboards, magazine ads, sponsorships, etc.
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