Proposing a Structural Framework for Conducting Voice of Customer Program
Essay by ankur.gupta66 • June 25, 2018 • Research Paper • 1,830 Words (8 Pages) • 858 Views
Essay Preview: Proposing a Structural Framework for Conducting Voice of Customer Program
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NMIMS
School of Business Management
Summer Internship Report – 2018
“Proposing a Structural Framework for conducting Voice of Customer Program”
Name: - Ankur Gupta
Roll Number: - G022
SAP ID- 80101170266
Faculty Mentor (NMIMS): - Mr. Anand Vardhan
Internship Company: - RBL Bank Ltd.
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Preface
This Project Report has been prepared in partial fulfillment of the requirement of the course: “Summer Internship Program”, which is an integral part of the MBA curriculum. The Summer Internship was done at RBL Bank Ltd from 2nd April 2017 to 31st May 2017.
This report presents the study, key learnings and findings resulting from the project, “Proposing a structural framework for conducting VOC (Voice of Customer) for Corporate & Commercial Clients”
The Project report begins with basic details of RBL Bank and its businesses, methodology adopted and then talks about the various concepts used in this project, followed by the project study, analysis and findings.
Working in the domain of Banking and Client Services was a fulfilling affair that taught me lessons to be remembered for lifetime. In this report, I would try to cover a large part of what my job as an intern was and the key learnings and takeaways
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New Delhi Ankur Gupta 31/05/2017
Acknowledgement
I would like to take this opportunity to express my profound gratitude and deep regards to Mrs. Parul Sarin, India Head, WholeSale Client Services, RBL Bank Ltd. for providing me an opportunity to work on this project. Without his support the project would not have obtained final shape.
I would like to thank my project guide, Mr. Jitin Rakheja, Program Manager, Client Services, RBL Bank Ltd. for his guidance, encouragement and advice he has provided throughout my time as an intern. His exemplary guidance, mentoring and constant encouragement helped me throughout the course of this internship project. He ensured that all my doubts were catered to and suggested solutions to problems that I faced during the course of my project.
I also thank my faculty guide Mr. Anand Vardhan, for his guidance, support and continuous encouragement.
Lastly I would like to thank the WholeSale Client Services team at RBL Bank Ltd and everyone who helped me to complete the project successfully.
Ankur Gupta
Executive Summary
The Voice of the Customer (VoC) is a market research technique that produces a detailed set of customer wants and needs, organized into a hierarchical structure, and then prioritized in terms of relative importance and satisfaction with current alternatives. “The Voice of the Customer allows you to listen, interpret and react to what’s being said, and then monitor the impact your actions have over time. Voice of the Customer combines two key aspects of information extraction: the need to know in detail what the customer is talking about and to interpret correctly his feelings about it.
The banking domain has the added difficulty of providing an extremely wide array of products and services, each one of them with very specific subcategories and received through completely different channels.
RBL Bank currently conducts Customer Feedback via offline mode only and a Voice of the Customer Program is the need of the hour. Carrying out feedback in an offline mode has its own limitations as proper segmentation of target audience for feedback and integration of data is not possible in the current system. Also, currently it is not possible to assign a metric to the level of engagement RBL has with each of its customers.
Through this project I aim to propose a structural framework for conducting VOC for Corporate & Commercial Clients making use of Client Relationship and Transaction Data.
Table of Contents
S.No. | Topic | Page No. |
1 | Introduction | 6 |
2 | Literature/Library Review | 7 |
3 | What is Voice of Customer Program | 8 |
4 | Benefits of a VOC Program | 9 |
5 | Purpose and Objectives of Study | 9 |
6 | Project Methodology | 10 |
7 | Customer Engagement Metrics | 12 |
8 | VOC on an Enterprise Level | 13 |
9 | Results and Findings | 14 |
10 | References | 15 |
Introduction
About RBL Bank
RBL Bank is one of India’s fastest growing private sector banks with an expanding presence across the country. The Bank offers specialized services under six business verticals namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Agri Business Banking, Development Banking and Financial Inclusion, Treasury and Financial Markets Operations. It currently services over 4.50 million customers through a network of 265 branches and 388 ATMs spread across 20 Indian states and Union Territories.
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