Internship with Bank of India (BOI)[/b]
---Sunil Mehta (SIMSREE)
Project Title: Analysis of Marketing Process & Lead Generation Techniques of SMECC Department
The first phase of the project was to learn Retail Banking and its Products in detail. We conducted a Survey on Star union Dai-ichi (SUD) Life Insurance. SUD Life Insurance is a Joint Venture of BOI, Union Bank and Dai-ichi Insurance Company. The Objective of the survey was to find why Customers who have taken Home Loan doesn’t opt for SUD Life Insurance. The Survey was conducted in 40 Branches of Bank of India in South Zone, Mumbai. I determined the reasons for Home Loan Customers not opting for SUD Life Insurance and I recommended them to Marketing Department of Bank of India.
The Second Phase was the Field Work to study the Marketing Process and Lead Generation Techniques of SME (Small Medium Enterprises) City Centre Department also known as SMECC in BOI. The Field work was done Mainly in South Mumbai to sell Current A/Cs, Home loan, Insurance etc. and Pitch for Salary Accounts to Corporate. The Primary motive was to identify the Businesses needing Loans for Expansions. As soon as we were finding customers in need of SME Loan, we were building relationship with them and were pitching them for SME Loan. As most of Entrepreneurs are already banking with some banks for working capital, The Main Challenge was to convert them to BOI Customers.
The Third Phase was to Study Asmeeta Textile Park and Devise a Cluster Scheme for the Aforementioned Park, which is also India’s first Textile Park. Along with Bank Officials, I visited the Park and gathered details of the Park. We studied the Viability of the Projects in the Park and Client Business Prospects in detail. Also studied the Benefits of the Park and Based on all the Above Information, we devised a Cluster Scheme to Attract the Asmeeta Textile Park Clients.
Experience in Internship:
1) I was working for the first time at PSU Bank and the experience is completely different from working in Private sector companies
2) We need to address all seniors as ‘Sir’ and not with their first name as we do in private sector. The Lunch and snacks timing are to be strictly followed in Bank of India.
3) As a Summer Intern, you face many difficulties while working in BOI as employees take some time to Trust you and get acquainted with you
4) Once you get acquainted with staff of BOI, you get all the Help and Guidance needed for your project
5) Unlike private sector Companies, here in PSU’s you are given less freedom for Imagination and Creativity as you need to take permissions from your Superiors before taking even small Decisions
6) I was given targets and targets were flexible as I was working for first time in Bank, which gave me time to Think and Analyze and helped me in Learning
7) The Work timings in especially, SMECC Department were flexible. Hence, gave me freedom to work as per convenience
---Sunil Mehta (SIMSREE)
Project Title: Analysis of Marketing Process & Lead Generation Techniques of SMECC Department
The first phase of the project was to learn Retail Banking and its Products in detail. We conducted a Survey on Star union Dai-ichi (SUD) Life Insurance. SUD Life Insurance is a Joint Venture of BOI, Union Bank and Dai-ichi Insurance Company. The Objective of the survey was to find why Customers who have taken Home Loan doesn’t opt for SUD Life Insurance. The Survey was conducted in 40 Branches of Bank of India in South Zone, Mumbai. I determined the reasons for Home Loan Customers not opting for SUD Life Insurance and I recommended them to Marketing Department of Bank of India.
The Second Phase was the Field Work to study the Marketing Process and Lead Generation Techniques of SME (Small Medium Enterprises) City Centre Department also known as SMECC in BOI. The Field work was done Mainly in South Mumbai to sell Current A/Cs, Home loan, Insurance etc. and Pitch for Salary Accounts to Corporate. The Primary motive was to identify the Businesses needing Loans for Expansions. As soon as we were finding customers in need of SME Loan, we were building relationship with them and were pitching them for SME Loan. As most of Entrepreneurs are already banking with some banks for working capital, The Main Challenge was to convert them to BOI Customers.
The Third Phase was to Study Asmeeta Textile Park and Devise a Cluster Scheme for the Aforementioned Park, which is also India’s first Textile Park. Along with Bank Officials, I visited the Park and gathered details of the Park. We studied the Viability of the Projects in the Park and Client Business Prospects in detail. Also studied the Benefits of the Park and Based on all the Above Information, we devised a Cluster Scheme to Attract the Asmeeta Textile Park Clients.
Experience in Internship:
1) I was working for the first time at PSU Bank and the experience is completely different from working in Private sector companies
2) We need to address all seniors as ‘Sir’ and not with their first name as we do in private sector. The Lunch and snacks timing are to be strictly followed in Bank of India.
3) As a Summer Intern, you face many difficulties while working in BOI as employees take some time to Trust you and get acquainted with you
4) Once you get acquainted with staff of BOI, you get all the Help and Guidance needed for your project
5) Unlike private sector Companies, here in PSU’s you are given less freedom for Imagination and Creativity as you need to take permissions from your Superiors before taking even small Decisions
6) I was given targets and targets were flexible as I was working for first time in Bank, which gave me time to Think and Analyze and helped me in Learning
7) The Work timings in especially, SMECC Department were flexible. Hence, gave me freedom to work as per convenience