I am pleased to present my internship report on “Women banking engaging women in economic empowerment”. This report has been prepared based on the experience I gained while completing my internship program at The City Bank Limited. This report is based on the experience I had during my internship program at City Bank Limited.
Student Information
Internship Information
Job Scope
Also, for delivering check books, I had to take the customer's signature and get verification from the branch manager. I had to fill out the customer account opening form and also provide the necessary information about the paperwork required to open the account. So before they could take out loans, they needed information, so I had to assist my supervisor in providing the necessary information.
Internship outcomes
My internship contribution in the company
For example, I wrote paychecks, delivered them to the cash department, and also worked with account opening tasks. For the locker facility whenever the customers came I would give them the register and get their signature and hand it over to the locker in charge to help the subject to go to the locker room. I have always tried to solve problems related to customers and also help to give new ideas to solve them.
Internship Benefits
City Alo has a great brand and when women are told they are getting a different account that is just for them, they feel special. So during my internship, I saw the name City Alo gain a lot of customers. When the women were told that their product was called City Alo, they wanted to know more about it.
Organization Part
Overview of The City Bank Limited
- Company Profile
Their ambition, keen leadership and quest to achieve something great spawned the nations first private commercial bank. Their corporate structure is based on different marketing segments and they have a very strong brand communication. So their business model is following a profit model where the bank tracks in every targeted quarter how their business is doing.
They have many departments, but the main departments that actively participate in the online business platform are corporate investment banking, retail sales department, SME treasury banking, employee banking, priority banking, banking with agents, digital bank, city bank bank. City Bank is the only bank in Bangladesh that offers dual currency on the card, they have more than 130 branches all over Bangladesh. Their ATM booths are all over Bangladesh, they not only cover urban areas but also provide services all over Bangladesh.
Business Divisions of City bank
- Products offered by City bank
- Corporate Mission, vision and values of BCL
Ensure respect for community, good management and compliance in everything we do According to (Stadsbank, 2020).
Management Practices
- Human resource planning
- Selection Process
- Compensation process
- Implementing successful compensation process
- Training and Development process of CBL
- Performance appraisal systems in CBL
The more City-Islamic accounts will be created by the employees, they will be compensated for the number of City-Islamic accounts. CBL employees are highly productive and they really take an active part in earning the profits of the company. Employees who have the knowledge and skills they can refine their skills by undergoing training and development programs.
In addition, they have to train a new officer when some officers resign. In the first days of work, they have to cooperate with each official and learn the job from their own. The evaluation systems at CBL are intended for employees to receive recognition for their good results in the performance of work.
Goals means that every quarter the officers are required to achieve the performance they need to exceed their performance. A relationship officer can be promoted if he or she can bring more business to the organization. Based on work performance, temporary workers can be permanent officers as an appraisal system.
Marketing practices
- Marketing strategies of CBL
- Targeting strategy market
- Segmentation market
- Effective market positioning of CBL
- Branding Activities
- Product development strategy of CBL
They have a huge customer base, so the positive mouth marketing of the existing customers creates more potential customers for the organization. To identify the right target group, every organization must understand the organization's core service. It is a broad marketing tool to reach a large group of people in less time.
CBL also targets the market in terms of buyer needs and choices, sales habits, B2B communication and buying patterns. For example, in the pandemic when the whole world was in lockdown, the digital banking solution comforted the situation. As banking sectors have to reach a large customer base, so market segmentation is really essential to do business in banking sectors.
As they segmented the market, they identified which segments need the correct product for the age base they have high savings accounts. They have City Islamic account for Islamic banking segment, for women they have City Alo account. Many of the customers say they bank with CBL because of their exceptional customer service.
Sustainability in the market depends on redesigning the products and shifting them to modern trends.
Financial and Accounting practices in CBL
By comparing the increase in total liabilities we can see that there is an increase between 2019 and 2020. It is clear to see that liabilities have increased so there is an inflow of cash which indicates that CBL has bought good credits and that savings have increased. . 38 | P a g e There has been an increase in the net operating result from the offshore banking part in 2020.
Offshore banking is a great way to increase your earnings abroad while also contributing to the national economy. The figure shows that comprehensive income increased in 2020. From the analysis of the financial numbers, we can see that they have seen an increase in their earnings and that CBL is focusing on more foreign investment.
So when financial institutions contribute more foreign earnings, it sees more profit in their business.
Operation management and information systems in CBL
- Information’s Systems
39 | Page All the paper works are done by the officers but verified by the branch operations manager. Tax certificates, payment orders these formats are done in Microsoft, but letterhead is important for any type of official document. So, this unit mainly makes the rules according to the government rules and regulations and gow to process the operations in the bank.
Industry and Competitive analysis
- Overview of banking industry
- Porters Fives forces
- SWOT Analysis of City Bank
- Competitive advantage
As the world changes and people become more aware of digital transactions without modern banking techniques, local banks cannot survive in the market of the future. This is the reason that Bangladesh Bank introduced some new fiscal monetary policies to stabilize the banking sectors (AHMED, 2021). According to the Bangladesh Bureau of Statistics, it can be seen that there has been a downward shift in the financial growth of banks from 2017 to 2020.
Porters five forces help an organization to know its competitors and how to win them more profitably. This is high in the banking sector because there are many banks operating in it. This is relatively less in the banking sectors because most banks set the same rules, so it is a problem for a customer to switch to another bank.
This has medium effect because no day's people also opt for non-bank financial institutions so it can a. They have a strong corporate culture and they have work ethics for which they have good CSR.
Summary
Recommendation
Introduction
- Objectives
- Significance
This is for women to make them feel special that banks are making them feel special by offering products only for women. Affordable and easy financial services can help make women more aware of their economic rights. These reports will provide an analysis of making banking product segments easily accessible to make women more aware of their banking decisions so that they can make their own financial decisions.
How the banking systems can create more opportunities for women to make banking easy for women. Digital systems can make banking systems more accessible to women so they can make their own banking decisions. What marketing strategies can help women attract more customers to make their own financial decisions, giving them more power.
Banks really need to revamp their marketing strategies to attract more women to open their own bank accounts. Recently, banks and financial companies are creating ways to influence women to make their own financial decisions. In order to make women more aware of banking policies aimed at them, the banking sectors need to transform their marketing strategies.
Most financial services always ignore the key indicators that will be made specifically for women to create new product segments.
Methodology
Finding and Analysis
52 | P a g e City also needs more awareness in marketing so that people like to be associated with women's banking. It is clear that most people think that gender discrimination is the main reason for women's less access to financial services. But most people think that women should be more aware of their investment options and banks can help them.
Creating marketing strategies to attract more female customers and rewarding them for their financial plans can empower them more economically so that they know about their financial decisions. Women should be aware of their economic rights and should have the opportunity to make their own financial decisions independently. According to the majority of respondents, it is believed that women show less confidence in financial decisions.
55 | Women's banking is a new concept, so banks need to create strong female ambassadors to talk about women's banking. 56 | P a g e To reduce the gender gap in the financial sectors, it is necessary to promote the idea of women's banking. It is a common scenario of our country that Men take the financial decisions of the family.
So here they can help their partners to encourage them to participate in making financial decisions in the household.
Conclusion
Recommendations
11. How can banks reduce gender gaps to make women more aware of their financial opportunities. 13.How do you think that Women Banking can help reduce the gender gap in financial sectors and create women's empowerment.