RETAIL BANKING
Introduction The banking sector has under gone turbulent changes in the past few years. The financial sector reforms have brought in the entry of new private sector and foreign banks in the country. The conventional banking as outlined above has given way for professional and high-tech banking. There has been a paradigm shift from the monopolies of public sector banks to competitive banking. Public sector banks can no longer remain complacent with their conventional products and services. With walk in business virtually being ruled out, banks are now scouting for quality consumers both for building their resources and assets
There were times when the corporate clientele occupied the centre stage and the retail ones were pushed to the back seat. The slow down of the economy, sluggish industrial growth and slump in agricultural activities have pushed the commercial banks to look to the retail customers.
Retail banking has both pros and cons. In a situation like today, the bankers have very little option, but to chant the “Retail Mantra”
RETAIL BANKING IN INDIA Retail credit outstanding as on March 22, 2003, amounted to Rs 1,60,000 crore. According to one estimate, the retail segment is expected to grow at 30-40% in the coming years. Major Players: State Bank of India, HDFC Bank, UTI Bank, IDBI Bank and ICICI Bank The ratio of retail credit to net credit in the global level is around 5%. In India, it is interesting to note that this ratio is over 10% as on March 31, 2002 (Source: RBI, Annual report). With the economic reforms set in motion, the country is already rated as a major hub for economic development. Increase in per capita, change in lifestyle and growing urbanization has made the Indian population rise
N.L.D.I.M.S.R
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RETAIL BANKING
from oblivion and resurges in a modern era. Traditionally against incurring a debt, the policy of save and spend is gradually giving way to spend and save concept.
WHAT IS RETAIL BANKING? Retail banking can be crudely defined as the antonym of wholesale or bulk banking. It is nothing, but shared business. A deposit of Rs.1 lakh from single customer vs. small deposits of Rs. 10,000 each from 10 different customers. The corporate and retail divide is nothing but internal segmentations and the customer remains always a customer.
Retail banking generally refers to offering financial services, products related to deposits and assets to individual customers for personal consumption.
Banks concentrate on various segments like professionals, housewives, pensioners, children, salaried class etc. Different types of products like recurring deposits, savings bank deposits, fixed deposits, credit cards, housing and consumer loans and educational loans are offered by banks to the above mentioned marked segments.
The domain of retail banking market has tremendous growth potential for banks and finance companies, as at present it is largely untapped. The penetration level is 2.5 to 3 % and is in a scenario when the requirements of the consumers are growing. In the past, people never believed believed in buying consumer goods on credit. But today the attitude is changing. The demand for consumer products has increased. Today, oday, about 70% of consumer goods purchased are through
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RETAIL BANKING
ADVANTANGES ADVANTANGES OF RETAIL BANKING Retail banking has inherent advantages outweighing certain disadvantages. Advantages are analyzed both from the resource angle and asset angle. RESOURCE
ASSET SIDE
Stable and constitute core deposits.
Better yield and improved bottom line.
Less ba bargaining fo for ad additional in interest.
Good Avenue fo for fu funds de deployment.
Low cost funds.
Lowe risk and NPA perception.
Builds customer base.
Helps economic revival of the nation through
Increases subsidiary business
increased production activity. activity. Improves lifestyle and fulfills aspirations of the
A safe and convenient saving avenue.
people through affordable credit. Innova ovative product development. Minimum marketing efforts in a demand-driven economy. Risk weight in certain segments like housing loan.
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RETAIL BANKING
According to the Reserve Bank of India annual report for 2001-02, as on March 22, 2003, retail credit outstanding amounted to Rs 1,60,000 crore, including housing loans, loans for consumer Net Bank Credit
14.1%
durables, loans to individuals against shares and bonds, other non-priority sector personal loans and advances against fixed deposits. That's 14.1 per cent of
85.9% Retail cre dit Others
net bank credit outstanding, and 15.6 per cent of non-food gross
bank credit. Incremental retail credit in FY02, at Rs 14,114 crore, was 20.8 per cent of incremental net bank credit, and 26.3 per cent of non-food bank gross credit. Retail credit increased by only Rs 7,026 crore in FY01, and accounted for merely 13 per cent of incremental non-food gross bank credit. The sharp acceleration in the rate of growth of retail credit is clear. The fastest growing business segments are housing loans, incremental growth in which was Rs 6,203 crore in FY02, compared with Rs 2,043 crore in the preceding year; and the category "other non-priority sector personal loans", the outstanding of which increased by Rs 5,338 crore in FY2002 compared with Rs 2,655 crore in the previous year. The higher exposure to retail lending has come at the cost of credit to industry. Compare the 32.6 per cent of incremental non-food gross bank credit that went to medium and large scale industry five years ago, in 1996-97, WITH the 17.7 per cent that went into the segment last year. Or consider the 13.8 per cent of incremental non-food gross bank credit that went to small scale industries in 1996-97 with the measly 2.2 per cent that went into the segment last year to realize how lending has changed in the last five years.
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RETAIL BANKING
Sr. No
Type
Mar-00
Mar-01
Mar-02
1
Housing
14100
16143
22346
(3.52)
(3.44)
(4.16)
3855
5566
7015
(0.96)
(1.19)
(1.31)
2146
1697
1520
(0.54)
(0.36)
(0.28)
15409
18064
23402
(3.84)
(3.85)
(4.36)
35510
41470
54283
(8.86)
(8.84)
(10.11)
400818
469153
536727
(100)
(100)
(100)
2
3
4
5
6
Consumer durables
loans to individuals against shares/bonds
other non-priority sector personal loans
sub-total
Gross bank credit
Source: Report on Trend and progress of Banking in India 2001-02,RBI
Banks With Large Network Actuals Bank April 01 ICICI Bank 510 UTI Bank 303 HDFC Bank 207 IDBI Bank 77 GTB 101 Total 1234 Source: Annual Report and websites of respective banks
March 02 1000 480 410 225 200 2313
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RETAIL BANKING
Retail Banking Functions available in India A banks retail offering can be broadly categorized into Core service, facilitating service, and supporting service. Core service is the reason for being in the market, facilitating services are needed so that the core service can be used, and supporting services exactly discriminates the service package from the services of competitors.
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RETAIL BANKING
Categorization of retail bank services: Core services Payment services
Facilitating services Cash
Supporting services Making payments at door step
Foreign Currency Requirement
Internet banking
Traveler Traveler Charges DD/ Bankers Cheque
Telephone banking
IT Current account and savings
EFT ATM card ca rd
account
Standing instructions from customers for making
Credit cards
Debit cards
payments Inter branch/interbank transfer
Services to senior citizens
of funds Safety vault
Telephone banking
Internet banking
Conversion of excess balance Loan products: Consumer
Current account
to Time deposits Delivery of loan at promised
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RETAIL BANKING
OVERVIEW OF MAJOR CATEGORIES OF RETAIL OFFERING
Auto Finance CUSTOMER PROFILE Average customer age is less than 30 yrs. Target customers can be classified into the following income groups:
Vehic ehicle le Cate Catego gory ry
Inco Income me Grou Group p
Profile
Two Wheelers
(Rs.) 3000 – 8000
Young, ambitious, newly employed or low
1000010000- 20000 20000
salaried and Parents of young adults. People People with with fami familie lies, s, settl settled ed job, job, high higher er middle middle
Cars & other MPV’s ( Personal Use) Cars, Three
class, office going or businessman. -
Wheelers & other
Self-Employed, Small businessmen to enhance their services, to start new business.
MPV’s ( Business Use) Heavy Vehicles
-
Businessman & Self-Employed
Major Influencers – Dealers, DSA
Newly employed people are more attracted towards this loan as people like to
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RETAIL BANKING
About 75% of the vehicles especially the cars sold in the country are through consumer loans schemes.
The factors that propel growth are :
Low interest rates.
Poor urban transport in many areas, increasing income levels .
Even for second hand cars finance is available.
Increase in GDP growth.
Increased income levels and changing lifestyles.
Nearly 3 lacs second hand cars have been financed.
Default rate for car loans is around 1 %.
Infact on account of liberal financing by banks, production of passenger cars, motorcycles and scooters has registered good growth It will also provide a boost to the auto manufacturing sector.
Competition
The sector offers intense competition among players. Major competitors in the sector include ICICI, SBI, HSBC, HDFC etc. Banks and NBFCs have tie up arrangements with the automobile dealers for making available vehicle finance.
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RETAIL BANKING
The auto finance market is led by ICICI. ICICI bank funds about 15 % of cars that are rolled out. ICICI banks retail portfolio as on September 30, 2002 was over Rs. 134.61 billion, as compared to combined retail portfolio of ICICI and ICICI bank of about Rs. 77.35 bn on March 31, 2002. Every bank has its unique segmentation and targeting strategy. Similarly ICICI also follows a segmentation strategy to divide its market into strata’s. This helps them to decide upon their target audience and what are their wants and needs.
ICICI’s ICICI’s Segmentation Strategy Strateg y The ICICI bank in India has adopted ‘Life Stage Segmentation Strategy’. This approach aims to minimize overlaps between two segments by categorizing customers into various segments based on the stage of life they have reached. The banks philosophy is to have product idea for every stage of an individual’s life from childhood to retirement and the bank has a wide product range . ICICI is also adopting a strategy of creating a liability based product along with a asset based product and vice-versa. Market Targeting Strategy:
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RETAIL BANKING
Consumer credit sector is growing at 15%
Easy credit terms
Consumer credit encompasses extension of loans for white goods, educational loans, finance for meeting travel, medical expenses etc.
Demand for loans for acquisition of TV, cell phones, AC’s, dish-washer, washing machine, fridge etc. is on the rise.
There are nearly 12 lakh outlets contributing to Rs.14000 Cr to the GDP (about 1.2% of GDP)
Further investments of Rs. 35000 Cr are in the pipeline.
Banks also offer loans through tie-ups with corporates.
Default rate is a bit high at 3%-4%. This explains the relatively higher rate of interest.
Basic understanding of middle class drivers is a must.
For unsecured loans, return is high and at the same time competition is low.
Customer Profile Customers in the income bracket of Rs. 3000 - 10000 p.m. Usually availed by young married couples but with the change in people’s perception about loans every strata of the society is getting attracted to
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RETAIL BANKING
Mention cards and most people will think of credit cards. Yet, popular as they are, credit cards, which are accepted as a payment device at over 20 million shops worldwide, really represent just one type of card. Other cards include debit cards, smart cards and charge cards.
A smart card is used to store cash in an electronic form.
A charge card carries all the features of credit cards except that you cannot defer your payment to the card company.
A debit card is simply used as substitute for cash or check payments
Consumer profile
Credit card users generally belong to the income bracket of Rs. 90,000 p.a. and above.
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RETAIL BANKING
although tier-II cities have a potential of being a promising markets for credit cards.
There are 6 million cards in use.
The potential is anticipated at 40 million.
Credit card culture pioneered by foreign banks initially like Citibank, StanChart etc. in our country.
Payment habits have undergone a change.
Credit cards have increased from 5 lacs in 1992 to 60 lacs in 2002 (avg. growth at 20-25 % p.a.)
The average annual spending through credit cards is around Rs.18000 Cr. (which is less than 1% of total personal consumption spending in India, as compared to 30% in US. SBI, ICICI Bank has a card base of 9 lacs and 6 lacs respectively.)
Credit cards in India are used more as a transactional investment rather than as a medium of servicing credit.
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RETAIL BANKING
There is a case for reduction in the rate of interest on debit balances from present level of over 30% p.a. Interestingly, Andhra bank and HDFC bank rather than any other foreign banks have taken positive steps in this regard. The network of branches does not seem to be effectively utilized for marketing by Indian banks in credit card business. If only these banks becomes market savvy and exploit branches to the hilt in issuance of credit cards, there could be great success awaiting them.
CREDIT CARDS MARKET SHARE (in lakhs)
15.77
16
CITIBA CITIBANK NK STAN CHART SBI SBI HSBC
5.88 9.03
14
ALL OTHERS
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RETAIL BANKING
Housing Loan - Nesting becomes a lucrative business
If one were to study the sector-wise performance over the last five years, the housing finance industry has outperformed everyone’s expectations. Loan
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RETAIL BANKING
CONSUMER PROFILE
Customers normally belong to age group of 25-35. The average consumer age is 31 years.
These customers generally are in the income bracket of Rs. 8000/- p.m. and above.
Normally availed by :
Newly married couples
Families breaking up into nuclear families
People aspiring to acquire higher status and improved standard of living.
DINK - ‘double income no kids’ i.e. both the husband and spouse earning.
Indian middle class forms the major chunk of the customer portfolio.
Primary influencers in a housing loan decision are
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RETAIL BANKING
Steady fall in interest rates.
Increased start-up salaries.
Aspirational changes in lifestyle.
More hassle-free.
Offer of free insurance cover for various risks.
Offer of various incentives in the form of low or no charges for pre-closure of loan-lower processing / administrative/ documentation charges; interest on reducing balance method; choice or option for fixed/floating interest rates etc.
Income tax shelters on interest paid.
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It provides a big impetus for housing construction activities also-growth in infrastructure industry.
Transaction cost is also low.
It is easier for banks to appraise/assess as they look into fewer aspects like background, employment, experience, number of dependants, previous track record, proof for pay, copy of IT returns, property documents and age of the property etc.
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We expect the trend to continue with banks gaining a larger share in incremental loan disbursals.
Performance of HFCs P ti
l
FY98
FY99
FY00
FY01
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Access to resources: Another differentiator Dewan Housing and LIC Housing Finance both run operations with a profitability level of about 20 per cent. Despite that, Dewan is unlikely to grow at LIC Housing's pace in the current environment. LIC's superior pedigree and access to resources appears to have played a critical role in larger disbursements. For example, between 2000 and 2002, Dewan's housing loan disbursement grew from Rs 163 crore to Rs 200 crore. On the other hand, between 1999 and 2001, LIC Housing's disbursements to individuals grew from Rs 945 crore to Rs 1,597 crore.
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A house is generally the single largest investment an individual makes in a lifetime. Moreover, the emotional dimension of a house makes it intrinsically safer for a lender. Another factor that adds to the safety of the loan is that most borrowers have a significant level of personal money invested in a house. If they lose possession of a house, it would mean a lot of personal wealth slipping out. None of the factors that have thus far made home loans one of the safest deployment avenues is likely to change in the near future, thereby ensuring that the business remains one of the financial sector's safest.
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Apart from that the Indian economy may have reached a stage where interest rates may continue to remain soft over the long-term. This is likely to ensure a steady demand for housing loans.
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RETAIL BANKING
OPPORTUNITY
Changing consumer outlook towards loans and related products
THREAT
Stiff competition competition in the housing loans segment from HDFC, LIC Housing etc.
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Offer loans with no guarantors. guarantors . Most banks require that you present a guarantor who will back you up if you default on your loan repayment. It
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are the lower than other consumer loans. The total loan amount including the housing loan can be upto 90% of the value of the home. The tenure of the consumer loan is restricted to 5 years.
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