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Presentation on Marketing of Money Transfer in India Post

Presentation on Marketing of Money Transfer in India Post. Introduction. DOP offers number of Products & Services to its customer In order to remain competitive, DOP should to be aware of its Market Share Customer needs & Expectations Customer Satisfaction Level

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Presentation on Marketing of Money Transfer in India Post

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  1. Presentation on Marketing of Money Transfer in India Post

  2. Introduction • DOP offers number of Products & Services to its customer • In order to remain competitive, DOP should to be aware of its • Market Share • Customer needs & Expectations • Customer Satisfaction Level • For this purpose, DOP through IMRB International conducted a customer satisfaction survey among the customer of Seven product/service categories • One such category is Money Transfer • Domestic • International

  3. Various Modes of Money Transfer Money Transfer International -Outward International -Inward Domestic With Bank Account Without Bank Account With Bank Account Without Bank Account Banks –various platforms NEFT Formal INFORMAL Money Transfer Agents SWIFT/Wire Transfer India Post –MO Videsh RTGS India Post-Traditional Cheque/DD CARDS India Post electronic , instant Cards Cheques/Drafts India Post-MMTS Direct Transfer ATMs Banks(DD<20000) Mobile Platform Mobile Platform

  4. Various Modes of Money Transfer • Domestic Transfer (Without Bank Account) • Official (India Post, Banks) • Unofficial (agents, friends & relatives) • Domestic Transfer (with Bank Account) • Transfers using NEFT, RTGS, Cards, Cheque/Draft, ATM • International Transfer (Without Bank Account) • Inbound (through Money Transfer Agents like WUMT, MoneyGram) • Outbound (India Post’s MO Videsh) • International Transfer (With Bank Account) • SWIFT/Wire Transfer, Cheque/Draft, Cards & Direct Transfer

  5. Money Transfer Channels

  6. Money Transfer Channels • Banking Channels • NEFT, RTGS, Credit /Debit Cards, IMPS, Cheques/Drafts/ATM • Non Banking Channels • MO, IPO, IMO,IMTS, MO Videsh, IFS MO • Informal Channels • A Broker or middleman will transfer cash to another location through his network for a fee

  7. Competition Scenario

  8. Market Share -Domestic • Without Bank A/c • To obtain and encash DD of Value below Rs.20000, a bank a/c is not required. This service from bank competes with India Post offerings. • It is not possible to calculate the share in this segment because, banks/RBI do not have separate data on DD encashment of less than Rs.20000 • Informal transfer are not documented

  9. Market Share -Domestic • With Bank Account • NEFT, Cheques/drafts, Cards, ATMs and Mobile banking would form competition to India Post • RTGS is used only for high value service • Cheque is the largest means of money transfer in India constituting more than 90% of the market • India Post’s Money order services forms around 0.1%

  10. Market Share-Domestic

  11. Market Share -International • India receives the most inward remittance in the world • World bank estimates USD 63.5 billion (Rs. 342900 crores) inward remittances in India • A small part of this remittances made through agencies like Western Union and they come into play only when recipient does not have a bank a/c • Majority of remittances are done through banking channels as they are faster and cheaper

  12. Market Share -International • No. of Remittances by India Post through WU are approximately 2.5% • Total remittance done by WU into India is 15000 crores of which India Post’s share is 44.3%

  13. Customer Scenario • Types of services availed at Pos

  14. Customer Scenario • Occupation profile of Money Transfer Users

  15. Marketing The 4 Ps of Marketing are • Product • Place • Pricing • Promotion

  16. Product • In Domestic Money transfer the key would be • Switch to electronic mode • Increase the speed of delivery

  17. Place • Expansion of instant domestic money order transfer to all Post Offices • It will reduce the problem of long queues • Timing of select high volume branches can be increased from 9 AM to 9 PM especially for international remittance • The division to take necessary steps

  18. Promotion • Awareness and perception are not major problem areas • Most users and non-users are aware of Money Transfer service by India Post • Canvassing about Electronic/Instant Money Transfer can be done

  19. Price • Even though there is not much flexibility for pricing we still can attempt to reduce the impact of non competitive pricing through • Appointment of franchisees/ increase the no. of offices for providing money transfer facilities • Use of vast network of Post offices and Postmen staff to collect money from the senders for remittance

  20. MONEY REMITTANCE SERVICES Discussion on Self Study Material

  21. ACTIVITY • Make 5 groups of 6 trainees and allot following 5 Money remittance services for analysis • Group1 eMO • Group2 iMO • Group3 MMT • Group4 MOVidesh • Group5 IFS MO • Ask Trainees to list-out what are all the strengths & weakness of the service (SWOT analysis) • Get the suggestions/innovative ideas from the trainees for improvisation of the service

  22. Reasons for not using India Post’s MT

  23. MEASUREMENT PHILOSOPHY

  24. Business Success & Customer Loyalty

  25. Business Success & Customer Loyalty • Business Success is a function of Loyal Customers • Customers in turn base their loyalty behavior on the basis of their perceptions regarding the Department • Perceptions may be related to Value, Cost, Quality of products & services & image perceptions • These perceptions are due to a combination of experiential and non-experiential factors

  26. STRATEGIC PRIORITY & EXPECTATION OF CUSTOMERS

  27. Critical Improvement Areas • Procedure/Documentation • Time taken at the Post Office, to complete the documentation • Ease of filling up the form • Options available in terms of amount of money that can be sent/received

  28. Critical Improvement Areas • Post Office • Cleanliness of the Post Office • Queue management at the Post Office • Adequate staff at the Post Office • Convenience of Timings • Availability of forms/slips/envelopes/brochures etc • Ease of finding a branch • Availability of basic facilities like drinking water

  29. Critical Improvement Areas • Postal Employees • Helpfulness of the postal employees in giving information or solving the customer queries • Knowledge of Employees about Money Transfer Process, locations • Politeness of the Postal Employee • Speed in responding to customer queries

  30. Customer Comments/Suggestions • “Money should reach fast, Service charge should be lower” • “Postal Staff should be helpful, Transactions should be fast” • “Acknowledgement receipt of delivery” • “Postal employees should tell about Tracking Facility” • “There should be better queue management”

  31. Key strengths • Positive perception of being ‘Safe and Secure’ • Key differentiating facilities like ‘Delivery to home address’ in eMO • Price/Commission • No bank account required on part of receiver

  32. Key Focus Areas • Training for Postal Staff • Timeliness of the remittance • Create awareness of Instant Money Order • Create awareness of the amounts that can be transferred • Acknowledgement incase of iMO • Convenience of timings

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