Marketing Mix Of Syndicate Bank and 7Ps (Updated 2024)

The Marketing mix of Syndicate Bank analyses the 7Ps of Syndicate Bank, which includes the Product, Price, Place, Promotion, People, Physical Evidence, and Process of Syndicate Bank. Syndicate Bank is a publicly traded company of Indian origin. It deals in financial services and is associated with the banking industry. Syndicate Bank was founded in 1925 by its co-founders Vaman Kudwa, Upendra Pai, and T M A Pai as Canara Industrial and Banking Syndicate Limited. It was renamed Syndicate Bank Limited in 1964 and was nationalised in 1969, 19th July. Presently, it is owned by the Government of India. It faces competition from the following.

• Allahabad Bank
• Indian Bank
• Dena Bank
• Central Bank of India
• Corporation Bank

About Syndicate Bank

• Type: Public sector bank
• Industry: Banking
• Founded: 1925
• Founder: Upendra Ananth Pai, T. M. A. Pai and Vaman Srinivas Kudva
• Headquarters: Manipal, Karnataka, India
• Area served: India
• Key people: R. Dinesh (Chairman) and R. K. Vishwanath (CEO)
• Number of employees: 34,000

Syndicate Bank Product Strategy

Syndicate Bank is one of the oldest banks with an iconic status. It offers rural and urban banking with a complete service package of banking solutions.

The new Product Mix of Syndicate Bank in 2024 is as follows (Source).

1. Accounts: They offer various bank accounts, including current and savings accounts, catering to different customer needs.
2. Deposits: Term or fixed deposits with varying tenures and interest rates.
3. Loan Products: A diverse range of loans, including retail, corporate, agricultural, priority sector, and loans for small and medium enterprises.
4. International Banking: Services tailored for non-resident Indians (NRIs), facilitating global banking needs.
5. Cards: Offering both credit and debit cards to customers.
6. Support for Government Initiatives: Aligning with government campaigns like “Make in India” by financing relevant sectors.
7. Innovative Products: Introducing new banking products like Synd Rd Plus, SyndProfessional, SyndSolar, SyndMortgage, and SyndDefense plans, focusing on innovation and tailored financial solutions.

Syndicate Bank Pricing Strategy

Syndicate Bank’s sales and pricing strategy is multifaceted and tailored to meet the diverse needs of its customers. It is marketing strategy includes:

1. Interest Rates on Accounts: The bank offers competitive interest rates on savings accounts and term deposits, varying based on the deposit amount and duration.
2. Loan Pricing: Syndicate Bank’s loan products, such as housing, vehicle, and personal loans, come with different interest rates, reflecting market conditions and the risk profile of borrowers.
3. Tiered Pricing: The bank employs a tiered pricing structure for its products, where different customer segments are offered varied rates based on factors like account balance and loan amount.

Syndicate Bank Place Strategy

Syndicate Bank started its operations from Udupi in Karnataka and, with time, gained a Pan-India presence. Its headquarters is at Manipal in Karnataka. The bank has spread its presence in the overseas market via a branch in London, and it manages Musandam Exchange Co. and National Exchange Co. in the capitals of Muscat and Doha, respectively.

In the domestic circuit, Syndicate Bank has a widespread distribution strategy and sales channel that includes eight offices of Field General Managers for business and administration purposes at Manipal, Mumbai, Lucknow, Kolkata, Hyderabad, Delhi, Chennai, and Bengaluru. It has fifteen regional offices in strategic regions headed by DGM and AGM cadre. By the end of 2016, Syndicate Bank had spread its presence via 3859 branches, including one overseas branch, 38 satellite offices, and 12 extension counters. It controls international business via its office in Mumbai.

Here are the critical points about Syndicate Bank’s place strategy:

1. Vast Branch Network: Syndicate Bank has an extensive network of branches, including rural, semi-urban, urban, and metropolitan areas, ensuring accessibility to a wide range of customers.
2. International Presence: The bank maintains an international branch, highlighting its global reach, which benefits NRI customers.
3. ATM Network: Many ATMs nationwide provide convenient access to banking services for customers.
4. Sponsored Regional Rural Banks: The bank sponsors regional rural banks, extending its reach to more remote and rural areas, thus enhancing financial inclusion.
5. Digital Channels: Internet banking, SMS banking, and mobile banking facilitate easy and remote access to banking services for tech-savvy customers and those preferring digital transactions.

Syndicate Bank Promotion Strategy

Syndicate Bank has entered into a sponsorship deal to sponsor the first regional bank, Prathama Bank, located in the district of Moradabad. It had a tie-up with UNEP for starting the solar-loan program project. Syndicate Bank organized 14196 literacy programs to give money and promote financial literacy in small towns and villages.

Recently, it was in the news as it opened one million customer accounts within three months. Syndicate Bank has received accolades and awards in recognition of its works. For example, It was awarded the Best Bank and Banking Excellence Award in 2013. It has given a contemporary look to its existing company logo and changed its color combinations to accommodate changing times and harness its brand image.

Some Recent Video ads and Print ads for Syndicate Bank are:

Syndicate Bank People Strategy

Like in any service industry, the “People” component of the Service Marketing Mix for Syndicate Bank plays a pivotal role in delivering customer satisfaction and building customer relationships. Here are some key points regarding the “People” marketing aspect of Syndicate Bank:

1. Employee Training and Development: Syndicate Bank invests in regular training and development programs for its employees to enhance their skills, knowledge, and customer service capabilities. This ensures the staff is well-equipped to handle various customer queries and provide solutions efficiently.
2. Customer Service Orientation: The bank prioritizes customer service, focusing on understanding and meeting the needs of its customers. Employees are trained to be customer-centric, ensuring that they provide personalized and attentive service to each customer.
3. Staff Professionalism: Employees at Syndicate Bank are expected to maintain high professionalism in their interactions with customers. This includes being courteous, knowledgeable, and responsive to customer needs and inquiries.
4. Diverse Workforce: Syndicate Bank values diversity in its workforce, recognizing the benefits of having employees from different backgrounds and cultures. This diversity enables the bank to cater to customer needs and preferences, enhancing customer satisfaction.
5. Employee Empowerment: The bank empowers its employees by giving them the authority to make certain decisions. This empowerment enables staff to resolve customer issues quickly and efficiently, leading to higher customer satisfaction.
6. Performance Recognition: Syndicate Bank has mechanisms to recognize and reward employees for outstanding performance, especially in customer service. This motivates employees and encourages a culture of excellence and customer orientation within the organization.
7. Frontline Employees as Brand Ambassadors: The bank’s frontline employees, such as tellers and customer service representatives, act as brand ambassadors. Their behavior and service quality directly impact the bank’s image and customer perceptions.
8. Effective Communication Channels: Syndicate Bank ensures effective internal communication channels are in place so that employees are well-informed about the bank’s policies, products, and services. This is crucial for providing accurate and consistent information to customers.
9. Teamwork and Collaboration: The bank fosters a culture of teamwork and collaboration among employees. This collaborative environment ensures the bank can deliver comprehensive and seamless customer services.
10. Compliance and Ethical Standards: Employees are trained to adhere strictly to regulatory compliance and ethical standards. This ensures all customer interactions and transactions are conducted with the highest integrity and professionalism.

Syndicate Bank Process Strategy

The “Process” element of the Service Marketing Mix for Syndicate Bank encompasses the procedures, mechanisms, and flow of activities consumed by services. This aspect ensures efficiency, customer satisfaction, and service quality. Here are key points regarding the “Process” aspect of Syndicate Bank:

1. Customer Onboarding Process: Syndicate Bank has streamlined its onboarding process to ensure it is quick, efficient, and customer-friendly. This includes simplified account opening procedures, digital form submission, and immediate activation of online banking services.
2. Loan Processing: The bank employs a structured process for loan applications, including preliminary assessment, documentation, verification, and approval stages. This process is designed to be transparent and time-efficient to enhance customer satisfaction.
3. Digital Banking Services: Syndicate Bank offers a comprehensive suite of digital banking services, including mobile banking, internet banking, and online payment solutions. These processes are designed for ease of use, security, and 24/7 accessibility, catering to the modern banking needs of customers.
4. Customer Service and Support: The bank has established a multi-channel customer support system, including call centers, email support, and in-branch services. These channels follow standardized processes for handling inquiries, complaints, and service requests to ensure consistent and high-quality customer service.
5. Transaction Processing: Syndicate Bank ensures secure and efficient transaction processing. This includes using advanced technology for real-time processing of payments, transfers, and other transactions to minimize delays and enhance customer convenience.
6. Feedback and Resolution Mechanism: The bank has a formal process for collecting customer feedback and addressing grievances. This includes a timeline for resolution, ensuring that customer issues are resolved promptly and satisfactorily.
7. Compliance and Risk Management: Syndicate Bank follows strict processes for compliance with regulatory requirements and risk management. This includes periodic audits, compliance checks, and risk assessments to ensure the bank’s operations are secure and compliant.
8. Product and Service Development: Developing new banking products and services involves market research, customer feedback analysis, and pilot testing to ensure that new offerings meet customer needs effectively.
9. Branch and ATM Network Management: Syndicate Bank maintains an efficient process for managing its branch and ATM networks, ensuring that facilities are well-maintained, secure, and conveniently located to serve customers effectively.
10. Training and Development: The bank has established processes for continuously training and developing its staff. This ensures that employees are up-to-date with the latest banking practices, technologies, and customer service techniques.
11. Technology Integration and Upgradation: Syndicate Bank follows a structured process for integrating and upgrading banking technologies. This ensures that the bank’s infrastructure is robust, secure, and capable of supporting its services.

Syndicate Bank Physical Evidence Strategy

The “Physical Evidence” element of the Service Marketing Mix for Syndicate Bank refers to the tangible and intangible aspects that customers use to evaluate the bank’s service quality. This component is crucial because, in the banking sector, the physical presentation and the environment play a significant role in shaping perceptions and trust. Here are key points regarding the “Physical Evidence” aspect of Syndicate Bank marketing:

1. Branch Design and Layout: Syndicate Bank branches are designed to be welcoming and customer-friendly, with a layout that ensures privacy during transactions and consultations. The design often includes clear signage and comfortable waiting areas.
2. ATM Network: The widespread and strategically located ATM network is physical evidence of the bank’s accessibility and convenience for customers, providing secure and easy access to banking services.
3. Online Banking Platform: The interface and usability of the online banking platform act as digital physical evidence. A user-friendly, secure, and efficient online banking experience enhances customer perceptions of the bank’s technological prowess and service quality.
4. Mobile Banking App: Similarly, the bank’s mobile app is tangible proof of its commitment to modern banking solutions. Features like biometric logins, user-friendly interfaces, and comprehensive banking functionalities contribute to positive customer experiences.
5. Banking Cards and Chequebooks: The quality, design, and security features of banking cards (debit, credit) and chequebooks issued by Syndicate Bank serve as physical evidence of the bank’s brand and service standards.
6. Marketing and Promotional Materials: Brochures, flyers, and promotional materials provide tangible evidence of the bank’s products and services, showcasing features, benefits, and terms in a professional and accessible manner.
7. Official Website: The bank’s official website’s design, content, and navigation are crucial physical evidence. A well-maintained and informative website reinforces the bank’s credibility and professionalism.
8. Customer Service Facilities: Dedicated customer service desks or areas within branches, equipped with modern facilities and privacy, offer tangible evidence of the bank’s commitment to excellent customer service.
9. Uniforms and Identification Badges: Employee uniforms and identification badges contribute to a professional appearance and help establish trust and accountability within bank premises.
10. Safety and Security Measures: Visible security measures, such as surveillance cameras, security personnel, and secure transaction processes, give customers a sense of safety and trust in the bank’s operations.
11. Cleanliness and Maintenance: The cleanliness and maintenance of physical locations, including branches and ATMs, reflect the bank’s attention to detail and care for customer experience.
12. Signage and Branding: Consistent and prominent signage and branding across physical and digital channels reinforce the bank’s identity and make it easily recognizable to customers.

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