Group Number: 6

MKT 321 Marketing Of Services: Term Project

Why is HDFC bank a better option for customers than ICICI Bank ?

Students’ Details
Enrolment No. Name of the Student Name of the Programme
AU2110383 Mungra Vivek B.B.A (Hons.)
AU2110020 Abhinav Borania B.B.A (Hons.)
AU2110015 Harmony Limbasiya B.B.A (Hons.)
AU2110449 Dev Balchandani B.B.A (Hons.)
AU2110170 Dhananjay Vala B.B.A (Hons.)
AU2110264 Jumana Travadi B.B.A (Hons.)
AU2110123 Vishwam Chapani B.B.A (Hons.)

Introduction:

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HDFC Bank:

The Housing Development Finance Corporation Limited or HDFC Ltd was among the first
financial institutions in India to receive an “in principle” approval from the Reserve Bank of
India (RBI) to set up a bank in the private sector. This was done as part of RBI’s policy for
liberalization of the Indian banking industry in 1994.

HDFC Bank was incorporated in August 1994 in the name of HDFC Bank Limited, with its
registered office in Mumbai, India. The bank commenced operations as a Scheduled Commercial
Bank in January 1995.

On April 4, 2022 the merger of India’s largest Housing Finance Company, HDFC Limited and
the largest private sector bank in India, HDFC Bank was announced. HDFC Ltd, over the last 45
years has developed one of the best product offerings making it a leader in the housing finance
business. HDFC Bank enables seamless delivery of home loans as a part of its wide product suite
catering to urban, semi urban and rural India.

As of September 30, 2023, the Bank’s distribution network was at 7,945 branches and 20,596
ATMs / Cash Recycler Machine ( Cash deposit & withdrawal ) across 3,836 cities / towns..
HDFC Ltd.’s distribution network comprising 737 outlets, which include 214 offices of HDFC
Sales Private Limited stands amalgamated into the Bank’s network. The Bank’s international
presence includes branches in 4 countries and 3 representative offices in Dubai, London and
Singapore offering Home Loan products to Non-Resident Indians and Persons of Indian Origin.
HDFC offers a wide range of banking and financial services, such as Retailing Banking,
Wholesale Banking and Treasury Services.

ICICI Bank:

One of the biggest banks in the private sector in India is ICICI Bank India, which has a
nationwide network of more than 6,000 branches and 16,000 ATMs. Retail, wholesale,
investment, and treasury services are just a few of the many banking and financial services it
provides to its clientele.

ICICI Bank is renowned for both its excellent customer care and its cutting-edge goods and
services. As one of India's most technologically sophisticated banks, it provides its clients with a
range of digital banking options.

Here are some of the key features of ICICI Bank India:

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• Broad selection of goods and services: ICICI Bank provides its clients with a large selection of
goods and services, such as current and savings accounts, credit cards, loans, insurance, and
investments.

• Great client service: ICICI Bank has a reputation for providing excellent customer service.
Customers may reach the bank through a number of means, including phone banking, online
banking, ATMs, and branches.

• Technological innovation: ICICI Bank is among India's most technologically sophisticated

banks. It provides its clients with a range of digital banking options, including UPI, mobile
banking, and online banking.

Leading the Indian banking industry, ICICI Bank is dedicated to provide its clients the greatest
possible banking experience.

Understanding service, market and customer

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FLOWER OF SERVICES - HDFC BANK

The primary product and the supplemental services make up the two main parts of the model.
The major financial services that HDFC Bank provides, including credit cards, loans, savings
accounts, and investment services, would be considered its core offering. These are the main
explanations for why clients use the bank for their transactions.

HDFC BANK
CORE SERVICES
Bank Accounts: Savings, current, salary, and non-resident individual (NRI) accounts are among
the several types of bank accounts that HDFC Bank provides to cater to the demands of its
diverse client base.
Deposits: Fixed deposits, recurring deposits, and liquid funds are just a few of the deposit
options that HDFC Bank provides to its clients in an effort to help them save money and
accumulate wealth.
Loans: HDFC Bank provides a variety of loans, such as business, education, house, auto, and
personal loans, to suit the various needs of its clients.
Credit Cards: Reward programmes, cash back, and travel bonuses are just a few of the features
and advantages that HDFC Bank provides on a range of credit cards.
Debit Cards: HDFC Bank provides a range of debit cards with various features and advantages,
including overdraft protection, ATM access, and contactless payment capabilities.

ADDITIONAL SERVICES

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Net Banking: Through HDFC Bank's NetBanking technology, clients may easily handle their
money from any location with an internet connection.
Mobile Banking: Customers of HDFC Bank may access their bank accounts and banking
services while on the road by using the bank's mobile banking app.
ATM Network: Customers may easily deposit and withdraw cash from HDFC Bank's
approximately 50,000 ATMs throughout India.
Merchant services: HDFC Bank provides a range of merchant services to assist companies in
accepting payments from their clients.
Investment Services: Bonds, IPOs, mutual funds, and other investment services are just a few
of the wealth-growth tools that HDFC Bank provides its clients.
Insurance Services: To assist clients in shielding themselves and their loved ones from
monetary threats, HDFC Bank provides a range of insurance services.
Travel Services: To assist clients in organizing and scheduling their travels, HDFC Bank
provides a range of travel services.

ICICI BANK
The ICICI Bank provides a greater variety of extra services, including those related to Aadhaar
cards, PAN cards, and more. It possesses a much extensive ATM network throughout India. The
bank provides a greater array of financial services, such as bonds, initial public offerings (IPOs),
and mutual funds. Also its features such as mobile banking app and NetBanking platform are
more user-friendly, with a greater emphasis on digital banking.

HDFC bank is a better option in comparison with ICICI bank due to following reasons:

Superior customer service: With a higher Net Promoter Score (NPS) than ICICI Bank, HDFC
Bank is renowned for providing exceptional customer service. This indicates that clients of
HDFC Bank are more inclined to tell others about the bank.Compared to ICICI Bank, HDFC
Bank has more customer support agents per client. Customers of HDFC Bank are therefore more
likely to receive assistance promptly and conveniently. The customer care personnel of HDFC
Bank have received superior training than those of ICICI Bank. Customers of HDFC Bank are
therefore more likely to receive the assistance they require the first time around. Compared to
ICICI Bank, HDFC Bank responds to client comments more quickly. This indicates that there's a
greater chance HDFC Bank will alter its offerings Interest rates that are more competitive:
Typically, HDFC Bank provides loans and deposits with interest rates that are more competitive
than ICICI Bank. For clients who want to reduce their interest costs or optimize their returns, this
might be a crucial consideration.

Greater selection of credit cards: Compared to ICICI Bank, HDFC Bank provides a greater
selection of credit cards with unique features and advantages. Customers of HDFC Bank now

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have additional options when choosing a credit card to suit their individual requirements thanks
to this. Greater level of trust: People view HDFC Bank as having a higher level of trust than
ICICI Bank. Many things contribute to this, such as HDFC Bank's longer history, better financial
results, and superior customer service standing.

Applying the 4 P’s of Marketing to Services:

Let's look at the 4P’s of Marketing of HDFC Bank & ICICI Bank.

Product:

The product or services offered by HDFC Bank & ICICI Bank are: (Our Businesses - HDFC
Bank, n.d.)
● Auto Loans
● Credit and Debit cards
● Personal Loans
● Home Loans
● Gold Loans
● Mortgages
● Commercial Vehicle Finance
● Retail Business Banking
● Savings Account
● Current Account
● Fixed and Recurring Deposits
● Foreign exchange & derivatives
● Overdraft Facility
● Cash Credit (C.C)
Both the Banks offer similar types of products or services. But the quality of services or delivery
of services makes them different from each other. Like HDFC bank has the option to apply for
Personal loan up to 40 Lakhs online. Users can apply for the loan in just a few clicks while ICICI
bank does not have this type of facility. (Personal Loan - Apply for Instant Personal Loans
Online up to Rs.40 Lakh | HDFC Bank, n.d.). The main focused product of HDFC bank is
Housing loans while ICICI bank focuses more on Industrial Credit.

Price:

As it is a banking sector so it would not have any proper pricing like products but instead of that
pricing lies in Interest Rate, Fees & Charges, Credit Card rate & fees, Insurance Premium and
many others.

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HDFC Bank would give a higher rate of Interest on fixed deposit compared to ICICI Bank.
Depending on the length of the deposit and the age of the depositor, HDFC Bank offers Interest
rates on FDs of up to 7.75% while ICICI Bank offers FD rates of 7.60 % annually. (Haris &
Haris, 2023)

Charges must be lower in order to attract the consumers. HDFC Bank is providing lower charges
than ICICI Bank. For Example, while doing NEFT HDFC charges 2 Rs. for amount up to Rs.
1,00,000 and 10 Rs. for amount above Rs. 1,00,000. While ICICI charges 4.75 Rs. for amounts
up to Rs. 1,00,000 and 24.75 Rs. for amounts between Rs. 2,00,000 to 10,00,000. (Kulkarni,
2022)

Figure: 1 Charges for NEFT done through HDFC Bank

Figure: 2 Charges for NEFT done through ICICI Bank

Place:

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Customers may easily get in-person services at HDFC Bank thanks to its wide network of ATMs
and physical locations throughout India. Customers can also conduct transactions, check
balances, and manage their accounts remotely with HDFC Bank's internet, mobile, and app
banking services. It has international presence as well; through its global branches and
correspondents, it provides services to clients in a few foreign countries.

ICICI Bank operates through a vast network of branches and ATMs across India. ICICI Bank
has a significant online presence in addition to its branches, enabling clients to access their
accounts and perform transactions at any time they choose via internet banking, mobile banking
apps, and other digital platforms. Additionally, the bank also provides 24*7 client service via a
number of channels, such as phone, email, and online chat.

Both have similar types of presence. The difference is in online presence, HDFC Bank’s mobile
application is way better than ICICI Bank’s mobile application. The servers of ICICI bank are
usually found down and makes it difficult for users to make payment or check balance. While on
other hand HDFC bank’s mobile application is easily operable and has a tremendous safety built
in too. (WebTeam, 2018)

Other than that The domestic brokerage claimed that HDFC Bank has opened more branches
than ICICI Bank in the last three years and that HDFC Bank's branch network is also
significantly more granular than ICICI Bank's. In the last two years, HDFC Bank has opened
2,213 branches nationwide, compared to ICICI Bank's 634 branch additions. This would provide
HDFC Bank the first mover advantage in these rural areas. (Mudgill, 2023)

Promotion:

Both HDFC and ICICI use many promotional tactics in order to create brand awareness and
attract more consumers. They use various modes of promotion like advertising through
newspaper, hoardings, social media & digital marketing, sponsorships and many others.
Newspaper and hoarding advertising plays a vital role in the banking sector as consumers might
not trust social media when it comes to finance.

HDFC Bank is way ahead of ICICI bank when it comes to Hoarding and newspaper advertising.
As ICICI bank spent less on hoarding and newspaper advertising, according to a mint report
ICICI bank does hoarding and newspaper advertising only at the time of festival or any special
occasion. They prefer social media and digital marketing over traditional ways of marketing.
Which is the reason for their slow progress compared to HDFC Bank. (Tewari, 2020) Thus,
Traditional Marketing is the area ICICI is lacking when compared to HDFC.

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Customer Interface:

The Customer Interface is the stage at which the company interacts with its customers. HDFC
Bank and ICICI Bank are two important private sector banks in India, providing their customers
with various financial products and services. These interfaces are intended to make banking
services more accessible and convenient. Well, both HDFC and ICICI Bank have the same
customer interfaces, but HDFC Bank is a step ahead of ICICI Bank in terms of that.

HDFC and ICICI Bank’s customer interface-

Website and Mobile App: The HDFC Bank website and mobile app are created with the user in
mind. They are simple to use and provide a seamless online banking experience. The user
interface is simple and straightforward, with clearly labeled menus and settings. Customers may
easily make transactions, check account balances, pay bills, and invest. The website and mobile
app of ICICI Bank are well-designed and provide various services. However, some users have
complained that the user experience is less intuitive than that of HDFC Bank. To reach specific
features, the navigation may require additional clicks.

Customer Support: HDFC Bank has a strong customer service system with several options for
assistance. They provide 24/7 customer service by phone, email, chat, and even social media
platforms. Customers may get help whenever they need it, which improves their overall banking
experience. ICICI Bank provides customer service via various channels, including phone, email,
and chat. However, there have been reports of longer response times and less reactivity than
HDFC Bank's customer service.

ATMs and Branches: both HDFC and ICICI have a vast network of ATMs and branches across
India. Customers can access in-person services like depositing cash, withdrawing money, and
seeking assistance from bank representatives. This physical presence adds another layer of
convenience for customers.

Personalization: The HDFC Bank interface is highly customizable, allowing customers to adjust
their dashboard and notifications to their preferences. This level of customization improves the
user experience by displaying information that is most relevant to the specific consumer. ICICI
Bank has customizing choices as well, though with fewer customization features.

In comparison, HDFC Bank's customer interface is more user-friendly, efficient, and responsive.
It excels in website and app design, customer support, online account management, security
features, and personalization. These aspects collectively contribute to a better overall customer

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experience. While ICICI Bank also provides a comprehensive interface, customers may find it
slightly less intuitive and responsive, with some processes needing to be simpler.

Customer relationship:

HDFC Bank is typically seen as being more client-centric than ICICI Bank when it comes to
customer relationships. Relationship management is a top priority for HDFC Bank, and the bank
makes significant investments in educating its employees to deliver superior customer care.
Additionally, the bank offers a number of customer-friendly services, such zero-balance savings
accounts and free ATM withdrawals.

On the other hand, ICICI Bank is frequently perceived as having a greater focus on technology
and innovation. The bank is continuously introducing new products and services, with a heavy
emphasis on digital banking. Customers have, however, expressed dissatisfaction with ICICI
Bank's sometimes impersonal and challenging way of reaching customer support.

In terms of relationships with customers, HDFC Bank is typically seen as superior to ICICI Bank
in the following areas:

● Emphasis on personal banking: Compared to ICICI Bank, HDFC Bank places more
emphasis on personal banking. Its branch network, which is bigger than ICICI Bank's,
demonstrates this. Additionally, HDFC Bank offers a greater selection of goods and
services to retail clients. HDFC Bank vs. ICICI Bank: Which One is Winning??
● Relationship management: Compared to ICICI Bank, HDFC Bank makes greater
investments in this area. Accordingly, clients of HDFC Bank are more likely to have an
invested manager who can assist them with their banking requirements. (Business Insider
India, 2023)
● Customer friendly policies: HDFC Bank offers a variety of policies that are beneficial
to customers, including zero-balance savings accounts and free ATM withdrawals. These
are not the same perks that ICICI Bank provides. (HDFC Bank vs ICICI Bank: 5 reasons
why Incred prefers the most-valued banking stock)
● Customer service: Most people believe that HDFC Bank offers superior customer
service compared to ICICI Bank. Customers of HDFC Bank have stated that when they
contact bank employees, they are more likely to have a good experience. ( ICICI Bank vs
HDFC Bank | A comprehensive comparison of performance metrics** (CNBC TV18,
2023))

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Therefore, Because it places more of an emphasis on personal banking, relationship
management, and customer care, HDFC Bank is often seen to be superior to ICICI Bank when it
comes to client connections.

Striving for Service Excellence:

ICICI Bank is also a leading private bank in India, and it is also striving to provide its customers
with the best possible banking experience. However, HDFC Bank is generally seen as being
ahead of ICICI Bank regarding service excellence. This is reflected in the fact that HDFC Bank
has been consistently ranked among the top banks in India for customer satisfaction, while ICICI
Bank has ranked lower in recent years.

HDFC Bank is striving for service excellence to be better than ICICI Bank for customers in a
number of ways, including:

Investing extensively in digital technology: To improve client convenience and accessibility,

HDFC Bank is investing significantly in digital technology. This entails growing its network of
ATMs and self-service kiosks in addition to creating cutting-edge mobile and online banking
solutions. Putting the customer first: HDFC Bank is dedicated to giving its clients an outstanding
banking experience. This entails monitoring consumer demands and feedback while consistently
enhancing the company's goods and services. With a significant emphasis on client satisfaction,
HDFC Bank is routinely rated as one of India's best banks.

Extending its branch network: Customers may easily access HDFC Bank's services thanks to its
extensive branch network throughout India. To reach a larger customer base, the bank is also
increasing its presence in rural areas. Offering a wide range of services and products: HDFC
Bank provides its clients with a comprehensive range of services and products, such as
insurance, investment banking, corporate banking, and personal banking. Customers may now
fulfill all of their financial demands in one location thanks to this.

The following are particular instances of how HDFC Bank aspires to provide exceptional
customer service:

The Internet banking platform, contactless debit and credit cards, and a host of other cutting-
edge digital banking products and services have all been introduced by HDFC Bank. Customers
may bank with HDFC Bank more quickly and conveniently thanks to these goods and services.
HDFC Bank places a high priority on client happiness. The bank has a specialized customer care
team on hand around the clock to assist clients with their questions and issues. Additionally,
HDFC Bank regularly polls clients to learn about their satisfaction levels and make necessary

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service improvements. HDFC Bank has a sizable network of branches and ATMs throughout
India. Thanks to this, customers can now easily access the bank's services from anywhere in the
world.

Customers can choose from various goods and services provided by HDFC Bank. Thanks to this,
customers can now take care of all their financial demands in one place.

Overall, by investing in digital technology, emphasizing customer happiness, growing its branch
network, and providing a vast array of goods and services to its clientele, HDFC Bank strives
towards service excellence and is way ahead of its competitors like ICICI Bank.

Point Of Difference:

From the above mentioned points or analysis it is clear that HDFC Bank becomes more
preferable to consumers because of many reasons like high interest on F.D, charging low on
making transactions like NEFT, building strong online presence and extending branch network
at unimaginable speed. In addition, traditional ways of promoting the brand and maintaining
extraordinary customer relationship with their good team to provide customer service 24*7.
While comparing ICICI Bank with HDFC Bank we found that ICICI Bank is lacking in many
components like Promotion, higher pricing (Giving less interest on Savings) or we can say
charging more fees for transaction and one major component was Mobile application which is
iMobile needs more improvement as HDFC is way ahead when it comes to mobile application
and website. HDFC Mobile Banking also provides the option of Demat A/C opening with no
cost and maintaining portfolio and managing finance with ease.

Other than that if we talk about deposits which is the main source of funding that a bank needs in
order to function. The total deposit base of a bank is made up of a variety of deposit kinds. These
include fixed deposits, time deposits (certificate of deposits), deposits from current and savings
accounts (CASA) and others.

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From the above data it is evident that HDFC Bank has a larger deposit base than ICICI Bank.
Furthermore, compared to the latter, HDFC has been expanding its deposit base more quickly.
Over the previous five years, HDFC Bank's deposit base has increased at a CAGR of 14.6%.
Over the same period, ICICI Bank's average deposit growth was 13.3%. (HDFC Bank Vs ICICI
Bank: Which Bank Stock Is Better?, 2022).

Hence, from the all above analysis we can conclude that HDFC bank becomes the first priority to
its customer compared to ICICI Bank on the basis of above mentioned points.

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