Internship Report On the Overview and Operations of Priority Banking of Standard Chartered Bank in Bangladesh

Banking service in Bangladesh is characterized as a highly competitive and highly regulated sector. With a good number of banks already in operation and a few more in the pipeline, the market is becoming increasingly competitive by the day.

With the global slowdown in the face of rising competition, the commercial banks are constantly looking for ways to develop their market and product offers to remain ahead of others. A significant amount of regulation by Bangladesh Bank prevents the scope of introducing newer products into the market and thereby restricts a banks’ ability to outperform others with a diversified product range.
However, recent trends have shown banks shifting away from vanilla products (basic products) towards higher value added products that are highly structured, to meet the needs of the clients.
Standard Chartered Bank is the oldest multinational bank operating in Bangladesh. It has, over the years, created one of the largest networks among all the foreign banks in Bangladesh. Although a trendsetter in offering a various range of products in the market, the product offers of Standard Chartered Bank are quickly imitated by competitors. Substitutes offered by other commercial banks make their way into the market and thereby eat a portion of the margin.
Standard Chartered Bank’s Priority Banking division is a truly personalized and professional way of banking. Priority Banking understands that the more consumers succeed in life, the less tome consumers seem to have. Priority Banking is personalized wealth management program at Standard Chartered Bank. It is Standard Chartered Bank’s endeavor to be the right partner in the consumers’ personal and business ventures. That's why priority banking has been tailored to offer consumers’ the highest level of service, appropriate to consumers’ unique requirements and status. With over 150 years of experience, Standard Chartered Priority Banking helps meet the wealth management needs of customers, customer’s family and customer’s business by offering objective and well researched financial solutions. Standard Chartered Bank has the energy and commitment, the competence and experience to understand customer’s needs and aspirations and help customers realize customer’s financial goals today and in the future. The Priority Banking program revolves around five main cornerstones of service –
Ø  Personal
Ø  Professional
Ø  Profitable
Ø  Private and
Ø  Privileged
Standard Chartered Priority Banking is an exclusive banking service for those who want the best. Priority Banking provides its consumers long range of services (most of the services are free of charges), products, facilities, help and support. Priority consumers enjoy dedicated Customer Relationship Manager (CRM). They are always very conscious about their consumers. Lastly I can say this is a very good banking system by which Standard Chartered Bank serves its loyal consumers. And by doing this Standard Chartered Bank earns very good reputation to its consumers and increases its business in Bangladesh.
by Adnan Efad