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SERVICE SECTOR

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18 views

SERVICE SECTOR

Uploaded by

malik cp
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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PROJECT REPORT

ON

SERVICE SECTOR

QUANTUM UNIVERSITY, ROORKEE

SUBMITTED TO: - SUMBITTED BY: -


Dr. Mousmi Goel ADITYA SINGH RAGHUVANSHI
BADAL RAJ
CHAIRMAN'S LETTER
Omnichannel strategy will make Bajaj
Finance a truly customer-centric digital
enterprise.
Sanjiv Bajaj
Chairman
Bajaj Finance Ltd.

Vision and Mission:

Vision :-

Bajaj Finserv has a vision to become a full-fledged financial services company


and be the financial partner to the Indian consumer and help him across his
financial needs, whether for finance, for investment management, for protection
or for post-retirement support, throughout his lifecycle.
Mission :-

Bajaj Finserv aims to be the most useful, reliable and efficient provider of
Financial Services. It is our continuous endeavour to be a trustworthy advisor to
our clients, helping them achieve their financial goals.
INTRODUCTION

Bajaj Finserv Limited is an Indian non-banking financial services company


headquartered in Pune. It is focused on lending, asset management, wealth
management and insurance.

The financial services and wind energy businesses were transferred to Bajaj
Finserv Limited (BFL) as part of the concluded demerger from Bajaj Auto
Limited, approved by the High Court of Judicature at Bombay by its order dated
18 December 2007. It is a financial conglomerate with stakes in the financing
sector (Bajaj Finance), the life insurance business (Bajaj Life Insurance), the
general insurance business (Bajaj General Insurance) and, the mutual fund
business (Bajaj Finserv Mutual Funds).

Bajaj Holdings and Investments Limited (BHIL) came into existence when the
original company separated its auto and finance assets. This new entity, BHIL is
the parent company which holds 39.29% stake in Bajaj Finserv and now holds
surplus cash and investments with the purpose of providing financial support to
the auto and/or finance business or exploring fresh business prospects. The
BHIL has been registered as a Non–Banking Financial Company (NBFC) under
the Registration No. N–13.01952 dated 29 October 2009 with Reserve Bank of
India (RBI).

Starting in 2017, Bajaj Finserv adopted blockchain technology for services like
travel insurance, allowing claim resolution before customer registration. By
2023, they've extended blockchain's utility to enhance trader and customer
connections.
Apart from financial services, it is also active in wind energy generation with an
installed capacity of 65.2 MW. In the quarterly results for June 2022, the
company's board of directors has approved the sub-division of its equity shares
in a ratio of 1:5.

During a block deal in the last week of December 2022, promoter Jamnalal
Sons increased its holdings in the company. In the open market, the promoter
purchased equity shares worth a total of ₹100.41 crore. However, the other
promoter, Rishab Family Trust, was able to sell a portion of the company's
shares.

Subsidiaries

• Bajaj Finance was initially incepted as Bajaj Auto Finance in 1987.


Later diversified into business and property financing.
• Bajaj Allianz Life Insurance is a joint venture between Bajaj Finserv
and Allianz SE. Being one of the private insurance companies in
India, it offers insurance products for financial planning and
security.[31] The company received the Insurance Regulatory and
Development Authority (IRDA) certificate of Registration on 3
August 2001 to conduct Life insurance business in India.
• Bajaj Allianz General Insurance is a private general
insurance company in India. It is another joint venture between Bajaj
Finserv Limited and Allianz SE. It is headquartered in Pune with
offices in over 200 cities in India and more than 3,500 employees as
of 2018.
• Bajaj Housing Finance is provides various housing finance products
and services to individuals and businesses. They offer home loans,
loan against property, and other related financial solutions.
• Bajaj Finserv Asset Management Company is an asset management
company. In March 2023, the final registration from the Securities and
Exchange Board of India was granted to commence mutual fund
business operations under Bajaj Finserv Mutual Fund.
• Bajaj Finserv Direct (Bajaj Markets) operates as an internet-based
marketplace, providing a range of financial products and services
through its digital platform. It serves as a registered Corporate Agent
under Insurance Regulatory and Development Authority, a registered
Investment Adviser under Securities and Exchange Board of India, a
registered third-party app provider for Unified Payments
Interface payments, and a digital lending platform for its partner
institutions.[38]
• Bajaj Finserv Health is a health tech solution company.
Absolutely! Let's dive deeper into how Bajaj Finserv utilizes each of the
7Ps of marketing: -

1. Product: Bajaj Finserv offers a diverse portfolio of financial products,


including loans (personal, home, business), insurance (life, health, general),
credit cards, savings and investment products, and wealth management services.
They constantly innovate to introduce new products and customize existing
ones to meet changing customer needs.

2. Price: Their pricing strategies are dynamic, tailored to different products and
customer segments. For instance, interest rates on loans, premiums on insurance
policies, and fees for services are set competitively, often offering flexible
options to attract and retain customers.

3. Place: Bajaj Finserv employs an omnichannel approach, providing services


both offline and online. They have a widespread physical presence with
branches and tie-ups with retailers for customer convenience. Their online
platforms and mobile app enable easy access to services and account
management.

4. Promotion: Their marketing mix includes extensive advertising through


various mediums - TV, social media, print, and online platforms. They run
targeted campaigns, sponsorships, and partnerships to increase brand visibility
and engage with potential customers.

5. People: Bajaj Finserv places a strong emphasis on customer service. Their


staff undergoes training to ensure they possess the necessary knowledge and
skills to assist customers effectively. They prioritize creating positive customer
experiences at every touchpoint.

6. Process: The company focuses on efficient and transparent processes. From


quick loan approvals to simplified insurance claim procedures, they leverage
technology to streamline operations, aiming for hassle-free customer
interactions and transactions.

7. Physical evidence: Bajaj Finserv's physical evidence includes their branches,


which are designed for customer comfort and accessibility. Their website and
mobile app are user-friendly, offering seamless navigation and access to various
financial services. Marketing materials reflect professionalism and credibility.

This comprehensive utilization of the 7Ps enables Bajaj Finserv to create a


strong market presence and cater effectively to the diverse financial needs of its
customers.

SWOT ANALYSIS

1-STRENGTH:

• Highly experienced sales executive.

• Proper setup for customer handling with less work disruption.


• Widespread distribution network.

• High performance across all categories

• Great financial support network

• Good team backup up support

WEAKNESS: -

• Uneven schemes for customers.

• One sales executive sometimes fails to entertain customers.

• Sales executives doesn’t get support from owner driven stores.

• More strict policy than competitors

OPPORTUNITIES: -

• Untapped market above other lending companies.

• The growing and improvised schemes in the market.

• Growing demand for 0% financial schemes especially in emerging


markets.

• Proposing to launch more other financial schemes and more product


introduction.

THREATS: -

• The competition catches up any new innovation in no time.

• Margins getting squeezed from both the directions (price as well as cost).
• Threat of other financial lenders like future finance etc. offering the same
benefits.

What is the best feature of Bajaj Finance ?


Feature of Bajaj Finance
Instant Loan approval 40Documentation 18Loyalty offers 11Reach of
access 31 After analysing the data regarding best features of Bajaj Finance so
we can conclude the following: -I

40 customers appreciated the features of instant loan approval.

Whereas 18 customers were found of easy documentation.

11 customers liked the features of loyalty offers.

Whereas the second largest part of this customer survey i.e., 31 customers
appreciated Bajaj Finserv for its Reach of Access in corporate retail chain e.g.,
Reliance, Chroma.
40%18%11%31%
Features of Bajaj Finance
Instant Loan approval Documentation Loyalty offers Reach of access.
CONCLUSION

The whole inplant training at Bajaj Finserv, was a very enlightening experience
not only from the project point of view but also from the self development point
of view. It not only trained me regarding the project but also helped me get
accustomed to the work ethics, culture and corporate environment.
Being a part of Bajaj Finserv, I could closely observe and learn how the
organization functions, the key improvement areas and the strategies they are
building to overcome the shortcomings along with the progressive and
methodological customer-oriented work they perform for their clients.
Bajaj Finserv is a very ethical organization which trained me to be the same. It
trained and guided me for my future avenues in the corporate world.

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