1.1 Background
According to Ausubel (1991) credit card is the currency of late 20th century America. Also he mentioned that the aggregate charge volume on plastic in the United States was estimated at $375 billion in 1987 (with 9.1 billion credit card transactions); almost half of this total $165 billion in volume was charged on MasterCard and Visa credit card, and volume was growing at well over 10 percent per year. The remaining volume arose largely from similar credit cards “travel” and “entertainment” cards.
1.2 Introduction to the Organization
WXYZ Bank was formed in 1st October 1979 with a total staff of 28, with a vision to drive the development of the Sri Lankan economy. Today it has developed to become a fully - fledged financial…show more content… WXYZ Stockbrokers and WXYZ Venture Investments set up in year 1992. In 1993, 67% of WXYZ Bank was privatized and listed on the Colombo Stock Exchange. WXYZ Bank opened their first branch in Negombo in 1996. WXYZ investment Bank was established in 1997. In 1999 Bank was partnering with Zurich insurance in forming PQR Insurance. WXYZ Bank acquires ABC AMRO Bank Colombo to commence commercial banking operations under the subsidiarity XYZ Bank. In 2005 the merger of XYZ Bank and WXYZ has taken place. XYZ Bank partners PQRST Insurance on PQR Insurance in 2006. PQR Insurance transforms in to PQRST XYZ Insurance, backed by PQRST and XYZ Bank in 2010. XYZ Bank sold its stake in PQRST to ABA and signed a 20 years bancassurance agreement with ABA and Acquires 100% of the Wealth Management arm. In year 2014 XYZ Bank launched XYZ-Zephyr Partners, the first ever private equity company in…show more content… Bank was issuing VISA Debit cards as their first card type till start issuing Credit Cards on 2012. But there was no rapid growth of card sales. Because of this slow growth, Credit cards were re launched as “ABC” in 2014. Even though it is re launched, still there is no significant growth in card sales and recession in card cancellations. Average new cards per month are only about 800 and card cancellations per month are 25-30.Therefore planning to carry out the research aiming to identify customer’s expectations on ABC credit cards through interviews and questionnaires. Further to make some suggestions to grow and increase their sales to ABC cads by filling the gaps of the product while satisfying their customers and partnering merchants for card