How to Create a New niche in Retail banking??

Any product/service in retail banking runs into the danger of becoming a stereotype.  Once parameters are set we end up meticulously following the check list and soon the customers too concentrate on filling the check list. 

We should build decision making capabilities.  We should select right decision makers.  We can stipulate "plus or minus percentages" of deviation.  We should build alternative compliance flexibility. 

Hey... Who should I send my bill to for consultation charges?!

In my view banks should consider a segmented offering for mass affluent customers. Banks should offer dedicated phone numbers for mass affluent customers; they may call in to the same call center as all other customers (though they won’t know it), but their calls will be immediately routed to people who are specially trained to meet their needs. Some banks have made progress in this area: Citibank’s Citigold offers its customers an exclusive 24/7 toll-free customer service number.So that would be a great way for retail banks to differentiate themselves.

Instead of approching a customer through cards sales or branch sales or any other product team's sales , treat him as one individual and analyse the need of the customer , based on his propensity for the products pitch in that product , which has the highest propensity. This might need a strong analytics and nimble footed sales force.  It is very relevant to do the relancy excercise regularly as customer goes through a life cycle change periodically

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Revamping in the sense minor or major changes in the customer experience provided at the bank or by other means like the customers are increasingly interested in alternate channels like the Web, banks can still target them by enhancing their experience in the branch, and on the phone.

And the branches where customer should be offered a differentiated service that evokes a sense of exclusivity. The best retail bank branches worldwide provide a hotel lobby–style appearance, concierge, and interactive information. Their staffs have immediate access to customer and product information, and meetings with specialists can be booked in advance, and this will help in retaining the customers. So these are the things that needs to be taken care of to create a new niche in Retail banking,

And i want other fellow professionals of banking sector to contribute their views regarding this..So do share your thoughts on this.

According to me for most retail banking customers, the traditional branch remains the preferred purchasing venue, but that is changing with time the customers have demonstrated a preference for alternatives such as online services and mobile sales forces.

Today customers are 30 percent more likely to prefer the online channel. Increasingly, they are demanding the opportunity to purchase products and transact online, and this trend is likely to accelerate as broadband connections reach more and more homes in the country.

Banks should develop Web sites targeted solely at the customer needs in order to fully exploit the segment. These sites should begin with a landing page reserved for the customers and should offer products and services tailored to their needs. For example, while browsing the Web site of an international bank, customers see messages that are targeted to their individual behavior, recommending products, such as trusts and access to equities, and tax planning, that they can then easily order or access. On some other international retail bank sites, customers will see market projections that can help them make investment decisions. So like this they should create niche by expanding new channels in Retail banks

By providing segmented services across all channels, banks can set themselves apart from being usual, attracting not only common consumer but also the mass affluent customers who are like HNIs and ensuring their loyalty towards the bank

Like take example of Citibank’s Citigold, which has a branding associated with it, offering segmented services across all channels — in branches, call centers, and online. In addition to the benefits described above, Citigold customers are offered priority processing, special savings and rewards, and access to financial advisors from Smith Barney to guide their investing and manage their portfolios, which is a useful tool for the customers of the bank..So with these varied segmented services they can concentrate on all sorts of customers, and this way one can create a niche in retail banking.

According to me this should be one such aspect where the mobile sales force which brings salespeople directly to the customer — in his or her office, home, or even in the location of his or her choice. The idea is to make the experience personal and as convenient as possible. And in this regard very few banks offer mobile sales forces today. Yet mobile sales forces could be an integral part of a bank's great customer service and could address the special requirements of them. The sales forces should have sophisticated appointment systems and their staff should be able to complete requests swiftly. In other words, connectivity and empowerment are key to success in this channel. In addition, both specialist and generalist sales advisors should be available, there should be flexibility on the timing and location of meetings, and customers should be reminded of their appointments by text messages. Follow-up is also very crucial here banks should send out meeting summaries, and when possible customers should be able to see the same advisor on more than one occasion.

If you have to search for market and product then it is not of use.....

for that concern you have to go back to market from zero base u have to do the research and after getting market opinion about what they need ..u have to launch the product......

because in present scenario where banking and financial industry are increasing at the faster pace the market is getting spoiled and is being over ride by competition......

So, i can suggest to go back to zero base and do the research, develop product and launch it accordingly....