| Topic : Mobile Banking in India |
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Banking & Insurance Professionals
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Activity:
82 views;
last activity : 07 06 2010 20:18:09 +0000
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Customer retention
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KYC (know your customer) issues
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Regulatory compliance requirements
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To me, the retention of customers is going to be a major challenge. In a survey it said that if 5% increase is there the customer retention can increase profitability by 35% in banking business, 50% in insurance and brokerage, and 125% in the consumer credit card market. Thus, banks need to emphasize retaining customers and increasing their market share.
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To me, customer retention is more challanging then KYC in india, these days it has really become difficult to retain a client as the competition level has increased so much in india, which not only have made customer educated about banking but have made them more demanding for the services offered by a bank. so in conclusion is they demand for services and if the bank is unable to serve them, it loses revenue around 0.25% from a stand alone customer which impact on its profit and assets on a large scale if unsatisfied no of custoemer is increased.
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KYC Issues and money laundering risks in retail banking is an important issue according to me. Retail lending is often regarded as a low risk area for money laundering because of the perception of the sums involved. However, competition for clients may also lead to KYC procedures being waived in the bid for new business. Banks must also consider seriously the type of identification documents they will accept and other processes to be completed.
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yes one should know your customer very well and in recent days where technology is involved in everything, banks need to provide customers with faster and more complete statements in the mail as well as secure, instant online access to current and historical financial statements.
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The Regulatory compliance, this is a challenge as the retail banks are considered world over now, where including Homeland Security, the Basel II framework, and privacy regulations, are forcing financial institutions to overhaul their information systems, integrate their databases and develop more detailed and timely reporting capabilities. |
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