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Customer penetration strategies by Retail Banks
Tags :
retail banks,largest retail banks,investment banking,top retail bank,customer value,customer segmentation strategies
Industry :
Banking, Banking
Functional Area : Product Development, Product Development |
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About "Customer penetration strategies by Retail Banks" topic:
Retail banks have developed complex IT
infrastructures which aren't always suitable to meet new demands in the
changing competitive environment Developing a seamless multi-channel experience for customers requires a fully integrated infrastructure.This transition to a customer-centric,
multi-channel approach requires a development where institutions must
move to a more flexible and streamlined integration architecture if
they are to remain competitive.So Let's discuss what are the strategies adopted by retail banks to lure customers towards them.
1 insight
, 1 debates
, 5 idea contests
, 2 question
on topic: "Customer penetration strategies by Retail Banks"
Prev1NextShowing 1 - 9 of 9
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The biggest issue banks are facing is the lack of loyalty from its current clients. Present-day customers will shop around and find the best price to do their personal banking, loans, credit cards, a...
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pawan tetrawal
| Answered
| 1 year ago
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Yes it can be achieved by retail banks also !
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Suryanarayan Murthy
| Answered
| 1 year ago
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I know an AGM of a Bank, who remembers nearly 2000 customers by name and wishes them, sometimes come out of cabin to help them. This personal touch, help retains the clients. My Director, an American went to see him and after 4 hours of...
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G.Srinivasan
| Answered
| 2 years ago
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Yes, by all means. One great disadvantage with so called "new generation banks" is that most of the staff in the bank do not know about the customer profile. In absence of this, they go about marketing their products which their superiors wants...
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Answer: "Can Customer Loyalty be achieved by Retail Banks?" deleted from your view.
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Your savings bank account can earn you more interest now. The Reserve Bank of India (RBI) has issued a directive in its policy document that will change the way interest is paid on the minimum amount present in a savings bank account each day. At present, the interest (3.5 per cent per annum) is calculated on the minimum balance held in the account from the 10th of each month to the last day of that month. So, if a bank customer has Rs 1 lakh in his savings account one day and then Rs 100 another day, the minimum balance taken for calculation of interest in the period would be Rs 100. But, from April 1, 2010, the interest paid on the savings account will be on the daily minimum balance. In ...
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Ankit Goel
| Commented
| 1 year ago
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This is a very good dicesion of RBI in favore of customers who are having saving accounts in banks.
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yogesh deshpande
| Commented
| 1 year ago
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Wow whaat a great news, thanks for the same. it will also help people save with the banks. and in turn banks will have more money for rotation.
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Swati Raut
| Commented
| 2 years ago
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This is really a good decision taken by Reserve bank of India.This will definitely motivate people to hold more money in their savings bank accounts.
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Insight: "Earn Daily Interest on your Savings A/C" deleted from your view.
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1
understand the needs of customer
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Fully integrated sales planning
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Pragya Kothari
| Supported idea
"understand the needs of customer"
| 2 years ago
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I agree with atul,to build stronger customer loyalty, banks need improved customer knowledge to develop products and deliver services targetted at specific market segments; resulting in more, direct marketing,sales and service tactics.
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atul mokashi
| Added idea
"understand the needs of customer"
| 3 years ago
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Helping and solving the problem of customer effectively u can create good relation or contacts with customer.Befor u say No u have to understand his needs .if you not able to solve his problem still u try for him it will get good result.
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Ideate: " How to bring effective customer contact strategy in Retail banks??" deleted from your view.
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1
Organised Service
2
Regular Team Meetings
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Nidhi Agarwal
| Added idea
"Give Options, centralized services and above all Give them importance"
| 2 years ago
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I beleive that the to achieve "customer Experiance" excellence you have to give your customers options. Ask him what he wants, how he wants and then plan your services accordingly. Thats the best way to meet customer expectations. I do that...
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vijayasaravanan
| Supported idea
"Organised Service"
| 2 years ago
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The banks should try to minimise the time spent by the customers inside. This will definitely help.
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sujit Kumar
| Supported idea
"Organised Service"
| 2 years ago
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Swati raut has given an excellent idea here. I fully support it.
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Ideate: "How Retail Banks can achieve "Customer Experience" Excellence?" deleted from your view.
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PMS for Retail Banks should be exhaustive.
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Customer Service
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G C Gharpure
| Added idea
"PMS for Retail Banks should be exhaustive."
| 2 years ago
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The era of PSU banking though ended by Private banking, its autmost important that establishing oneself and retaining consistency will remain the key. Hence, the Performance Management for retail banking should ideally have focussed goals. It...
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Swati Raut
| Added idea
"Job Rotation programs"
| 2 years ago
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To not let your employees getting bored by doing the same work again again, employ Job Rotation programs to allow staff to experience different roles and a means to keep them engaged and retained so that they will always be charged enough and...
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Ideate: "Performance Management Success Strategies for Retail Banks" deleted from your view.
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(rate this)
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1
Savings Habit and Conservative Nature of Indians...
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Why Indian banks are more profitable though less functional
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Mathew Cherian
| Supported idea
"Why Indian banks are more profitable though less functional"
| 2 years ago
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Also, when I say the citizen who seek high interst rate should never depend on it for long. When they are working before retirement they should join some pension plan so that they can plan up their retirement early. The only thing is governemt...
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Mathew Cherian
| Added idea
"Why Indian banks are more profitable though less functional"
| 2 years ago
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Indian banks are more profitable and get better customer satisfaction for many reasons. One about customer satisfaction since rarely Indian bank failures occur dre to their extreme risk aversion in lending and product prolieferation. Their bread...
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Mathew Cherian
| Supported idea
"Why Indian banks are more profitable though less functional"
| 2 years ago
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Also I mean Stake holder when I talk about Stock holder. There are many Stakeholders around a company and only one Stock holder. These are multiple missions. I am not sure whether we have succeeded in running our basic mission right yet.
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Ideate: "Why Indian Banks are out performing their foreign counterparts?" deleted from your view.
Answer: "Do Indian economy decouple from west now?" deleted from your view.
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(rate this)
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BY CONVERTING N B F C IN TO BANKS WILL HELP THE ECONOMY
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2
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THE COMPETION WILL LEAD TO MORE PRODUCT INNVOTATION
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Anita Sawant
| Argues in support of
"THE COMPETION WILL LEAD TO MORE PRODUCT INNVOTATION"
| 1 year ago
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Srinivas thanks for initiating a good debate. I my opinion allowing the NBFC will help in having more innovative products. Compared to the banking sector the non-banking are having good products which people are attracted most. So letting them...
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cmsrinivas
| Argues in support of
"BY CONVERTING N B F C IN TO BANKS WILL HELP THE ECONOMY"
| 1 year ago
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IN INDIA THE PENETRATION OF BANS IS LOWER THAN DEVELOPED MARKETS SO STILL LOT OF SPACE FOR ...
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ASOKE KUSARI
| Argues in support of
"THE COMPETION WILL LEAD TO MORE PRODUCT INNVOTATION"
| 1 year ago
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The Ministry of Finance and the Finance Minister appear directionless. Every now and then, throu IBA and RBI they are proposing "Mergers and Amalgamation" of existing Banks and now come up with 'such' proposal in the Budget 2010. In the past also...
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Debate: "will allowing NBFC in banking is good for ecnomy " deleted from your view.
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1
Promotional events
2
Sale Sale Sale
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anuradha gupta
| Added idea
"promotional event"
| 11 months ago
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promotional events can only increase sale as more people become aware of it
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R.Saseenthren
| Supported idea
"Sale Sale Sale"
| 11 months ago
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Sale once we hang this Board in any show room than we know seasonal offers are coming in,always sales go with the seasonal New Year Sales,Christmas,Dipavallie,Thaipongal etc.this is ideal for Home appliances,Cloths, Electronics, also I noticed the...
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Alok Sharma
| Supported idea
"Promotional events"
| 3 years ago
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There is nothing better then to engage the customer, keep doing some or other promotions, they can be price let, qty led or occassion led. just giving discount is not right option.
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Ideate: " How to get more and more customers to your retail store ?" deleted from your view.
Prev1NextShowing 1 - 9 of 9
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Credit risk management is a very important area for for the banking sector and there are wide prospects of growth and other financial institutions also face problems which are financial in nature. Also, banking professionals have to maintain a balance between the risks and the returns.For a large customer base banks need to have a variety of loan products.If bank lowers the interest rates for the loans it offers, it will suffer In terms of equity, a bank must have substantial amount of capital on its reserve, but not too much that it misses the investment revenue, and not too little that it leads itself to financial instability and to the risk of regulatory non-compliance. Credit risk management is risk assessment that comes in an investment. Risk often comes in investing and in the allocation of capital. The risks must be assessed so as to derive a sound investment decision.And decisions should be made by balancing the risks and returns. Giving loans is a risky affair for bank...
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We see sales for branded items going on and on all round the year. The Christmas sale followed by the new year sale followed by Sankranti offers followed by Valentine's day sales and it goes on and on. In addition to this the there are so many......
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