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Next Generation Customer Retention Strategies for Banks

Tags : retail bank, customer retention, insurance, private banking, deposits
Industry : Banking, Insurance, Private Banking/Wealth Management
Functional Area : India
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About "Next Generation Customer Retention Strategies for Banks" topic:

Retaining customers is a critical key for banks to make the numbers work this year and time is running out fast. The aim of the topic is to discuss various techniques for retaining and deepening customer relationships in these difficult
economic times for growth....

1 insight , 4 debates , 6 idea contests , 2 question on topic: "Next Generation Customer Retention Strategies for Banks"
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(rate this)
1 Zero Defect Philosophy
2 happy to help attitude of the executives.
By : Swati Raut
Amar Ravi  |  Supported idea  "Zero Defect Philosophy"  |  1 year ago
people should use more of cards instead of hard cash...it will result in less cash transactions in cash...so less people in ATM etc
Amar Ravi  |  Supported idea  "Be Committed"  |  1 year ago
i agree...the fact is number of branches are less and people are more.. Leave the village, even in cities the number of people visiting the branch will be very..if ratio are taken each staff will handling more than 1000 customers in a day
Pankaj Jain  |  Supported idea  "Zero Defect Philosophy"  |  4 years ago
I support this idea as Six Sigma is the standard which is adopted everywhere now especialy in the industries mentioned by Satwinder.. Zero defect is one philosophy introduced to have 100% accuracy and Banking is one of them. so I believe customer...
 
 
Ideate: "Latest trends to ensure Customer Satisfaction and Retention in banks" deleted from your view.
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(rate this)
1 Organised Service
2 Regular Team Meetings
By : Swati Raut
Nidhi Agarwal  |  Added idea  "Give Options, centralized services and above all Give them importance"  |  4 years ago
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...
vijayasaravanan  |  Supported idea  "Organised Service"  |  5 years ago
The banks should try to minimise the time spent by the customers inside. This will definitely help. 
sujit Kumar  |  Supported idea  "Organised Service"  |  5 years ago
Swati raut has given an excellent idea here. I fully support it.
 
 
Ideate: "How Retail Banks can achieve "Customer Experience" Excellence?" deleted from your view.
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(rate this)
1 Give your customers the right kind of direction that he/she is looking for.
2 Give real figures to customer when talking about interests
By : Rohit Khanna
Subroto Sarkar  |  Added idea  "Free Creedit and debit cards for bonafide customer"  |  4 years ago
Retired people keep their life savings. Young generation keep their saving in bank. If cheque facility/withdrawal facility is used bank incurs expenditure quite a lot. Use of ATM,Debit Card and Credit card reduces all such work. Yet for ATM and...
Anym  |  Supported idea  "Give real figures to customer when talking about interests"  |  4 years ago
Agree with all the points cited by Manoj, but I still dont see all this happening.  All the banks know what exactly is to be done but it is somehow not executed properly.  So may be people here on this forum in the banking field can initiate and...
C Nijagunaradhya  |  Supported idea  "Give your customers the right kind of direction that he/she is looking for."  |  4 years ago
CUSTOMER IS YOUR KING!........... Proper clear guidance is what a customer basically wants as soon as he enters the bank.
 
 
Ideate: "How will you improve your customer service in Banks??" deleted from your view.
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(rate this)
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...
By : Swati Raut
pawan tetrawal  |  Answered  |  3 years ago
Yes it can be achieved by retail banks also !
Suryanarayan Murthy  |  Answered  |  3 years ago
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...
G.Srinivasan  |  Answered  |  5 years ago
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...
 
 
Answer: "Can Customer Loyalty be achieved by Retail Banks?" deleted from your view.
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(rate this)
Yes 
22
VS
10
 No
By : Ekta Dutta
Nagendra singh  |  Argues in support of  "Yes"  |  3 years ago
I fully agree with Abhishek, Chraging prepayment charges is not less than loot. Getting advance money can be utilised by banks to earn more money and it will be win win for both, Banks and customers
Ravi Chandra  |  Argues in support of  "No"  |  4 years ago
I agree with Kumar. The foremost priority for any business enterprise is to make money and it applies to bank as well. The probability if that the bank would have borrowed the money from other institution before lending it to consumers. Any...
Abhishek Garg  |  Argues in support of  "Yes"  |  4 years ago
Here I want to bring another point in to notice that the EMI's (equated monthly installments) are formed by such formula that early installments have most of the part as Interest only and only the small amount is deducted from the principle...
 support: 
 
 
Debate: "Should Banks scrap loan prepayment penalties?" deleted from your view.
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(rate this)
An Indian bank has partnered with exhibition organiser Expoworld to offer loans to consumers attending the upcoming Jewels of India event in Karnataka, Bangalore from October 2nd to 5th. The unique t...
By : Ekta Dutta
Swati Raut  |  Answered  |  4 years ago
I personally believe that such kind of tie-ups will help the banks. As Indians are crazy in buying golds and offering a spot loan will attract more people to buy gold from the Expo. This will definitly help the bank to create more customers.
Prakash Khairnar  |  Answered  |  4 years ago
    Gold jewellery on loan basis is an exciting offer. This kind of offer will have a huge demand in india. Indian bank has set its first step and lets hope that other bank will also enter in the future.
 
 
Answer: "Indian bank to offer consumer loans for gold jewellery buying." deleted from your view.
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(rate this)
Yes 
6
VS
7
 No
By : Rashmi Chawla
Sunil Bedi  |  Argues in support of  "No"  |  4 years ago
Recovery of loans only depend on one factor that's FEAR. See the customer base. See the people to whom loan is disbursed its very difficult to recover the principal forget interest and panalities. I have been into business of purchasing repossed...
prakashraj kumavat  |  Argues in support of  "Yes"  |  4 years ago
I strongly support mr. santosh's view on ICICI Loan through their branch. I would really help ICICI  to build customer relations. Direct loan advisors might be working for transaction marketing or for monetary purpose they can misguide customers...
Narottam Kumar Singh  |  Argues in support of  "No"  |  4 years ago
I think ICICI bank has taken a wrong move..Bank has distributed loan in such a way that there are so many defaulters. Bank has helped the customer to get the money and these customers have cheated the bank.They should be not left and recovery...
 support: 
 
 
Debate: "ICICI’s collection agents make way for relationship managers." deleted from your view.
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(rate this)
Yes 
9
VS
8
 No
By : Abraham Paul
prakashraj kumavat  |  Argues in support of  "Yes"  |  4 years ago
Banking Industry is becoming customers friendly for last few years. There different types of banks are prevailing in our country like commercial banks, schedule banks, co-operative banks etc. If we talk about few years back then there was...
Abraham Paul  |  Argues in support of  "No"  |  5 years ago
Mr. Kameswar Rao, Banking is a business. You are very right in that.   Heard the some bank's ad. "PURE BANKING, NOTHING ELSE"  And according to your view it is "PURE BUSINESS AND NOTHING ELSE" Then why talk of any service. Those who have  xyz's...
Abraham Paul  |  Argues in support of  "No"  |  5 years ago
  There were no charge for cheque books, for mail transfer to your account from any branch in the country, for cash credits to ones account from out station branch, for issue of bank statements, and low minimum balance for SB account.etc.,  Most...
 support: 
 
 
Debate: "Are the banking industries customer friendly?" deleted from your view.
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(rate this)
1 Power of Zero-Based Strategy
2 take utmost care
By : Jitena Kumar Rawat
Paras Goel  |  Added idea  "Make feel the clients as they r the part of the company"  |  4 years ago
Customer is everything for any company that exist. Mostly there r many companies where , we can see that salesman just tried to sell their products to them. they dont believe in after sales satisfaction, training of sales department is must...
Prasad PN  |  Added idea  "Attitude"  |  4 years ago
In most service oriented industry including Banks where the customers are treated like dirt due to wrong attitude of persons at front desks. Walk into any private bank and try getting some help for your problems, these are shameful examples of...
Vijay Bhaskar  |  Supported idea  "Power of Zero-Based Strategy"  |  5 years ago
Yes. This should be the way to go. Remember that the customer is not a window that one approaches after the sale is done. The customer is the omnipresent element in any business and the Zero-Based strategy would assist in giving importance to...
 
 
Ideate: "How to develop a strategy to achieve customer satisfaction?" deleted from your view.
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(rate this)
1 PMS for Retail Banks should be exhaustive.
2 Customer Service
By : Jyoti Rath
G C Gharpure  |  Added idea  "PMS for Retail Banks should be exhaustive."  |  5 years ago
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...
Swati Raut  |  Added idea  "Job Rotation programs"  |  5 years ago
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...
 
 
Ideate: "Performance Management Success Strategies for Retail Banks" deleted from your view.
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Other knowledge matching "Next Generation Customer Retention Strategies for Banks" topic
Posted by: Vishal Kashyap
Activity: 0 referals , 30 comments, 12299 views  
It’s true that practice makes the man perfect. It was my stint with the leading life insurance company of India under tremendous sales pressure which helped me in learning new tricks of this trade. I have sold thousands of policies in last two and half years. For me, it’s very easy to identify in only two minutes, whether the customer is really serious in doing some investment or he has just called for information gathering activity. I have been the top performer and given various prizes. I have the reputation of converting 7 out of 10 clients if the customer has money in his pocket. I have earned lot of respect and money in this industry. At some occasions I picked policies worth million in just 10 minutes. I have never followed customer more than 2 times. I think any sales people must do that. I have habit of closing the deal at the discussion table in the first meeting with the client. Secret of my success is hard work and dedication. I have never given up. Each policy that I...
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