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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....
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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1
happy to help attitude of the executives.
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Zero Defect Philosophy
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Vipin Bhasin
| Added idea
"Be Committed"
| 1 year ago
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I feel a major problem in banks that is change of commitments. At the time of link a customer & after the joining of customer, there is a huge difference in their promises. & The same "delay in services", problem is now seen in private banks too....
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neha choubey
| Added idea
" no problem attitude (happy to help attitude ) is the best way to retain any customer "
| 1 year ago
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bank executives at the branch are the represent the particular companies culture,customer will not go to owner of the company for his work but will go to the executives with lots of hope & expectations. The customer only can be retain by giving...
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rajesh janardhan
| Supported idea
"happy to help attitude of the executives."
| 2 years ago
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Bank executives especially at the branch and over the phone through customer service no. are the face of the bank to the customers. As we say "first impression is the best impression" is very correct its on the basis of the attitude of the bank...
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Ideate: "Latest trends to ensure Customer Satisfaction and Retention in banks" deleted from your view.
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(rate this)
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1
Organised Service
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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"
| 3 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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(rate this)
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1
Give your customers the right kind of direction that he/she is looking for.
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Give real figures to customer when talking about interests
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Subroto Sarkar
| Added idea
"Free Creedit and debit cards for bonafide customer"
| 1 year ago
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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...
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Nitin Anand
| Supported idea
"Give real figures to customer when talking about interests"
| 2 years ago
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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...
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C Nijagunaradhya
| Supported idea
"Give your customers the right kind of direction that he/she is looking for."
| 2 years ago
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CUSTOMER IS YOUR KING!........... Proper clear guidance is what a customer basically wants as soon as he enters the bank.
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Ideate: "How will you improve your customer service in Banks??" deleted from your view.
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(rate this)
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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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(rate this)
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Yes
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22
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VS |
10
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No
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Nagendra singh
| Argues in support of
"Yes"
| 1 year ago
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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
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Ravi Chandra
| Argues in support of
"No"
| 2 years ago
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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...
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Abhishek Garg
| Argues in support of
"Yes"
| 2 years ago
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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...
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Debate: "Should Banks scrap loan prepayment penalties?" deleted from your view.
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(rate this)
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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...
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Swati Raut
| Answered
| 2 years ago
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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.
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Prakash Khairnar
| Answered
| 2 years ago
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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.
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Answer: "Indian bank to offer consumer loans for gold jewellery buying." deleted from your view.
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(rate this)
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Yes
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6
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VS |
7
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No
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Sunil Bedi
| Argues in support of
"No"
| 2 years ago
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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...
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prakashraj kumavat
| Argues in support of
"Yes"
| 2 years ago
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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...
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Narottam Kumar Singh
| Argues in support of
"No"
| 2 years ago
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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...
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Debate: "ICICI’s collection agents make way for relationship managers." deleted from your view.
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(rate this)
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Yes
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9
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VS |
8
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No
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prakashraj kumavat
| Argues in support of
"Yes"
| 2 years ago
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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...
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Abraham Paul
| Argues in support of
"No"
| 3 years ago
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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...
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Abraham Paul
| Argues in support of
"No"
| 3 years ago
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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...
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Debate: "Are the banking industries customer friendly?" deleted from your view.
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(rate this)
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1
Power of Zero-Based Strategy
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take utmost care
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Paras Goel
| Added idea
"Make feel the clients as they r the part of the company"
| 2 years ago
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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...
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Prasad PN
| Added idea
"Attitude"
| 2 years ago
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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...
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Vijay Bhaskar
| Supported idea
"Power of Zero-Based Strategy"
| 3 years ago
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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...
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Ideate: "How to develop a strategy to achieve customer satisfaction?" deleted from your view.
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(rate this)
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1
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."
| 3 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"
| 3 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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Recovery of its due has been a hectic exercise for the Banks in the absence of a special legislation. ‘Non-performing Assets’ were growing and a need was felt to reduce the ‘Non-performing Assets’ of the Banks drastically. As the recovery through Courts was a difficult exercise for the Banks, initially, a special legislation called ‘The Recovery of Debts due to Banks and Financial Institutions Act, 1993’ was enacted creating a Special Tribunal called ‘Debt Recovery Tribunal’. Under the Act, the Banks are entitled to approach the Tribunal by filing an ‘Original Application’ which is similar to filing a suit in Civil Court proceedings. However, unlike the ‘Civil Court’ which is supposed to follow the ‘Civil Procedure Code’, a special and simple procedure has been prescribed under ‘The Recovery of Debts due to Banks and Financial Institutions Act, 1993’. At the end of adjudication, the Tribunal is supposed to grant a certificate called ‘Recovery Certificate’ infavour of the Bank...
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Hi All, Came across a nice artical, thought beneficial for all HR professionals : What else does it take to K.E.E.P your employees satisfied? "People work for much more than a paycheck." Most employees are looking for common elements from the people they work for . People, regardless of position, seek a good " Relationship with their manager ", " A positive work environment ", and " Praise and recognition ". Successfully combine these three elements and implement them effectively and you have created the foundation for a great retention strategy. It is obvious that these crucial elements have little or nothing to do with compensation. Instead they remind us an important fact: People work for much more than a paycheck. People not only want their jobs to be a source of income but a source of attaining pride, professional development, enjoyment, and acknowledgment of their skills and efforts as well. With this in mind, I would like to introduce to you a retention-boosting method,...
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