Finacle Whiteboard

What do you call a teenaged customer at a bank branch?
A hallucination.

That just about sums it up. Banking behaviour has undergone such a generational shift that all customers cannot be treated alike. Conventional segmentation by bank balance is no longer enough. It simply does not highlight differentiated individual needs. And the time’s come to think out of the box.

Continue reading "Optimize the transaction life-cycle and win" »

Posted by Rajashekara V. Maiya at 05:49 AM | Permalink | Comments (0) | TrackBacks (0)

Did you hear that one about the banker who said, “I know 20% of our customers bring 80% of the profits. I just don’t know which 20%.”. Often, customer segmentation can be like that - too broad based to offer any real insight. For the most part, banks segment their customers along the single dimension of relationship value, as though that one number says it all!

Continue reading "Segmentation Strategy: Harnessing the Power of One" »

Posted by Jaymalya Palit at 10:56 AM | Permalink | Comments (0) | TrackBacks (0)

While we were at the neighborhood store, my 12-yr old niece, who until recently was a big fan of sugar and spice and everything nice, suddenly piped up “But, they are out of low fat yogurt!” The floor manager heard this and sent his assistant rushing to the nearest super-mart to pick up a pack of low fat yogurt in her favorite flavor – raspberry.

Continue reading "Bank on Client Relationships, Now." »

Posted by Gautam Bandyopadhyay at 04:53 AM | Permalink | Comments (0) | TrackBacks (0)

So, who hasn’t suffered a sub-standard airline in order to earn reward miles? Or shopped till one dropped using a credit card that promised three times the usual points?

Continue reading "Banking on customer loyalty" »

Posted by Jaymalya Palit at 04:26 AM | Permalink | Comments (0) | TrackBacks (0)

Don’t cold call your digital consumer. No, his phone is not switched off, but he’s busy using it to work on a project, with his partners separated across three continents. They meet up two days a week at this time on a popular social networking forum for grad students, to chat, exchange notes and share lecture videos. And don’t underestimate the “Community”. He will not open an account with you unless his chums online endorse.

Continue reading "Meet your digital consumer on his turf" »

Posted by Haragopal Mangipudi at 08:14 AM | Permalink | Comments (0) | TrackBacks (0)

Yes! You read that right! I was pondering about how banks can harness customer energies to steer their business, more meaningfully.

I think, there is a distinct merit in banks considering customers not merely as clients but as partners with whom to embark upon a joint exercise in wealth creation. Service strategies and innovations shaped by their ideas, suggestions….feedback…can form a dynamic core around which the business can be continuously evolved, profitably.

Continue reading "How hard do your customers work, for you?" »

Posted by Rajashekara V. Maiya at 05:09 AM | Permalink | Comments (0) | TrackBacks (0)

Banks have long since known that they must speak the customers’ language to retain them. While the service experience itself must impress customers, it must not overwhelm them…like the last morsel of a chocolate bon bon that’s much too sweet to really relish. Just what customers need to know…addressing their prime concerns…and delivering it all in terms that they understand. That’s the simple-enough formula for success that banks can adopt.

Continue reading "Why’s it so difficult to understand, that it’s all about understanding that they need to understand?" »

Posted by Basudev Banerjee at 06:46 AM | Permalink | Comments (0) | TrackBacks (0)

Most bankers would have to nod their “yes”. And that’s unfortunately going to hit them where it hurts most – their customer retention and advocacy stats.

It’s really not so difficult to understand why banks investing so much in otherwise strengthening customer relationships will still not achieve desired customer-loyalty, if they do not take customer management and related issues straight into the board room. Would you commit to a deeper relationship with a person or organization, if you didn’t feel truly ‘heard’ and valued? Why should your banking customers think otherwise?

Continue reading "Is your bank’s board room ‘customer-sound’ proof?" »

Posted by Sanat Rao at 03:49 AM | Permalink | Comments (0) | TrackBacks (0)