Published on January 8, 2009
Marketing of Financial Services in India : Marketing of Financial Services in India How customer-centric are we? September 11, 2002 Slide 2: You see a gorgeous woman at a party. You go up to her and say, "I'm fantastic." That's Direct Marketing. You're at a party with friends and see a gorgeous girl. One of your friends goes up to her and pointing at you says, "He's fantastic." That's Advertising. Is customer – centricity aggressive selling ? Slide 3: You're at a party and see a gorgeous girl. You get up and straighten your tie, you walk up to her and pour her a drink. You open the door for her, offer her a ride, and then say, "By the way, I'm fantastic." That's Public Relations. You're at a party and see a gorgeous woman. She walks up to you and says "I hear you're fantastic." That's Brand Recognition. 80’s…the days of Grateful Banking : 80’s…the days of Grateful Banking Customer bonding paramount. Meet at least 20 staffers to get your paper sanctioned. Keeps your money safe. Spend at least one hour to get it. Zero error banking. Will take about a week to check the papers. 80’s…the days of Grateful Banking : Complaints are at an all time low – since we hired Mehta. He is stone deaf. 80’s…the days of Grateful Banking Convenient timings. For the staff, that is. Personalised service. Everyone gets a token all for himself. Friendly personnel. They can’t stop talking to each other. Quick loan disbursal. If at all you can get it sanctioned. 80’s…the days of Grateful Banking : Fantastic service. If you have the moolah, we have the time. Great atmosphere. Do you belong to the club Egalitarian approach. Only for the more equal among equals. Provided a keyhole view of possibilities in banking. 80’s…the days of Grateful Banking 90’s .. finally something to be truly grateful for : 90’s .. finally something to be truly grateful for Affordability. Class for the masses. Customer service. More free time for yourself. Convenience. Take your money when you want it. 90’s .. finally something to be truly grateful for : Multiple channels. You choose - come to the bank or the bank will come to you. New range of products. Variants catering to different needs. Asset products. Take money from me easily, for a change. 90’s .. finally something to be truly grateful for But what does the customer also see? : But what does the customer also see? No Differentiators !!!! : No Differentiators !!!! Consumers faced with commoditised brands & product pricing parity Yet most Banks talk about customer - centricity The question is – what is the customer really perceiving ? : The question is – what is the customer really perceiving ? Banks have taken the easy option … To clone the FMCGs Cloning the FMCG’s of the world : Cloning the FMCG’s of the world One of the biggest blunders : Branded financial products in the hope that it will create a differential in the marketplace. But it is easier to remember the brand name of a soap than that of a financial service. Can’t touch, see, smell, taste the promise of future gains. Branding commoditised products does not produce customer - centricity Slide 13: Are Banks truly marketing-savvy and customer - centric? Slide 14: Myth 1 – The larger the range of products, the more customer-centric I am. Mythbuster – The range of products has emerged from being competition-centric. Slide 15: Myth 2 – Better technology (read CRM) leads to better customer service. Mythbuster – Technology alone does not deliver, helps people do. Slide 16: Myth 3 – Launch a product and the customer will start using instantly. - Give a customer a card and he will learn how to play with it immediately Mythbuster – Customers need To be educated too… Slide 17: Mythbuster – Customers are not only present where competition is. Myth 4 – The only way to get a customer is from competition. Slide 18: Myth 5 – Just advertise and - You will sell. Mythbuster – Advertising will only sell, Not retain customers. Slide 19: Myth 6 – No difference between marketing & selling Mythbuster – “Selling focuses on the needs of the seller; marketing on the needs of the buyer. Slide 20: Myth 7 – In the absence of relationships ‘trust’ builds financial brands Mythbuster – Trust is not a differentiator at all…it is the very minimum that the customer expects!! So what will the differentiators be : : So what will the differentiators be : Technology ? Brand ? Slide 22: The real differentiator of customer – centricity in a commoditised world of financial products - Customer Service ! Slide 23: Building a customer centric organisation : idbi bank Slide 24: Building a service brand A listening bank : Instances when you were happy with the bank (Kabhie Kushi), Instances when you were sad with the bank (Kabhie Gham) Instant account opening : Welcome kit firstname.lastname@example.org
sep-bank-idbi.ppt (1.09 MB, 394 views) ch18.ppt (548.5 KB, 315 views) Regards, Rohan Kachalia MBA (Finance & Marketing), Inter CA VP- Utkristh Share ...
E- Banking Project. ... sep-bank-idbi.ppt (1.09 MB, 394 views) ch18.ppt (548.5 KB, 315 views) Regards, Rohan Kachalia MBA (Finance & Marketing), Inter CA