For IDBI Bank retail banking is a game controlled by the customers, which can only be won by satisfying them. In an interaction with mona mehta, C. S. Jain, Head – Personal Banking, IDBI Bank, talks about the growing importance of retail banking in India and discloses how the bank is planning to reach the pedestal by winning ‘the game’...
B&E: The BFSI segment in India and abroad is running after innovations in terms of products and technology. How is it helpful to the consumers? And, how is IDBI Bank planning to benefit from similar new trends?
C.S.Jain (CS): When it’s about retail banking, innovation is a trend in products. What is more important for a consumer is the easy accessibility to such products and services of the bank. On the other hand, consistent and smooth delivery of the same means a lot to the bank. And this is where technology comes into the picture. Fulfilling all the above requirements are the hallmarks of technology. So for a bank like us, which is already on its way to universalisation and thus is focussing on retail banking in a major way, innovative products with an efficient technological support plays a very critical role. It helps the bank in drawing a large number of customers. See for yourself. With only 700 branches, IDBI Bank today has almost 40 lakh retail customers. And the reason behind it is an easy guess keeping in mind that despite being one of the youngest commercial banks, IDBI Bank has won the award for Best Bank in technology.
B&E: While the country’s economic environment is still not very clear, how are you planning to embed technology in your core strategy to create a competitive advantage for yourself?
CS: Keeping the economic upheaval in mind, IDBI Bank is waiving charges on savings account and current account (CASA) services in order to attract more business and achieve goal in lowering costs of deposits. The services in which the bank has waived or reduced fees include account closure, ATM interchange, issuance, cash services, new cheque book, ECS, EFT, new card issue, outstation cheque collection, account statement, standing instructions, stop payment and so on. Under present circumstances this has proved to be extremely beneficial to the bank in strengthening the relationship with its customers.
B&E: This year has already witnessed IDBI Bank’s aggression in terms of marketing and promotional activities. What kind of return are you expecting from the same?
CS: In order to acquire substantial increase in customer base by March 2011, IDBI Bank is not only using advertising campaign and multi-media campaign, but also harnessing its staff strength to maintain a better relationship with the customers. IDBI Bank has asked its staff to build and upgrade relationship by enabling customers to open more accounts with their family and friends. Our ongoing advertisements with the theme ‘Friendship’ and the tag-line – “For us, customers are more precious than their money” – are taking off well.
B&E: The BFSI segment in India and abroad is running after innovations in terms of products and technology. How is it helpful to the consumers? And, how is IDBI Bank planning to benefit from similar new trends?
C.S.Jain (CS): When it’s about retail banking, innovation is a trend in products. What is more important for a consumer is the easy accessibility to such products and services of the bank. On the other hand, consistent and smooth delivery of the same means a lot to the bank. And this is where technology comes into the picture. Fulfilling all the above requirements are the hallmarks of technology. So for a bank like us, which is already on its way to universalisation and thus is focussing on retail banking in a major way, innovative products with an efficient technological support plays a very critical role. It helps the bank in drawing a large number of customers. See for yourself. With only 700 branches, IDBI Bank today has almost 40 lakh retail customers. And the reason behind it is an easy guess keeping in mind that despite being one of the youngest commercial banks, IDBI Bank has won the award for Best Bank in technology.
B&E: While the country’s economic environment is still not very clear, how are you planning to embed technology in your core strategy to create a competitive advantage for yourself?
CS: Keeping the economic upheaval in mind, IDBI Bank is waiving charges on savings account and current account (CASA) services in order to attract more business and achieve goal in lowering costs of deposits. The services in which the bank has waived or reduced fees include account closure, ATM interchange, issuance, cash services, new cheque book, ECS, EFT, new card issue, outstation cheque collection, account statement, standing instructions, stop payment and so on. Under present circumstances this has proved to be extremely beneficial to the bank in strengthening the relationship with its customers.
B&E: This year has already witnessed IDBI Bank’s aggression in terms of marketing and promotional activities. What kind of return are you expecting from the same?
CS: In order to acquire substantial increase in customer base by March 2011, IDBI Bank is not only using advertising campaign and multi-media campaign, but also harnessing its staff strength to maintain a better relationship with the customers. IDBI Bank has asked its staff to build and upgrade relationship by enabling customers to open more accounts with their family and friends. Our ongoing advertisements with the theme ‘Friendship’ and the tag-line – “For us, customers are more precious than their money” – are taking off well.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
For More IIPM Info, Visit below mentioned IIPM articles.
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An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
For More IIPM Info, Visit below mentioned IIPM articles.
Zee Business Best B-School Survey 2012
Prof. Arindam Chaudhuri's Session at IMA Indore
IIPM IN FINANCIAL TIMES, UK. FEATURE OF THE WEEK
IIPM strong hold on Placement : 10000 Students Placed in last 5 year
IIPM's Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri - A Man For The Society....
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
Management Guru Arindam Chaudhuri
Rajita Chaudhuri-The New Age Woman
IIPM B-School Facebook Page
IIPM Global Exposure
IIPM Best B School India
IIPM B-School Detail
IIPM Links
