Answer to Question #196525 in Marketing for Peter Masih

Question

Retail Banking has always been and will continue to be characterised as a mass segment

that has a large customer base involving high-volume and low-value accounts. What are

Banks doing to attract customers in this segment and managing to provide good

customer experience to its customers despite the size / volume?

Answer 1

Banks have invented new ways of customer attraction. Some banks have embraced digital services to reach their customers through the online technology, which is easy to operate. Most banks have increased quality relationships that help them to understand their customers in terms of age, marital status, employment status, and the number of children they have. This information helps them to offer financial advice to their customers. Banks also ensure that they market their services to the right people at the right time. Furthermore, most banks have developed a digital approach to assess their customers potential before giving them loans. This approach has shortened the time taken for customers to get loans.