Answer to Question #197721 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 are increasing automation and mobility, increasing collaboration between borrowers and lenders, and improving customer centricity in lending products and marketing. In addition, banks are using certain strategies to attract customers in retail banking such as establishing quality relationships, making contact in a digital-first world to make a easy access to all customers, and understanding primary accounts usage to increase closeness with the retail banking customers.

Banks have embarked on serious market intelligence on retail banking since its helping the banking industry to provide a wide range of innovative services such as mortgages, loans on the asset side are the more important products offered by the banks. They have also introduced related ancillary services include credit cards and depository services.