advertise their personal messages on the board - anything that they may want to advertise. This has happened 10 years ago.
PK Nair: But the point is that you may 2000 branches and it is hard to replicate the same across all the branches.
Rajesh: What I am trying to say is that informally the PSUs are already doing it. They interact with so many customers daily that it is easy for them to bounce off the information to customers. For instance, if a customer purchases a car and is unhappy with his choice, the bank on hearing about this could pass on the information to other prospective customers. They can then make it formal.
PK Nair: Do you offer the car loan from a branch or do you offer it from a retail asset group?
Asha: It is now a centralized retail asset hub. But the leads are sourced through the branch. When 1 have a wide network of 2000 branches, why do I need to centralize it? Some banks do not have the advantage of a network.
Narayanan: The question is whether your marketing is information driven or transformation driven. Information driven marketing may be able to give you volumes but not values, especially in an era which is either customer convenience or affinity. What is required is to reach the headlines or the heartlines. That's what going to count. If you manage to hit the heartlines of the customer, there is no need to hit the headlines. Information may help you to reach the headlines, but unless your personal relationship at the touchpoint of the customer will only help you to reach the heartlines. And when you reach the heartlines, your relationship with the customer gets strengthened. And that's why it's the greatest relationship for banking because it is almost relationship driven.
Manoj: Heart to heart commerce?
PK Nair: If you analyse the set of customers today, how many of them would be the younger generation and what is the kind of products and services they would ask for in the next five years? Do you have a set of products and services you think you will introduce three years from now? So what happens to that next set of products and services which that generation is going to demand? Where's that coming from?
Venkatramaiah: True to the younger generation today, all banks offer internet banking, mobile banking,
Sunder Rajan: For the Nano car booking loan, we went in for marketing face-to-face. We did not depend much on internet and website. At the branch level, we were driving the branch people to interact with the customers. The results spoke for
themselves. The three leading banks that did well were SBl, ICICI Bank followed by Central Bank of India. What we did was display a notice board at the branches and we encouraged the staff to ask customers whether they were interested in booking the Nano. We even offered tips. Some customers were fussy and don't want to buy a low-end car. So we suggested that they buy it as a gift for their son or wife - a second car. We did well. We also had a relationship with some dealers with whom we exchanged information.
PK Nair: What Tata Motors did was created a mini website within their website and in that they had a series of discussions. What they wanted to find out was whether it should be positioned as a second car for customers or a safety car because the world is increasingly going green. They used the internet as a medium as it can be accessed immaterial of the location. From a banker's perspective, we would be mainly interested in the booking amount and the fee amount. For Tata, it helped them immensely to get better feedback on how to segment the car and the customer segment to target and also the additional functionalities they need to bring. Normally they would have done a huge market research exercise that would have cost them crores of rupees. Here they have got the feedback for free which the customer has come and given to them. That's the differentiation you can bring and the trend we are seeing.
Srinivas: You are aware that the public sector banks are becoming tech-savvy and providing lots of facilities, etc. But we believe that human interaction is more important. Earlier RBI pushed for customer satisfaction; from here they have now moved to customer excellence. Now the buzzword is customer ecstasy. We should be in a position to offer services to customers that they are not expecting. This could be in the form of mutual funds, insurance, etc.
Manoj: 1 am sure all of you must have moved house some time or the other in the past. This means changing addresses with banks, insurance, mutual funds. [ am just wondering whether banks be the agents for various other segments such as mobile phones and others?
Hegde: Even the bank pass book is accepted as one of the proof of address.
Taneja: 1 think there are two aspects to this especially when you are engaging with a client whose contact information or address keep changing regularly. First part is there are some ways in which we can anticipate what is going to happen. As a bank, I will accept change in contact numbers through various channels including the phone, internet banking, etc. The address on the account will not change till the customer gives me a letter because that is the KYC. Customers who like to keep in touch with the bank or like to receive alerts will probably update their phone numbers first because it will be done qUickly because typically banks will accept such requests over the phone, or through email or the internet. Whenever that happens, it is an alert by itself. It could also suggest that the customer has shifted the location itself. Maybe as a bank what I can do is ask the customer whether he has shifted his residence too. Other indicators are that might have stopped issuing cheques which were earlier happening on a monthly basis. The other point raised here is whether banks can help the customer change his address in respect to other things such as magazines, mobile phone operators, etc. I think as far as
PK Nair: But the point is that you may 2000 branches and it is hard to replicate the same across all the branches.
Rajesh: What I am trying to say is that informally the PSUs are already doing it. They interact with so many customers daily that it is easy for them to bounce off the information to customers. For instance, if a customer purchases a car and is unhappy with his choice, the bank on hearing about this could pass on the information to other prospective customers. They can then make it formal.
PK Nair: Do you offer the car loan from a branch or do you offer it from a retail asset group?
Asha: It is now a centralized retail asset hub. But the leads are sourced through the branch. When 1 have a wide network of 2000 branches, why do I need to centralize it? Some banks do not have the advantage of a network.
Narayanan: The question is whether your marketing is information driven or transformation driven. Information driven marketing may be able to give you volumes but not values, especially in an era which is either customer convenience or affinity. What is required is to reach the headlines or the heartlines. That's what going to count. If you manage to hit the heartlines of the customer, there is no need to hit the headlines. Information may help you to reach the headlines, but unless your personal relationship at the touchpoint of the customer will only help you to reach the heartlines. And when you reach the heartlines, your relationship with the customer gets strengthened. And that's why it's the greatest relationship for banking because it is almost relationship driven.
Manoj: Heart to heart commerce?
PK Nair: If you analyse the set of customers today, how many of them would be the younger generation and what is the kind of products and services they would ask for in the next five years? Do you have a set of products and services you think you will introduce three years from now? So what happens to that next set of products and services which that generation is going to demand? Where's that coming from?
Venkatramaiah: True to the younger generation today, all banks offer internet banking, mobile banking,
Sunder Rajan: For the Nano car booking loan, we went in for marketing face-to-face. We did not depend much on internet and website. At the branch level, we were driving the branch people to interact with the customers. The results spoke for
themselves. The three leading banks that did well were SBl, ICICI Bank followed by Central Bank of India. What we did was display a notice board at the branches and we encouraged the staff to ask customers whether they were interested in booking the Nano. We even offered tips. Some customers were fussy and don't want to buy a low-end car. So we suggested that they buy it as a gift for their son or wife - a second car. We did well. We also had a relationship with some dealers with whom we exchanged information.
PK Nair: What Tata Motors did was created a mini website within their website and in that they had a series of discussions. What they wanted to find out was whether it should be positioned as a second car for customers or a safety car because the world is increasingly going green. They used the internet as a medium as it can be accessed immaterial of the location. From a banker's perspective, we would be mainly interested in the booking amount and the fee amount. For Tata, it helped them immensely to get better feedback on how to segment the car and the customer segment to target and also the additional functionalities they need to bring. Normally they would have done a huge market research exercise that would have cost them crores of rupees. Here they have got the feedback for free which the customer has come and given to them. That's the differentiation you can bring and the trend we are seeing.
Srinivas: You are aware that the public sector banks are becoming tech-savvy and providing lots of facilities, etc. But we believe that human interaction is more important. Earlier RBI pushed for customer satisfaction; from here they have now moved to customer excellence. Now the buzzword is customer ecstasy. We should be in a position to offer services to customers that they are not expecting. This could be in the form of mutual funds, insurance, etc.
Manoj: 1 am sure all of you must have moved house some time or the other in the past. This means changing addresses with banks, insurance, mutual funds. [ am just wondering whether banks be the agents for various other segments such as mobile phones and others?
Hegde: Even the bank pass book is accepted as one of the proof of address.
Taneja: 1 think there are two aspects to this especially when you are engaging with a client whose contact information or address keep changing regularly. First part is there are some ways in which we can anticipate what is going to happen. As a bank, I will accept change in contact numbers through various channels including the phone, internet banking, etc. The address on the account will not change till the customer gives me a letter because that is the KYC. Customers who like to keep in touch with the bank or like to receive alerts will probably update their phone numbers first because it will be done qUickly because typically banks will accept such requests over the phone, or through email or the internet. Whenever that happens, it is an alert by itself. It could also suggest that the customer has shifted the location itself. Maybe as a bank what I can do is ask the customer whether he has shifted his residence too. Other indicators are that might have stopped issuing cheques which were earlier happening on a monthly basis. The other point raised here is whether banks can help the customer change his address in respect to other things such as magazines, mobile phone operators, etc. I think as far as
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