Lecture 2 - Principals of Personal Banking Strategy

Question 1

How should the employees interact with the staff?

Answer 1

• Staff must be knowledgeable, competent and clear
• Regularly attend product training on features, pricing, benefits, etc
• Understand their own responsibility
• Do not make promises to customers that are beyond their authority to deliver

Question 2

What are the things to take note of the product offering?

Answer 2

• Identify unprofitable products that require major changes
• Seek feedback from contact staff on how well products meet customers’ needs
• Analysis product - probability & satisfaction of customers’ needs
• Decide on products to be enhanced or dropped or to be offered

Question 3

What must banks do to adapt to the changing needs of customers as well as the increasing intense competition?

Answer 3

• Adopt an agile mindset when designing new products & services that delight and satisfy the needs of customers
• Actively deploy sales staff to solicit for business
• Adapt to the sales culture or risk being marginalised
• Employ specialised sales team for each major product group
• Sales efforts directed at not only new customers by also existing customers