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In: Finance

Essay question Describe how a consumer can become the ideal banking customer (starting from a young...

Essay question

Describe how a consumer can become the ideal banking customer (starting from a young age to an old age) give specifics and examples.

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Expert Solution

Banking Industry is highly built on trust which people put in bankers. The key to gain a customer from a consumer is to know your customer. Knowing your consumer means understanding from where they come from, how do they think, what are their needs & gradually knowing their long-term goals, this is how the consumer feels connected & prioritised. Be polite, honest and give a good hospitality, then guide them with the policies which your bank provides in alignment with their goals, for eg: If you come accross a middle class salaried employee(John) to open a bank Fixed Deposit, you could take an opportunity to greet John, educate him with a new policy or engage in a conversation regarding current scenario & gradually ask him about the long term goal. John might have a goal to open a new business of his own & simultaneously struggling as he needs to take care of his kid, know more about what type of business he wants to start & all the challanges he is facing, educate him with how could the bank help achieve him his goals with all the challange he is facing. Take an another appoinment with him, which would give you time to prepare a detailed financial plan for him. Now when you meet you can give him the detalied duration of plan, cost structure etc. Keep a track of customer once in a week, make them feel supported & educated with the updates. Help them plan their life in financially secure way as trust & empathy leads to customer staying with you till old age. This is how you can gain a customer out of a consumer.


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