Retail Business Development - INTRODUCTION
It goes without saying that banks in order to achieve their primary goal as an institution need to make sure that they net in as much as primary deposit they can, the eagerness to serve more customers has to be there. A bank never sleeps, it does not have a maximum limit, in order to grow in the present scenario banks have to make sure that they attract new clients not only by providing them new service but also by making them aware and wining their trust.
ICICI has been encouraging their staff to net in customers and serve them with the best possible way. ICICI has been training their staff for the same with special programs that have been recognized throughout the world. Earlier the bank use to follow the Enhancing Relationship Value (ERV) model but seeing the present scenario of banking the bank has changed its model to Retail Business Development (RBD).
Retail Business Development (RBD) is a unique model that allows banking executives to help cross selling and up selling of banking products to new and existing customers.
Earlier ICICI followed the Enhancing Relationship Value (ERV) model but has now changed its model to Retail Business Development (RBD). Retail Business Development (RBD) model is one step ahead of Enhancing Relationship Value model (ERV). The Enhancing Relationship Value (ERV) model mainly looked into enhancing the relationship between the customers and the bank, by convincing the customers to deposit more money with the bank. More bank products we sold to existing customers, in short the bank looked at increasing deposits through existing customers.
The relationship management was basically done through call-centers and the retail branch had a very small role to play.
However Retail Business Development (RBD) has a very different approach to that of Enhancing Relationship Value (ERV). Retail Business Development (RBD) looks at selling banking products not only to existing customers but also to new customers by proactively making them aware of the products offered by the bank.
Retail Business Development (RBD) as the name suggest is the task of cross selling and up selling vested on the shoulders of the retail branches itself rather than the call centers calling up customers. The model gives emphasis that the retail branches of ICICI are the customer interface, when a customer walks in the branch with the mood to resolve his banking issues that is actually the time when probably will be willing to listen to what the executives have to say, all other sales channels may approach a customer at a time when he is not in a mood to listen and buy a bank product. The model also goes with the old saying that “no sales without good service” the retail branches provide the customers with the services, a customer whose service issues are solved at the branch is more susceptible to purchase a product, thus there is a need for good and quality service to be rendered at the retail branch. Customers anyways connect better with an employee calling from the branch rather than a sales executive who he has never known, the model therefore also gives importance to building a good rapport with the customers on a an individual basis. To conclude the new model Retail Business Development (RBD) has put across a very important and a major responsibility on retail branches to act as lead generators whose main aim is to increase retention of existing customers and at the same time try to net in new customers.
It goes without saying that banks in order to achieve their primary goal as an institution need to make sure that they net in as much as primary deposit they can, the eagerness to serve more customers has to be there. A bank never sleeps, it does not have a maximum limit, in order to grow in the present scenario banks have to make sure that they attract new clients not only by providing them new service but also by making them aware and wining their trust.
ICICI has been encouraging their staff to net in customers and serve them with the best possible way. ICICI has been training their staff for the same with special programs that have been recognized throughout the world. Earlier the bank use to follow the Enhancing Relationship Value (ERV) model but seeing the present scenario of banking the bank has changed its model to Retail Business Development (RBD).
Retail Business Development (RBD) is a unique model that allows banking executives to help cross selling and up selling of banking products to new and existing customers.
Earlier ICICI followed the Enhancing Relationship Value (ERV) model but has now changed its model to Retail Business Development (RBD). Retail Business Development (RBD) model is one step ahead of Enhancing Relationship Value model (ERV). The Enhancing Relationship Value (ERV) model mainly looked into enhancing the relationship between the customers and the bank, by convincing the customers to deposit more money with the bank. More bank products we sold to existing customers, in short the bank looked at increasing deposits through existing customers.
The relationship management was basically done through call-centers and the retail branch had a very small role to play.
However Retail Business Development (RBD) has a very different approach to that of Enhancing Relationship Value (ERV). Retail Business Development (RBD) looks at selling banking products not only to existing customers but also to new customers by proactively making them aware of the products offered by the bank.
Retail Business Development (RBD) as the name suggest is the task of cross selling and up selling vested on the shoulders of the retail branches itself rather than the call centers calling up customers. The model gives emphasis that the retail branches of ICICI are the customer interface, when a customer walks in the branch with the mood to resolve his banking issues that is actually the time when probably will be willing to listen to what the executives have to say, all other sales channels may approach a customer at a time when he is not in a mood to listen and buy a bank product. The model also goes with the old saying that “no sales without good service” the retail branches provide the customers with the services, a customer whose service issues are solved at the branch is more susceptible to purchase a product, thus there is a need for good and quality service to be rendered at the retail branch. Customers anyways connect better with an employee calling from the branch rather than a sales executive who he has never known, the model therefore also gives importance to building a good rapport with the customers on a an individual basis. To conclude the new model Retail Business Development (RBD) has put across a very important and a major responsibility on retail branches to act as lead generators whose main aim is to increase retention of existing customers and at the same time try to net in new customers.