Identification of Hni Customers for the Bank Essay Example
The rise in high net worth individuals globally has made HNI banking essential for financial institutions. It is important for professionals in this field to stay informed about the latest knowledge and relevant information. Typically, organizations have a group of vital customers and visitors who greatly contribute to the company's growth through their business contributions and valuable opinions.
The objective of these organizations is to provide HNIs (High Net-worth Individuals) with up-to-date information regarding new products, promotions, and any relevant activity in order to solicit their participation. For instance, consider a bank; the bank's call centers make several calls to these individuals but may struggle to engage them. This could be because the individual might not be receptive due to timing issues or because they prefer a more personalized approach in communications.
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The banking sector frequently has high-profile visitors who may go unnoticed. This necessitates reconnecting with these clients, resulting in wasted time. To address this issue, i-TEK has introduced the HNI Identification system for the banking sector. Our solution aims to minimize opportunity costs, which can be substantial. By implementing our solution, banks can anticipate a return on investment in just a few months.
The main emphasis in the new arrangement was on obtaining and keeping customers, particularly in metro and urban branches. The aim was to establish a favorable customer experience. Furthermore, the bank introduced "Relationship banking" for the first time, which is a crucial aspect. In order to accomplish this, SBI implemented various innovative methods employed by its private competitors to allure their top clients.
BPR implemented two categories of relationship managers (RLM's) - one fo
high net-worth individual (HNI) clients and another for medium-sized business clients. The intention was to proactively comprehend the requirements of these customers rather than waiting for them to approach the bank, where they might be tempted by competitors. The retail RLM /CRE aimed to offer banking services based on relationships to HNI clients, tap into the potential for cross-selling from the current customer base, and attract wealthy customers. In August 2007, BPR transferred this initiative to the new business group.
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