Are you a banker? If yes then this is a perfect article for your growth & motivation.
Every banker in the banking industry works hard. They even don’t get time for their family, friends & society as well. In the context of Nepal, the Nepalese banking industry is full of pressure. As we know there are 28 commercial banks and many other development banks & financial institutions in Nepal. This shows that; here is a tough competition to achieve the target in a limited size of customers.
The current life of Nepalese Banker is full of stress and tension. Bankers are in tension all around. Here, the increase of capital, branch expansion, and expansion of investment as well as technology, the business of the bank has increased as well as the risks are increasing. Here, the stress of maximizing profit as well as the stress of reducing the risk; Bankers are finding it difficult to strike a balance between business expansion and risk mitigation. The stress of massive targets of the bank leads their employees towards mental stress as well as a mental disorder.
Let’s start by getting one thing straight, being a far better banker is about awareness:
Are you conscious of impacts your Customer satisfaction & loyalty will give?
Are you conscious of the way to be more successful in your role?
Are you conscious of what makes your business grow & succeed?
If you would like to be a far better banker, being actively aware of these successes causes you to a far better banker already. Now, let’s specialize in the guts of that awareness, Knowing your customers which are known KYC.
Knowing your customer is critical to being a far better banker! Although all customers are important, we would like to specialize in people who contribute to the successes mentioned above.
Most banks have plenty of customer data. Unfortunately, they need a tough time analyzing the info and drawing useful conclusions from it. However, your analytics group should be ready to provide you with a report that shows which customers are generating most of your revenue. How does this report help you? Believe the old 80/20 rule. Presumably, 20 percent or less of your customers are generating 80 percent of your revenue. These are the purchasers you ought to spend some time going to know because they produce 80 percent of your sales.
So how does one get to understand them? Here are some easy strategies for going to know those customers, growing your relationship with them, and using those relationships to realize new customers.
· * Meet with them:The primary step is to line up meetings with them. When posing for the meeting, explain that they’re valued customers and you would like to find out more about their financial goals so you’ll help them meet them. Once you meet with them, make certain to try to to the following:
Pay attention and take notes so you don’t forget important facts during future conversations. Be sincere in your interest so your customers know you’re genuinely curious about going to know them.
Find out what your customer’s financial objectives are. Ask what bank products and services they have already got – both at your bank and at competitor banks. Determine how they use them toward meeting their financial goals.
Find out who is that the primary financial administrator within the household, so you recognize who to contact for follow up meetings.
Learn what the customer’s channel preferences are. Some might like face-to-face meetings while others might wish to communicate with you via social media & email.
· * Build long-term relationships: After your first meeting, get in touch a minimum of once every 30 days using your customers’ preferred communication channels. You’ll be surprised how quickly doing so builds customer loyalty which is the key to customer retention.
· * Reward your good customers: Find how to reward your best customers. Hold a call for participation only reception or financial health workshop for them. Personally call or email them when your bank is offering promotional rates on products that may benefit them. Discuss other options together with your management.
· * Ask for customer referrals: Once you’ve built a solid relationship with these customers, don’t be afraid to invite customer referrals. Assure them you’ll treat their friends and family also as you treat them. There’s an honest chance some will have already referred others to you before you even ask.
Ultimately, knowing your customers well will assist you to make sure of their satisfaction and loyalty and contribute to the expansion of your business. it’ll also assist you to be more successful as a banker in determining the simplest products to recommend and cross-sell to them. Offering them the simplest financial products and services to satisfy their financial goals will strengthen your customer relationships and assist you to grow your business.