Key Trends in Indian Retail Banking

Q1. Which business decisions have you personally influenced that had a measurable impact on growth, portfolio quality, profitability, or customer acquisition?

There are numerous, but the one that I always find most exciting is cross-selling. Cross-selling has its own attributes. For Banks, it cements the customer with the bank and increases the customer lifecycle. It increases customer level profitability, enhances customer relationship size, and helps in becoming the primary Banker to the customer, and many more. Similarly, for customers, it has advantages such as ease of transactions, one shop for all needs, and no hassle of visiting different banks for different products/services, etc. During my career, I have been instrumental in institutionalizing the cross-selling model, where, as a bank, you attempt to become the sole Banker to the customer, and that gives you various dividends. Just to mention, like giving assets to a CA customer, opening their SB, selling them FD/RD, SIP, Credit cards, Demat and trading accounts, lumpsum investments, lockers, health insurance, vehicle insurance, term plan, life insurance, etc. As a bank, you take leverage and sell your product to existing customers, and customers also find it easy, as these financial products are nowadays a necessity for every individual.…