|
Unit - 4 : Customer Requirements
The basic segmentation of customers based on their income levels is presented below.
Income Levels (Rs. Lakhs) Customer Segment
2-10 Mass Market
10-50 Mass Affluent
50-400 Super Affluent
400-4,000 HNW
4000-120,000 Super HNW
Above 120,000 Ultra HNW
MASLOW'S THEORY AND CUSTOMER REQUIREMENTS
Need Level Matching Banking |
Investment and Insurance Products |
Physiological Needs |
Core Savings Accounts
Personal Accident Cover
Housing Loans |
Security/Safety Needs |
Recurring, Fixed Deposit Products. |
Life Insurance Products |
Endowment Products with low premium, long tenor and high maturity amounts.
Tax Planning Banking, Insurance and Mutual Fund Products |
Social Needs |
Consumer Loans
Personal Loans
Home Loans
Car Loans
Loans for Professional Development for Doctors, Engineers, Lawyers, Chartered Accountants, Management Consultants, Architects etc.,
Insurance Cover tagged to above loans.
Retail Gold Coins.
Health Policies for self and family.
Investment Products like Mutual Fund Schemes.
Systematic Investment Plans of Mutual Funds.
Unit Linked Insurance Products. |
Esteem Needs |
Special Term Deposit Products.
Term Insurance Products.
Second Housing Loans/ Home Improvement/ Home Decor Loans. |
Self Actualization Needs |
Pensioners Loans
Retirement Solutions in Banking & Pension Plans in Insurance
Senior Citizens Term Deposit Products |
Expectations from the customers about the service quality of the bank basically depend on the following factors:
Tangibility in services- physical side of the service
Reliability- Sticking to agreed terms and promises.
Responsiveness- willingness to help and extend prompt service.
Assurance - Competence, Courtesy, Credibility and Security.
Empathy - Understanding the service expectations from the customers' point of view.
…………………………………………………………………………………………………………………………………………… |
