RETAIL BANKING TODAY

 RETAIL BANKING TODAY

The first rule in retail is to convince a customer to hold the object they are interested in, because their brain will subconsciously claim it as theirs.

Banking too is in general retail.

Here the bank has to sell the idea of opening an account to the customer.

And when the customer opens the account he has to be encouraged to remit funds to the account in trickles even on a daily basis.

This had been the banking of yore. 

The scenario has now drastically changed. 

You can remit cash into your account free of charges thrice only in a month. 

If you exceed that, you are charged. In SBI it is Rs.59 per each transaction. You can see that much money disappearing from your hard earned savings. It must be similar in other banks too.

All the same the bank  can encourage them to open RDs as well

Their trickles would do wonders for them.

For the Bank  too.

But Banks are no longer Retail today.