CAIIB- Retail Bank-MOD-B-Customer Requirements 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 Investment and Insurance Banking 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.