RETAIL BANKING 

Unit 4 : Customer Requirements 

​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.

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