Objectives
Study the products and services that Union Bank offers and understand the different segments Union Bank caters to Identify new ways to increase revenue
Results, including key trends/issues affecting future scenario
• As far as digital penetration is concerned, there is large chunk of non-managed customers who are not digitally active.
• The POS Machines penetration of Union Bank in the market of retail sectors is not that great
• Most of the small traders in the catchment area of the bank are banking with private sector banks
• The customer must wait for longer duration in the bank to finally get the appropriate solution
• The blanket strategy of selling insurance in all branches is not working. We need to have a selected list of customers with high income as targets in these non-participating branches
Conclusions
• Improving the service quality can help the bank to cross-sell more as the customer is more likely to use the same bank again when he needs additional financial products, like a car loan or mortgage, Life insurance etc.
• We need to retrain the staff in branches which are not able to sell the products
• The blanket strategy of selling insurance in all branches is not working. We need to have a selected list of customers with high income as targets in these non-participating branches
Recommendations
• Union bank branches should carry Digital Drive and Digitalization process more tactfully/ systematically and on a large scale
• Secondly those retailers or professionals (doctor, restaurants etc.) having POS installed should be contacted periodically
• We also need to retrain the staff in branches which are not able to sell the products.