Study the products and services that Union Bank offers and understand the different segments Union Bank caters to Identify new ways to increase revenue

Abstract

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.