UNIT 4: CUSTOMER REQUIREMENTS
v
The basic
segmentation of customers based on their income levels is presented below.
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Income
Levels (Rs. Lakhs)
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Customer
Segment
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2-10
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Mass Market
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10-50
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Mass Affluent
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50-400
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Super Affluent
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400-4,000
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HNW
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4000-120,000
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Super HNW
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Above 120,000
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Ultra HNW
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v MASLOW'S THEORY AND CUSTOMER REQUIREMENTS
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S.No. Need Level
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Matching Banking, Investment and Insurance
Products
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1. Physiological Needs
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•
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Core Savings Accounts
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•
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Personal Accident Cover
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•
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Housing Loans
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2. Security/Safety Needs
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•
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Recurring, Fixed Deposit Products.
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•
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Life
Insurance Products - Endowment Products with low premium, long tenor and high
maturity amounts.
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•
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Tax Planning Banking, Insurance and Mutual
Fund Products.
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3. Social Needs
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•
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Consumer Loans
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•
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Personal Loans
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•
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Home Loans
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•
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Car Loans
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•
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Loans for
Professional Development for Doctors, Engineers, Lawyers, Chartered
Accountants, Management Consultants, Architects etc.,
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•
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Insurance Cover tagged to above loans.
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•
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Retail Gold Coins.
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•
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Health Policies for self and family.
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•
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Investment Products like Mutual Fund
Schemes.
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•
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Systematic Investment Plans of Mutual
Funds.
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•
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Unit Linked Insurance Products.
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4.
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Esteem Needs
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•
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Special Term Deposit Products.
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•
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Term Insurance Products.
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•
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Second Housing Loans/Home Improvement/Home
| ||
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Decor Loans.
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5.
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Self Actualization Needs
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•
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Pensioners Loans
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•
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Retirement Solutions in Banking &
Pension Plans in
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Insurance
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•
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Senior Citizens Term Deposit Products
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v
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.
