Connecting: the emotional wellbeing

Summary: [You might review the earlier post “Connecting: the routine associations” before this.] But they are comparatively less able to transform customer relationships to investments. Multinational concerns are cashing in.


Companies providing unstinted support are most likely to impress customers positively.

Focus on rapport

In India, foreign/multinationals cash in on this customer ‘connection’ eluding the nationalized Banks.

Especially with the retiree customer groups, the focus is on rapport. Their specialist relationship managers take charge of personalized interactions.

Critical moments

Purchase decisions relate to certain moments of truth. In customer view, these are instances of swift service and satisfactory problem solutions. For example, in prompt help with credit card repayments, holds on cheques, investment and tax advices, answers on loans and so on.

Customers grow to appreciate and reward the company. These critical moments can spark over 85 percent of customers committing to assets investments or more product purchases, as research findings in retail banking have shown.

Emotional wellbeing

Priyanka, employed with a multinational concern, says:

Initially it takes time for both of us to get used to each other. And only after a while, with effective relationship building, it takes off.

Emotional wellbeing of the customer needs to be central to the service offered. Before buying further services, every customer tends to review expectations.

Encouraging customers

Feeling that their needs are being met at critical moments (and not the company or its representative’s at their expense), customers feel encouraged to relate further with the system.

Wary or skeptical customer attitudes can be changed to positive associations with brand – it just needs effort, and perseverance to expand the role.

Extended family

Priyanka, a relationship manager, explains –

Our main aim is to first deepen the routine relationships, and then to introduce them to various other products of the bank. For instance, I take care of their finances, their banking services, investment advices, and also maintain their portfolios, whatever they are.

What sort of success results? They become a part of the extended ‘family’.

Revenue contributors

Relationship managers, as the frontline people in touch with customers, are actually the main contributors who bring in the revenue for the Bank.

Priyanka says –

This is also a new concept for customers. They feel the privilege of having a dedicated Relationship Manager for all their banking needs, and respond wonderfully.

Clearly, the emotional connection is enough to transform the ‘routine’ to ‘unique’ relationships.

Guardians

Becoming guardians of customer wellbeing has paid off handsomely for the multinational concerns.

If nationalized sector members are to catch up they need to change big time their mindset on processes, and attitudes towards the regular, retiree customers.
As the research also showed, following negative experiences, up to 70 percent customers may turn away to other institutions.

Comments/opinions anyone??