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Dressing Up for the New Generation - Views on News from Equitymaster
 
 
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  • May 26, 2000

    Dressing Up for the New Generation

    The Nationalized banks have realized at last that they cannot expect the yuppies and high net worth individual to subscribe to their products unless they dress up for the new generation. Thus in a bid to attract customers of foreign banks and sign them `to bank’ with nationalized banks, some of the big nationalized banks are spending money like water to create a five star ambiance in select branches exclusively targeting high net worth individuals.

    Usually high net worth individuals prefers to bank with foreign and private sector bank, even though these banks charge high service fee because of the value added services offered by these banks. They do not even give a second look to nationalized banks.

    Thus to cater to this section most banks have taken an in-principal decision to revamp themselves. State Bank of India (SBI) has taken a big leap in this direction. In a bid to grab over 20 per cent of the retail business from foreign and private sector banks, State Bank of India (SBI) has embarked on a massive exercise throughout the country to tap high net worth clients by offering specialized services through their boutique branches. These boutique branches can even match the lobby of some of the four star hotels in Mumbai, the financial capital of the country.

    According to SBI officials, the main idea behind setting up of these boutique branches throughout the country is to attract high net worth clients. The bank has currently set-up over 47 such branches throughout the country. The service charges in these branches are higher than other bank branches. SBI plans to set up over 100 branches throughout the country by next year. At present, there are over seven branches in Mumbai. SBI recently opened a boutique branch in Pune. SBI currently has over 842 branches in the Mumbai circle, which covers the whole of Maharashtra and Goa. Other nationalized banks like Bank of Baroda, Bank of India and Corporation Bank are also polishing their front offices to greet customers with a smile. Maybe its time for the private sector banks to spruce up their service networks.

     

     

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