Marketing has many many branches, Each branch has a bunch of leaves to grow. However, any branch which follows the top-notching marketing strategy will attain a bunch of blossom flowers and fruits.

Likely banking is one of the emerging sectors which is attaining sustainable growth through marketing strategies.

Why marketing in banking?

  1. To acquire more customers, and to sell more products and to offer more services

To make all this possible bank must have a strong KYC

KYC- Know Your Customer

Do you think it is more important?

The answer is “Yes, it is”

KYC is important in all business areas and service sectors, especially the bank since it is the place where more financial transactions are taking place more than any other sector.

What are the most common things which are covered in KYC?

  1. customer acceptance policy
  2. customer identification procedures
  3. Risk management

The KYC markets the policy, the product and the goals of the bank or an organisation to the customer.
By this brand image is developed among the customer.

The next one is the primary one, ie the identification of the customer. Each and every customer are important in the service sector. So the more specific identifiable information is collected in the service industry about the customer, especially in banking.

The third one is monitoring the transactions or progress of the customer. By this customer, enhancement and enrichment are made. To sustain with an existing customer for a prolonged period, monitoring of transactions are important in every service sector.
In consumer durables in Kirana stores there is no follow up needed., but the service sector cant is left as it is. It requires frequent monitoring and follows up.

The last one is risk management. It is one of the major activities carried out in the service sector.

Identification of the right customer in the right time reduces the major risk.
In hospitals handling of the patient, the banking sector holding of potential customers more, etc.,

The risk management deals with maintaining a peaceful relationship with the customer for a prolonged period for excellence in service and to make the service organization a profitable one.

So to make effective risk management, the proper KYC should be made. KYC can’t be neglected as any. It must be considered as a key relationship between customer and service sector. It should be made effective to gain more profit and to enhance customer service.

Keep reading pudhansandhai,
Signing off,

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