L2: Principles of PB Strategy

Question 1

Explain Personal Banking Strategy:

Customer Interaction

Answer 1

Customer provide revenue & customer interaction is key to consumer banking business.

The satisfaction that customers are buying takes place when they interact with the bank.

Therefore, success and failure of the bank happen at the point of customer interaction.

Question 2

Explain Personal Banking Strategy:

Customer Interaction [STAFF EDITION]

Answer 2

1. Staff must be:
   - Knowledgeable
   - Competent
   - Clear
2. Regularly attend product training on:
   - Features
   - Pricing
   - Benefits
3. Understand their responsibility

Question 3

Explain Personal Banking Strategy:

Product Offering

Answer 3

1. Identify unprofitable products that require changes
2. Seek feedback from contact staff on how well products meet customer needs
3. Analyse product - profitability & satisfaction of customers’ needs

Question 4

Due to changing needs as well as increasing competition, banks need to:
[State 2]

Answer 4

1. Adopt an agile mindset when designing new products & services that delight and satisfy the needs of customer
2. Actively deploy sales staff to solicit for business

Question 5

What is agile mindset?

Answer 5

It is the set of attitudes supporting an agile working environment:

1. Respect
2. Collaboration
3. Improvement and learning cycles
4. Pride in ownership
5. Focus on delivering value
6. Adapt to change

This mindset is necessary to cultivate high-performing teams, who in turn deliver amazing value for their customers.