CAIIB RB Unit 4 - Customer Requirements

CAIIB RB Unit 4 - Customer Requirements (Year: 2019)

The basic segmentation of customers based on their income levels is presented below.
 
Income Levels (Rs. Lakhs)       Customer Segment
2-10                                         Mass Market
10-50                                       Mass Affluent
50-400                                     Super Affluent
400-4,000                                HNW
4000-120,000                          Super HNW
Above 120,000                        Ultra HNW
 
MASLOW'S THEORY AND CUSTOMER REQUIREMENTS
 


Need Level  Matching Banking

Investment and Insurance Products

Physiological Needs

Core Savings Accounts
Personal Accident Cover
Housing Loans

Security/Safety Needs

Recurring, Fixed Deposit Products.

Life Insurance Products

Endowment Products with low premium, long tenor and high maturity amounts.
Tax Planning Banking, Insurance and Mutual Fund Products

Social Needs 

Consumer Loans
Personal Loans
Home Loans
Car Loans
Loans for Professional Development for Doctors, Engineers, Lawyers, Chartered Accountants, Management Consultants, Architects etc.,
Insurance Cover tagged to above loans.
Retail Gold Coins.
Health Policies for self and family.
Investment Products like Mutual Fund Schemes.
Systematic Investment Plans of Mutual Funds.
Unit Linked Insurance Products.

Esteem Needs

Special Term Deposit Products.
Term Insurance Products.
Second Housing Loans/ Home Improvement/ Home Decor Loans.

Self Actualization Needs

Pensioners Loans
Retirement Solutions in Banking & Pension Plans in Insurance
Senior Citizens Term Deposit Products


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.

JAIIB Study Material

CAIIB Paper 1 Study Material
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CAIIB Paper 3 Study Material