Financial Daily from THE HINDU group of publications
Monday, Jan 09, 2006
Financial Daily from THE HINDU group of publications Monday, Jan 09, 2006 |
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Money & Banking
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Public Sector Banks Marketing - Customer Relationship Management SBI woos clients, sees biz growing L.N. Revathy
Coimbatore , Jan. 8 STATE Bank of India has started wooing the customer instead of waiting for them to come. "Though the basics still remain the same, technology has changed the way in which we conduct business today. To gain visibility, we need to market ourselves. We participate in fairs, conduct loan melas, evolve products for every segment and above all lure customers by being more flexible in our offer terms," say bank officials. "Product innovation has helped us get more customers, improve business prospects and expand reach," says Mr Bhaskar Niyogi, Deputy General Manager (SME), SBI (Chennai circle). He substantiated this by stating that the Chennai circle of SBI was able to clock total business of Rs 11,500 crore from the SME segment up to December 2005 against Rs 8,500 crore achieved in the previous year. Business from tiny groups/firms touched Rs 45 crore as at the end of November 2005 compared with Rs 39 crore in the previous year. "The bank has been able to substantially increase its market share across various segments by focusing on specific segments and organising awareness programmes," he said "In the Namakkal region of Tamil Nadu, the bank now enjoys a 90 per cent market share compared to a mere four per cent in 2002-03. We met the business groups in Namakkal and Tirupur and advised them to reorient their business. A similar exercise was initiated in Thuvakkudi area of Tiruchy. While most of the tiny business houses had firm orders for the next 18 months, they had no funds to execute the order. "We advised them to form a limited company to avail themselves of finance support, as they had no collateral to offer." "Labour shortage in Kovilpatti affected the functioning of the match units in that region. We suggested to them to opt for semi-mechanised machinery to tide over this problem and extended an advance for purchase of machinery at concessional rates. We have tied up with all auto majors. We are trying subvention to dealers," Mr Niyogi said. SBI has taken the cluster approach route for extending financial support to fruit, newspaper and flower vendors.
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