Attracting Rich Customers and How to Serve Them

The old adage that the customer is king is still relevant today. The increasingly keener competition in our domestic banking world has made banks not only compete to get as many customers as possible but also to maintain the loyalty of current customers by providing them with the best possible services.

This is especially the case with VIP customers, who are small in number but make the greatest contribution to banks’ money circulation. These special services, which are part of the marketing strategies of the banking industry, may take various forms, such as special interest rates, offers of goods at attractive discounts or financial management services on a wider scope. These services may be referred to as personal, priority or private banking.

The size of these premium customers has huge potential. In Indonesia about 1.5 million people earn an average of Rp 500 million a year. Ravi Sreedharan, head of personal financial services of the Hongkong and Shanghai Banking Corporation (HSBC) estimates the number at three million people. As referred to earlier, the interesting thing about these premium customers is their contribution to the banking sector. Eighty percent of third-party funds controlled by BCA, for example, come from this top segment of banking customers.

That’s why it is no surprise that BCA has been very enthusiastically working on its BCA Prioritas (Priority BCA) program, which requires a minimum deposit of Rp 250 million. No less than diva Kris Dayanti has been exclusively hired to make this program a success.

“We have lower, middle and upper segments of customers. Special treatment is needed to manage their funds. They need more specific and more personalized services. Super-rich customers, who possess huge amounts of funds, surely tend to demand more from banks,” said Meity Anita, a senior manager of BCA.

Customers of BCA Prioritas certainly enjoy better services than ordinary customers. The bank, for example, provides special rooms for them in its 111 branch offices across the archipelago. BCA has also established 33 executive airport lounges in Indonesian 19 airports. In addition, the bank periodically introduces special offers for selected products at special prices for premium customers. At present, for example, customers of BCA Prioritas are being offered Toyota Fortuner without having to place an indent.

Earlier, Volvo S60 were offered at a Rp 40 million discount. All these special offers are published in a free exclusive magazine. BCA has introduced all these benefits in its effort to maintain its premium customers, now registered at some 80,000 people holding a total of some 6.65 million bank accounts throughout the country.

Photo by Georgi Dyulgerov on Unsplash

Undeniably, it is the tendency prevailing among bank customers today to have a bank that can specifically study their desires, understand them and give them individual attention. These wealthy clients demand something extra not only in terms of services but also with respect to return on investment, security, comfort and so forth.

It is this challenge to which local banks are trying to respond properly. Private Banking and Wealth Management, a program devoted to premium customers, provides banking facilities in line with the development in these customers’ lifestyle and living necessities. The approach is personalized and customized and should conform to the needs and desires of these customers. Every premium customer is served and assisted by a special relations manager, who helps a customer benefit from various kinds of services, including special programs, in terms of banking transactions as well as non-banking matters.

Of course, this step can be taken not only by local banks. Even foreign banks offer similar services to their premium customers. HSBC, for example, has its HSBC Premier. Under this program, a customer can benefit not only in terms of investment but is also entitled to special gifts, for example a Jaguar X type, if he fulfills certain conditions.

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