Branch Relationship Management Program

7 de febrero de 2023 0

Start a Career as a Relationship Manager in a Retail Bank

Relationship Banking

Relationship banking is a form of marketing where banks focus on developing long-term relationships with their customers rather than simply selling products. The two concepts are linked because relationship banking requires banks to engage in marketing activities to attract and retain customers. To be successful, banks must carefully consider their target market and develop marketing strategies that appeal to their target customers. Marketing has always sparked the curiosity of most business schools. Despite massive research, marketing remains a puzzle to many. This is because changes in this field continue to occur rapidly. Although approaches may differ, the relationship between a provider of goods and services and a customer will always be at the heart of marketing.

You may wonder why Relationship banking is vital for providing Financial Services. This is due to the distinction between marketing a product and marketing a service. A product is tangible and visible and fulfills a need that can be physically felt, whereas a service, although fulfilling a need, can only be experienced and making it crucial for bankers to understand the importance of relationship banking deeply.

From a banker’s perspective, the goal of relationship banking is to build rapport and trust with customers so that they feel comfortable doing business with the bank and are more likely to become loyal, repeat customers. To achieve this, banks may offer additional services and products to their customers and personalized service. They may also work to develop deeper relationships with key customers by providing them with dedicated account managers or financial advisors.

Relationship managers are the frontrunner of any banking institution. They are responsible for establishing and maintaining valuable business relationships between the clients and the bank. Effective management of business relationships with customers requires a good understanding of banking processes along with excellent communication skills. This course in Relationship Management will equip learners with banking fundamentals and product & service-related solutions to help them accelerate their careers.