RRR in Banking

This is very crucial area where bankers strive to pitch their products for the customers to achieve the set targets. Profiling is the major operation to understand the customer and identify their exact needs for providing suitable products.

- By Sandur Pradeep Naidu

Banking is the arena which has got its own significant unique characteristics like Omnipresent, Omniscient and Omnipotent. A very powerful industry which has been ruling over all the sectors and sections of society without which, it becomes nightmare to think of progressive economy. The digital tools have given comfort in banking for the customers, which indirectly helps the bankers to get their workload reduced at their desks. Now a question arises for the management about how to get the business to strengthen the balance sheet by utilizing their resources optimally towards business improvement along with the customer delight.

"Go Digital", a slogan being adopted by many of the banks which makes the distance between the customer and banker becoming farther. When majority of the banking transactions are being done digitally, where is the need for them to visit the bank. Even if they visit, bankers are enlightening them to adopt the digital ways of banking by which the meaning goes to the minds of customers not to visit the bank and do it by themselves.

RRR, the acronym has got many meanings and phrases in banking which may change its pace in different scenarios with a different face. The following justifications would throw light on the importance of RRR in banking in different respects.

1. Customer Delight:

❖ Rhythm: Rhythm is a feeling of movement which should be matched with the customers. The same should be in sync between bankers and customers, especially by providing right service for selling the right product. What the customer needs, banker should find out through profiling, understanding, analyzing and finally matching the products.

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