Customers and Their Needs

CUSTOMERS AND THEIR NEEDS
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(15 April 2012)
FSO`s Description
Standard Chartered bank is headquartered in London and operates in about more than 70 countries in countries around the world. In these countries, the financial organization operates over 1,700 branches as well as outlets including subsidiaries along with joint ventures. It is among the few universal banks in the world operating in consumer, corporate and institutional banking as well as treasury services. Though Standard Chartered is based in the UK, around 90% of its profits are from Africa, Asia and Middle East.
Selling process of Standard bank
Due to the fact that financial service organizations worldwide are operating in competitive and regulated environment as compared to any other time in history, Standard bank has ensured that it maintains its customers trust as a bank that sells best financial products and services to meet their customer needs that are unique. As an effect, Standard Chartered bank realized that the benefits that might be accrued as a result of investing resources in building banker-customer relations that are very successful outweighs the expenses incurred in the development of professionally qualified consultative sales individuals that have the capability of Providing a long term profitable alternatives.
This is the major reason that made Standard Chartered to initiate consumer banking consumer banking platform measures called Standard Chartered Bank way that supports its customer-focused strategy in 2010. This has been implemented in the entire sales structure (Sustainnability.standardchartered.com, 2010).
Moreover, this has been underpinned as a result of implementing new tools like building very strong relationships that integrates the sources of customer data for the bank`s customers having small businesses and helps them in managing the bank`s relationship. As part of commitments in consumer banking, there are a number of responsible selling strategies that are being monitored each and every year. Such strategies include enhancement of sales as well as suitability procedures that governs the bank`s sales practices for consumer banking wealth management products. There is also the issue of strengthening the oversight of the senior management over the complaints raised by the customers. The procedures used in the identification of vulnerable customers like the aged people who might not be having any prior experience concerning previous banking have also been strengthened (Jamaliah, et al. 2009).
There are also strategies that ensure that all products released by the bank are reviewed apart from being rated at a risk perspective. This is being achieved through embedment of the bank`s products as well as the client`s attitude to the risk profiling processes into automated frontline systems of sales that can be considered as being more robust from a control and monitoring perspective, oth...