Customer Service Over Interest Rates in Banks' Strategy for Growth
Topic starter
07/11/2024 6:14 am
Did you hear what bank CEOs discussed at the Business Standard BFSI Summit? Turns out, for private banks, customer service—not higher interest rates—is the real key to getting more deposits. Leaders from YES Bank, IDBI, RBL, and IDFC First explained that banks don’t just rely on interest rates to attract deposits. In fact, IDFC First even cut its savings rate but saw no drop in growth! They say good service and tech make all the difference, especially since many people are also investing in mutual funds and stocks. So, it’s clear—banks are focusing more on customer experience rather than trying to compete with investment returns.
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