Business

Syndicate Bank to ‘mind-map’ its 4.9 crore customers

A view of Syndicate Bank in Chennai. File

A view of Syndicate Bank in Chennai. File   | Photo Credit: G. SRIBHARATH

Public sector lender aims to boost revenue, retain clients

Syndicate Bank is launching a comprehensive customer mind-mapping study with a view to increase revenue from each customer and also to enhance customer stickiness.

Some 4.9-crore customers, both retail and corporate, will be part of the study whose pilot is already underway.

The bank’s MD and CEO Mrutyunjay Mahapatra told The Hindu: “We will thoroughly analyse the account statements of our customers to understand the banking behaviour of each of our customers, to assess their current engagement with us and to check if they are showing any signs of exiting us in the future.”

As per Mr. Mahapatra, in some cases, customers may be getting their salaries credited to accounts in Syndicate Bank. But, at the same time, they are also using other banks for key engagements such as home, vehicle, education loans and other payments.

“We want to get to the bottom of these behaviourial patterns of our customers to understand their specific requirements and also to find out ways to stop them from straying or going away from us,” he explained.

Simultaneously, the bank is also in the process of training about 40,000 of its employees to equip them for a changed customer requirement scenario.

Mr. Mahapatra added, “No customer reaches a bank today just for a home loan. Being a trusted entity, banks are expected to say who are the reliable builders in the market, which logistics firm does a good job in moving and packing, or who are the reputed architects and interior designers in town. We have to be ready for serious account mining, to increase the wallet share of each of our customers, through cross selling and up selling.”

As a precursor to this deep data exercise, Syndicate Bank is in the process of setting up a data lake, a platform which enables high-competing power analysis of both structured and unstructured data.

The platform will compare data gathered from core banking, Internet banking, e-commerce and KYC with data gathered on video, system access, social media data etc. to gain insight into the minds of customers and their product preferences.

Why you should pay for quality journalism - Click to know more

Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Feb 23, 2020 7:49:44 PM | https://www.thehindu.com/business/syndicate-bank-to-mind-map-its-49-crore-customers/article29103273.ece

Next Story