Customers and Their Needs

CUSTOMERS AND THEIR NEEDS
Name:
Grade Course:
Tutor`s Name:
(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, other than using manual processes that Standard Chartered Bank used to have in the past, though other banks are still using the manual system. The Financial organization has also introduced the after sales call monitoring, also called the assurance calls for all these first time buyers` customers, who have purchased more complicated investment products. The aim of this program is to ensure that the sales process has been carried out in an appropriate manner. Another thing the bank`s management is encouraging is taking its staff to refreshment training with the aim of ensuring that the bank`s staff understands their customers` and clients` needs and requirements. Moreover, this refresher training is to equip the banks staff in a manner that will ensure that every product they are selling suits the needs and risk appetite of clients. Maintaining the ongoing reviews of the banks sales processes is very beneficial to the bank as it will ensure that the regulatory standards are met or surpassed.
Beside the call monitoring strategy, the bank has ensured that all new and old employees dealing with consumer banking are required to complete customer charter e-learning module, which has incorporated TFC principles confirming that such employees have been trained and are aware of all the principles that encourage the culture of treating all customers in a fair manner. Apart from this completion, sales staffs are required to have additional accreditation certification before given the opportunity to provide pieces of advice to customers. In addition, remuneration scorecards have been put in place with the aim of providing a balanced approach to incentives apart from encouraging responsible selling (Sustainnability.standardchartered.com 2010).
Apart from all these strategies, the banks selling process has been treated in a manner that clients are always treated fairly. At the transactional level, there are procedures and controls put in place both the code of conduct as well as the financial markets` dealers code are up held at all times. This implies that, all employees are expected to uphold high business standards like acting with utmost honesty and integrity. As an effect, Standard chartered bank has put in place special complaints procedures that are serving as a theoretical framework that ensures consistent treatment as well as escalation of all the feedbacks received from the clients. There is a distributor transaction group abbreviated as (DTAG) that ensures that the bank is in a position of managing legal risks that might arise as a result of selling structured products to other intermediary financial institutions. The aim of this strategy is to ensure that even intermediaries are treating clients fairly as the bank is doing itself.
Nevertheless, the bank has ensured clear and accurate marketing materials through Accuracy; Brevity and clarity guide wrote and produced by Standard Chartered Bank with the aim of marketing its products and services. As a result, any information provided to any client by any sales person is very accurate, factual, and states the benefit of every product in a clear manner. Last but not least, the design of the bank`s marketing material is always kept clean to ensure that customers do not focus on other things other than the content and benefits of the bank`s solution only.
Generally, the selling process employed by Standard Chartered concentrates more on building long-term relationships apart from using the organization`s points based global rewards program in rewarding its customers for choosing Standard Chartered as a bank to undertake business with. As an effect, the bank has been mainly focusing on fair client treatment, engaging in the sale of products and services that are of great help in satisfying customer wants and needs. As an effect, it`s selling process concentrates on deepening strong customer bank relationships by enhancing client coverage as well as improving the product`s capability to ensure that they provide relevant solutions to the needs and wants of its clients ((Jamaliah, et al. 2009).
Skills Required
The implementation of this selling process depends on the various skills and experiences including good communication need identification and changing behaviors. According to Jamaliah et al. (2009), good communication skills are very essential in this selling process. As a result, the sales people should be in a position to create rapport with bank customers. This is very useful and essential tool when sales people want to influence the customer. In case this skill is present, then one will be in a position to benefit from trust as well as responsiveness of the customer. This will be very essential to the sales person ...