The bank expanded its presence outside Kerala to 52 per cent of branches opened currently, from 42 per cent in 2012. At present, 41 per cent of the total business comes from outside Kerala and the aim is to double the market share in these geographies, said KA Babu, Head – Retail Business.
In the last four years, more than 500 branches were opened, mostly in the western, northern and north-western parts of the country. Besides, higher penetration into Tamil Nadu and Karnataka has also helped increase the share, he told BusinessLine.
The resident savings bank account portfolio, an indicator of the bank’s reach in a market, has shown a growth of 23 per cent since 2012, to reach around Rs.4,000 crore. He attributed this to strategies, such as ‘Go-to-market’ that has helped expand the customer base.
The total CASA share has also improved to 26 per cent from 22 per cent, he said.
This has been achieved by the introduction of a new in-house sales vertical, the lead taken by senior executives in network expansion, and shifting of the national sales office from Kochi to Mumbai to reach out to a large cross-section of select geographies, he said.
According to Babu, “The thrust given on local recruitments has paid rich dividends on brand enhancement on a macro level, and addition of local flavour to customer service has done the same at the micro level.”
Participation in various customer engagements, focussing on housing complexes, companies, etc and the offering of e-fee collection facility in educational institutions helped grow CASA and salary accounts.
Fedfina – the 100 per cent subsidiary and distribution arm – has also extended exclusive support for the reach and business.
The starting of loyalty rewards on its debit card has supported increased inflow into CASA.
The bank started giving more attention to corporate salary accounts, where offers like co-branded credit card, overdraft facility and personal loans, added value and gave a shot in the arm to marketing efforts.
Besides giving attention to increasing the reach and customer acquisition, the bank strives to enhance convenience and positive experience.
Source : Thehindubusinessline