Graduating SBI Tatkal Customers
This note discusses the potential for customers to try new services beyond the entry Tatkal product, a direct deposit product offered by the State Bank of India (SBI) through the business correspondent channel. It also discusses how business correspondent network managers (BCNMs) could leverage increased footfall due to Tatkal by cross-selling other financial products, to graduate customers to use a wider range of m-money services.
Three key drivers for Tatkal users readiness to adopt new products and services emerged during MicroSave's field research. They are trust, past experience and immediate proof of transaction. Findings include:
- Existing customers were most interested in basic savings, recurring deposits, utility payments and insurance;
- Phased approach to graduate customers would be better than introducing all products at once;
- Phased approach would provide opportunity for the bank and the BCNM to understand customer response, identify marketing gaps, and allow agents time to manage new products.
The paper concludes that Tatkal has given BCNMs an opportunity to gain visibility and improve their business case through increased volumes. It recommends that they now focus on maintaining customer service levels and gradually expanding product mix.
