1. Overview 
  2. Channel Management
  3. Purpose of Channel Management
  4. Various channels offered to clients by Bank


Banking channel management has become a vital part of the drive for improved potency. Since the channel is that the interlocutor between customers and product, banks square measure investing their information of channels too with efficiency address good product portfolio through the foremost efficient and profitable channel. This thesis describes some ideas presently influencing banking channel management strategy and the way banks will manage and profit from those factors through specializing in potency, client segmentation, and channel interaction versus value structure. It initially provides a worldwide perspective of the banking system through a survey of 4 regions and countries, then reviews current trends and methods applied by banks and consulting companies. On this foundation, it makes recommendations on however the business will best adapt to changes in banking channel management so as to stay competitive and economical.

Channel Management

The term Channel Management is wide employed in sales promoting expression. It’s outlined as a method wherever the corporate develops varied promoting techniques also as sales methods to succeed in the widest potential client base. The channels square measure nothing however ways in which or retailers promote and sell a product. The last word aim of any organization is to develop a higher relationship between the client and therefore the product.

Purpose of Channel Management

Channel management helps in developing a program for marketing and union customers at intervals in a particular channel. The aim is to contour communication between a business and therefore the client. To do this, you would like to phase your channels per the characteristics of your customers: their desires, shopping for patterns, success factors, etc. then customize a program that features goals, policies, products, sales, and promoting program 

  • The goal of channel management is to ascertain direct communication with customers in every channel. If the corporate is in a position to effectively win this goal, the management can have a higher plan that promoting channel most closely fits that exact client base. The techniques employed in every channel may well be totally different, however, the general strategy should always whole the business systematically throughout the communication.
  • A business should confirm what it desires out of every channel and conjointly clearly outline the framework for every one of these channels to supply desired results. Distinctive the phase of the population joined to every channel conjointly helps to work out the most effective product to pitch to those channels.

Various channels offered to clients by Bank

RTGS/NEFT: The descriptor ‘RTGS’ stands for Real-Time Gross Settlement, which might be outlined because the continuous (real-time) settlement of funds transfers associated on an order by order basis (without netting). Considering that the fund’s settlement takes place within the books of the bank of Bharat, the payments square measure final and sealed. NEFT (National Electronic Funds Transfer) is an electronic fund transfer system that operates on a delayed web Settlement (DNS) basis that settles transactions in batches. In DNS, the settlement takes place with all transactions received until the actual cut-off time. These transactions square measure lacy (payable and receivables) in NEFT whereas in RTGS the transactions square measure settled on an individual basis. RTGS is finished instantly and NEFT is finished on an interval basis usually hourly.    RTGS is often done if the number is quite an explicit limit and NEFT is employed if the number is a smaller amount than an explicit limit.

ECS: ECS is AN electronic mode of payment/receipt for transactions that square measure repetitive and periodic in nature. ECS is employed by establishments for creating bulk payment of amounts towards distribution of dividend, interest, salary, pension, etc., or for a bulk assortment of amounts towards phone/electricity/water dues, cess/tax collections, loan instalment repayments, periodic investments in mutual funds, payment, etc. primarily, ECS facilitates bulk transfer of monies from one checking account to several bank accounts or the other way around

IMPS:     IMPS offers a rapid, 24X7, interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their bank accounts and place high interbank fund transfers in an exceedingly secured manner with immediate confirmation options

SWIFT:    SWIFT is that the Society for Worldwide Interbank Monetary Telecommunication, a member-owned cooperative through that the monetary world conducts its business operations with speed, certainty, and confidence. Quite 10,500 banking organizations, securities establishments, and company customers in 215 countries trust America a day to exchange legion standardized monetary messages.

SMS Banking: A vary of SMS formats are created which permit users to interact on their accounts with the bank by causing these messages as SMS to a Pre-specified range. The transactions square measure secured by employing a PIN that is barely better-known to the bank client.

Internet Banking: A vary of options square measure created on the market on Bank’s site which permits the users to interact on their accounts with the bank mistreatment the Bank’s computing machine created on the market to its customers.

ATM Banking (Switch): A vary of ATM feature formats are created which permit users to interact on their accounts with the bank by mistreatment the Bank’s ATMs or its correspondent Bank’s ATMs. The transactions square measure secured by employing a PIN that is barely better-known to the bank client.

About the Author

BankReed Admin

Banking Professional with 16 Years of Experience. The idea to start this Blogging Site is to Create Awareness about the Banking and Financial Services.

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