JP/17/
JP/17/
Red carpet treatment for privileged customers
Andi M. Sadat
Contributor
Jakarta
Although the national economy has not fully recovered, some
businesses are thriving. The country's major banks are one
example.
As noted marketing management expert Rhenald Kasali said at a
seminar held by Bank NISP: "You shouldn't mope around or be
drowned in pessimism caused by the news in the media. That will
only make your competitors happy, as they will actively make the
best of the situation. They are the optimistic type who can
always find unique solutions even in the worst situation."
This optimism was further confirmed by the result of a survey
carried out by business magazine Warta Ekonomi two years ago,
which indicated that the country had premium customers with funds
totaling some Rp 450 trillion. "This fantastic amount of money,
owned by about 600,000 people here, is close to one-third of the
money in circulation in Indonesia," said Agoes Soebektie,
director of consumer banking at Bank Negara Indonesia.
The existence of super-rich customers in Indonesia has
apparently triggered a special kind of service -- priority
banking -- that is provided not only by foreign banks operating
here, but also by most major domestic banks, such as Bank Negara
Indonesia (BNI), Bank Central Asia (BCA), Bank Niaga, Bank
Mandiri, Bank Danamon and so forth.
These privileged customers -- high net worth individuals
(HNIs) in bankers' lingo -- are provided with specially designed
products and services that are also extremely customized and
personalized. "It's like royal treatment for kings and queens,"
said Lynna Muliawan, head of consumer banking development at Bank
Niaga.
Personal bankers are also on hand to give them personalized
professional service in a luxurious private room, not only for
routine banking needs but to assist them as investment and
financial consultants.
Bank Mandiri also throws in safety deposit boxes at no extra
charge. Next to special interest rates for savings and deposits,
this bank also provides them with a special card -- Kartu Bank
Mandiri Prioritas -- as an identity card that entitles its holder
to pampered treatment, not only at Bank Mandiri branches, but
also in the executive lounges at most major airports in
Indonesia. They are also given priority by airport handling
services and special facilities at numerous star-rated hotels and
restaurants. Free invitations to seminars sponsored by Bank
Mandiri are also offered them.
Meanwhile, PrimaGold Banking, launched by Bank Danamon in
August 2002, also provides similar services. Its personalized
relationship officers are available in the bank's offices in
every major city in Indonesia. Along with professional financial
planners, they assist their clients in how to invest their money
based on up-to-date financial information.
PrimaGold customers automatically get gold or platinum credit
cards with an enormous credit limit. Specially high interest
rates for deposits in rupiah and dollars are also enjoyed by
premium clients.
Bank Lippo offers its privileged customers VIP banking. A
combined balance for both savings or deposits and current account
is set at Rp 200 million as the minimum for a customer to be
included as a VIP client of the bank. Such customers are then
given one-stop banking services in special de-luxe rooms, banking
and financial assistance that includes investment guidance from
relationship officers and credit cards (Visa Gold and Master
Gold), that provide a huge credit limit without annual fees.
Their Visa Electron cards for cash withdrawals at automated
teller machines also carry higher withdrawal limits than are
extended to ordinary customers.
Bank Lippo VIP customers are covered by VIP Home Care, an
insurance policy for protection of their homes at special rates,
and huge insurance coverage. Other insurance provided is VIP
Motor Care, for their vehicles, and Hospital Refundable
Insurance, which pays up to Rp 500,000 per day for hospital
charges.
Although extremely lucrative, many bankers admit that apart
from fierce competition, super-rich customers are highly
demanding and fickle. Winning their hearts, therefore, is not an
easy job.
In today's era of access, personalization and maintaining
relationships are key factors, said Rhenald. The days are gone
when transactions were considered as one-off occurrences. A "one-
night-stand" attitude is definitely not helpful to maintaining
loyalty and eventually making long-term profits for either party,
the customer or the bank.
While taking care of a client's money, a bank manager or
relationship officer must keep in mind all the time that it is
the owner of the money: The human factor, in this case, is far
more important. Just like the saying, "There's a child in each of
us ... ," Rhenald said merely giving customers delightful
surprises, for example, gifts on their birthdays or the like,
cements the relationship further. Often, even inexpensive items
on the right occasion work better than raffles.
With such huge wealth each has tremendous bargaining power;
matching the needs of each privileged customer in order to retain
their business is an art in itself, concluded Rhenald.