For close to a decade, Julio M. Herrera Velutini has served as the head of an international bank based in Puerto Rico. Drawing on his significant banking experience, Julio Herrera Velutini manages the bank’s general operations, including customer relations. Banks need to cultivate excellent customer relationships to survive ever-increasing industry competition. Doing this requires banks to first understand the challenges of building phenomenal customer relationships and the opportunities they have to circumvent these challenges. Providing multiple product and service offerings is one such challenge. Banks today offer a diverse range of products and services, and they can have a savings department, a credit department, and an insurance offshoot. The banks’ customers pick up the cue and enroll for multiple services. For example, an individual client can keep savings in the same bank that offers him or her mortgage financing, while a business can bank with the same bank that provides it with asset financing and capital market solutions. For the bank, integrating the information of each client across the board can be an operational challenge. Personalization is how a bank gets around this obstacle. It involves sharing customer data across departments in order to build a single profile for each client. Not only does this enable the bank to accurately determine current risk exposure, it allows it to provide personalized services to every client, rather than have them served by multiple departments independently of one another. Personalized data can also be leveraged to come up with unique service packages for customers, boosting engagement and loyalty.
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A banking professional, Julio M. Herrera Velutini is the chairman of an international online bank based in Puerto Rico. Throughout his career as a banker, Julio Herrera Velutini has recognized the importance of establishing long-term strategy for his businesses. Every business owner needs to have a strategy to work toward long-term business operations. A good starting point is the business’ value proposition. What strengths set the business apart from the competition? What added value does the business offer customers? For example, some restaurants position themselves as the healthiest alternative, while others position themselves as the most affordable. Identify your unique business proposition and build your business operation and marketing around it. Next, identify your ideal customers and solve their problems. If your restaurant’s value proposition is the fastest service time, your ideal clients could include businesspeople with little time to dine. Build your business around exemplarily solving the specific problem this customer has. Once you’ve established a loyal customer base, you want to keep them. Recognize good customers through loyalty programs, perks, discounts, or first consideration on new products. Another key consideration is the business’ revenue. What are the business’ current revenue streams? Are there other additional streams that are within reach, sustainable, and profitable? Finally, hire the right people and keep them motivated. Involve them in decision making, encourage them to innovate, and make sure they are all on the same page. |
AuthorMr. Velutini has experience with both established banks and young banks. S Archives
December 2017
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