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.
2 Comments
7/30/2022 10:23:56 am
An individual client can keep savings in the same bank that offers him or her mortgage financing, Thank you for making this such an awesome post!
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9/30/2022 12:37:38 pm
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. I truly appreciate your great post!
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AuthorMr. Velutini has experience with both established banks and young banks. S Archives
December 2017
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