Thursday, January 10, 2013

ABN AMRO Bank a familiar name among the über-rich in India

A clear focus on select and premium clients has made ABN AMRO Bank a familiar name among the über-rich in India

Moreover, the bank has used technology as the key differentiator to gain competitive advantage and create a unique customer value proposition. In fact, the implementation of a robust core banking solution back in 2001 enabled it to offer 24/7 integrated multi-channel banking and to be the first bank in India to realise the potential of the mobile channel. Further, the introduction of Van Gogh Preferred Banking (VGPB), a dedicated relationship approach to anticipate and provide for a HNI customer’s needs in 2002 gave it an edge with respect to its foreign competition and provided its banking business in India with a big boost. In this format, company representatives maintain one on one relationships with the demanding HNIs and help them with their portfolio needs.

But that does not mean that the bank has completely closed its eyes on the other segments of the society, which make over 90% of India’s total population. As a part of its microfinance program, the largest amongst foreign banks in India, ABN AMRO, with micro-finance institutions (MFIs) as intermediaries, is aiming at delivering credit to rural poor women. In fact, today, the bank services 26 MFIs across 16 states in India with over 3,90,000 customers, receiving small loans of $200 or less. “It’s our belief that business can succeed only in a society that is inclusive. Thus, in a developing economy like India, where agriculture is the source of occupation for over 70% of the population, priority sector lending plays a key role in the growth of the nation and the development of its people,” avers Meera Sanyal, Country Executive – India, ABN AMRO Bank.


Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
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