Head – Marketing, Dhanlaxmi Bank in Conversation With B&E’s Mona Mehta
With an aim to become one of the top 5 private banks in the country, Dhanlaxmi Bank believes in investing continuously in micro marketing activities to educate consumers on the new brand, product and services. In an interaction with B&E, Sheran Mehra, Head-Marketing, Dhanlaxmi Bank talks about the rising importance of new design in organisational structure and discloses how the bank is planning to reach out to a wider target audience.
B&E: How has the regional private banking industry evolved over the past few years and what kind of growth do you foresee in the near future?
Sheran Mehra (SM): Overall the Indian banking sector has seen considerable development in the last decade. With improved regulations and reforms, Indian banks are in a transformation mode. Operating under the new economic environment, which is characterized by increased competition, Indian banks are investing in technology, people, infrastructure and marketing as an avenue for growth. The old private sector banks have started to reinvent in order to meet the emerging needs of customers. And they are set to grow at a much faster pace than the new generation private banks. With liberal licensing policy, new entities would foray into banking. In such a competitive scenario, banks would increasingly look at inorganic growth as a mechanism to scale up. As a result, there could be transformation in every sphere of activities of the banks in India. Banks would continually look at innovating to develop new business models to access untapped opportunities. Going forward, the enduring challenge of ensuring much greater financial inclusion would be the key for overall growth of the industry.
B&E: How is Dhanlaxmi Bank planning to gain over competitors?
SM: Dhanlaxmi Bank was the first amongst the old private sector banks in India to transform itself. It was the first to fundamentally reorganise its organisational capability to stay in tune with the changing market dynamics. Over the last two years, the bank has successfully invested in enabling capacity. It recruited a competent team of senior management, improved its institutional capabilities by leveraging technology to enhance service levels, created a brand new identity to connect with the young and the old alike, introduced suite of financial solutions and expanded its customer service outlets across India. Today, the bank is one of the fastest growing private sector banks in India with total business exceeding Rs.165.54 billion as on September 30, 2010. The bank’s balance sheet size has nearly doubled in the past 15 months from Rs.57.92 billion to Rs.114.13 billion. It has a pan-India network with 275 branches and 448 ATMs across the country. With an ambitious goal to be amongst the top five private sector banks, Dhanlaxmi Bank is well set to enter into its next orbit of growth.
With an aim to become one of the top 5 private banks in the country, Dhanlaxmi Bank believes in investing continuously in micro marketing activities to educate consumers on the new brand, product and services. In an interaction with B&E, Sheran Mehra, Head-Marketing, Dhanlaxmi Bank talks about the rising importance of new design in organisational structure and discloses how the bank is planning to reach out to a wider target audience.
B&E: How has the regional private banking industry evolved over the past few years and what kind of growth do you foresee in the near future?
Sheran Mehra (SM): Overall the Indian banking sector has seen considerable development in the last decade. With improved regulations and reforms, Indian banks are in a transformation mode. Operating under the new economic environment, which is characterized by increased competition, Indian banks are investing in technology, people, infrastructure and marketing as an avenue for growth. The old private sector banks have started to reinvent in order to meet the emerging needs of customers. And they are set to grow at a much faster pace than the new generation private banks. With liberal licensing policy, new entities would foray into banking. In such a competitive scenario, banks would increasingly look at inorganic growth as a mechanism to scale up. As a result, there could be transformation in every sphere of activities of the banks in India. Banks would continually look at innovating to develop new business models to access untapped opportunities. Going forward, the enduring challenge of ensuring much greater financial inclusion would be the key for overall growth of the industry.
B&E: How is Dhanlaxmi Bank planning to gain over competitors?
SM: Dhanlaxmi Bank was the first amongst the old private sector banks in India to transform itself. It was the first to fundamentally reorganise its organisational capability to stay in tune with the changing market dynamics. Over the last two years, the bank has successfully invested in enabling capacity. It recruited a competent team of senior management, improved its institutional capabilities by leveraging technology to enhance service levels, created a brand new identity to connect with the young and the old alike, introduced suite of financial solutions and expanded its customer service outlets across India. Today, the bank is one of the fastest growing private sector banks in India with total business exceeding Rs.165.54 billion as on September 30, 2010. The bank’s balance sheet size has nearly doubled in the past 15 months from Rs.57.92 billion to Rs.114.13 billion. It has a pan-India network with 275 branches and 448 ATMs across the country. With an ambitious goal to be amongst the top five private sector banks, Dhanlaxmi Bank is well set to enter into its next orbit of growth.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
For More IIPM Info, Visit below mentioned IIPM articles
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
For More IIPM Info, Visit below mentioned IIPM articles
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