Over the past few years a whole lot of banks starting from nationalized bank to some private sector bank have gone on an aggressive manner to create a new face for the bank. The latest one who has gone for a makeover is Dhanalakshmi Bank from Kerala. Frankly to me it has not made me much of a difference as I have banked with several banks in the last two decade. The bank is made of people and it is the people who make the difference and I am of the opinion if you have the right kind of people to service your customer and give that enhanced experience is what will clinch the customer. What's more you need to maintain if not increase the experience for the customer to stay with you.
In the last few years many banks have added a fresh new look to bank but I am not sure if the value proposition has been delivered. Now in the case of Dhanalakshmi bank the new kid in block which changed its spelling to make it pronounce easily and also did a makeover exercise to me may not excite a customer. You need to really give some added benefit which your competition cannot offer to woo customers and increase traffic. As a bank Dhanalakshmi has a very regional and ethnic image attached and may be even perceived as a cooperative bank. Making inroads to the urban towns will be really a great challenge for them. Also some of the up market customers in the cities are very brand conscious and would prefer to bank with some reputed brands when engaging with a bank. Some of them are even more particular that their choice would be to bank with a global or an international bank.
So my question is while refurbishing and presenting a new look to a bank sounds interesting but in the long run they will have to deliver value to its customer which is tangible.
