Priority banking is a line of banking services that is provided to the customers who have been associated with the financial institution or bank for a long period of time. Priority banking is also known as Privilege banking. This may include a variety of services, such as financial information and consultation, free checking, a new zero balance account, online banking facilities and so on. In some banks, priority banking services are also offered to new customers as a promotional offer.
The privileged customers are determined on basis of the number of years they have held a relationship with the bank or the average account balance they maintain.
Benefits for the Priority Banking Customers
- The priority customers do not have to stand in long queues for transactions. They have been given a separate service area in their bank branch.
- These customers are assigned client relationship managers in order to take care of all the banking needs.
- Customers are given free of cost premium credit and debit cards.
- They are also given other benefits, such as access to various lounges and advantageous pricing on various products and services.
While in many cases, customers are by default offered the priority banking status; there are also cases where customers apply for such services. The privileges provided may differ from bank to bank. Some banks charge a fee for offering priority banking services. As compared to normal customers, the privileged customers usually stand to gain!
The longer you bank at the same place, the larger the benefits are to you - as a business or as an individual. You can receive benefits for free or reduced rates, that cost money for new customers of the bank. As they say, loyalty is royalty, and you can make your investments work for you (especially in the way of saving fees and charges) through being loyal to one financial institution.
Priority banking is explained in the above content along with its benefits for the Priority Banking Customers. This is explained step by step in the article. Readers will find this article easier and will understand in a much better way. These privileges depend upon the bank and differ from bank to bank.
The benefits of priority banking are many as mentioned in the article. Starting from receiving a special service at the bank to the access to lavish longue, priority banking is explained in this article. The more we visit a particular place, we get acquainted and it leaves behind a lasting impact on people. This is well explained in priority banking.
Priority banking or privelage banking is quite common in the banking sector. It is surely provided to the customers who have been with the bank for a period of time. At times priority banking is also used as a tool to lure the new customers for a fee. Being privelaged by any finanical institution is preferred by all.
If one is a steady customer at a bank for a long period of time , he or she usually gets the advantages of priority banking. It is good to know that some banks also offer priority banking to new customers. This is especially beneficial for the elderly who do not have to wait in line for their turn. Another feature is the advantage of a zero balance account.
It´s a sort of win-win situation. In bank´s best interests is to keep good long-term customers and their money. For customers on the other side, additional benefits and special offers come in handy as well. Just like any other business company would do a lot to obtain their best customers, so does the bank.
It is one of the best market strategies which banking sectors apply to maintain good long term relations with current customers and also to make new reliable customers by giving them priority at the very beginning of the account opening. This make them feel special and build strong business relationship.
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