The idea of a service what I am going to mention below for the Banking sector, is popping up to my mind from last few days. And that I think this could be one of the important value added services of the Banks.
The Service: Free/low cost transfer of jewelery and precious objects (which are generally kept on bank locker) from one station to other with the same account/person.
Analysis: As the Indian Economy is growing, opportunities are emerging from every corner of the country. Workers, professionals, students are migrating from one place to another sometimes with their families. They have to carry their precious belongings with them. This involves high risk associated with lost, robbery etc.
Bank could reap benefits of this fact and provide free or low cost service to those account/vault holders.
1. Increase the faith of the consumers. This could accelerate the viral marketing and word-of-mouth among the peer group.
2. Will reduce the chances of losing accounts and that will help to retain the customers. This kind of customers are regarded as Mercenaries . They seems satisfied with your service but tends to change the service providers soon for some reason or other. This is specially true for the executives who are serving the private sectors and the rate of job change is quite high. Banks can tap those customers and convert them in to angels in this way.