Experiencing Differential Treatment: How High-Value Clients Are Handled by Bank Managers
When it comes to how bank managers or staff handle clients based on their bank balance, there is often a discernible difference. This perceived divergence in treatment stems from personal relationships and the knowledge of the client's financial worth.
High-value depositors generally receive due respect, reflecting the 1-to-1 relationships that banks strive to maintain. Whether it's taking advice from a client or interacting closely, this personal touch ensures problems are addressed promptly. However, this does not imply a blanket favoritism; instead, it highlights the responsibility that comes with managing significant sums. Here’s a closer look at how bank managers treat different clients.
Difference in Treatment Based on Financial Standing
My own experience several years ago involves interacting with the CFO of a well-established industrial unit. This individual enquired about investing a significant 99 lakhs in a fixed deposit. Upon learning this, I gladly assisted and prepared all the necessary forms. However, the response from the chairman of the company left me taken aback. Instead of showing gratitude, his demeanor was notably rude. This inconsistency, even within a single institution, underscores the perception of differential treatment based on earnings or financial status.
The Case of Humble Beginnings and Rebellion
There’s a stark contrast when we look at situations where financial standing does not guarantee respect or favorable treatment. My father, earning only a modest 5 to 7k a month, struggled to secure a 75k loan for his child's education. The process was also cumbersome since my brother had already taken a loan on the same property. When a new lending employee took charge, he bombarded my father with an excessive number of queries. The loan of 150k against a collateral worth around 7L faced immense resistance. Ultimately, we were forced to approach family and friends for the funds.
This scenario is a testament to the pitfalls inherent in banking, where accessibility and flexibility are sacrificed for procedural adherence. Even with an established clientele, banks can be less accommodating when they perceive a mismatch in the client's financial capability and their service expectations.
Challenges in Depositing Large Sums
The process of depositing 1 crore in a fixed deposit in a PSB was notably arduous. The individual had to wait the entire day to complete the transaction. This situation further highlights the inefficiencies that can arise within the banking system. Even if bank managers do not put in extra effort to mobilize deposits, they are still compensated, which might lead to a lack of urgency when dealing with clients.
Historical Experiences of VIP Status
It’s worth noting that not all cases exhibit the same treatment discrepancies. There are instances where the VIP status is genuinely upheld. For example, my father, who was the Chief General Manager of a government factory, witnessed a grand respect from the SBI branch staff. Every time he entered the branch, he was given a rendition of "Namaste" by the employees. This special treatment was not just limited to his personal dealings but also extended to the factory’s financial transactions. It serves as a reminder that such personal and professional respect can exist, even amidst the perception of differential treatment.
In conclusion, the treatment of bank managers towards high-value clients is a multifaceted phenomenon. While certain privileges are observed, it is crucial to understand that these differences often stem from personal relationships and established trust. The banking industry has to continually strive for fairness and efficiency to maintain the trust of all its clients.