Non-Metro banking customers prioritise insurance and transparency while metro customers favour lifestyle perks: Study

Banking customers in metros and non-metros increasingly expect complimentary offers and value-added services as part of their premium savings accounts, whereas higher insurance coverage is important in non-metros, as per a survey conducted among premium segment customers.

According to a study by Ujjivan Small Finance Bank, 42% of non-metro customers are interested in premium savings accounts that offer accidental insurance cover of Rs 10 lakhs, while 67% of metro customers are more interested in offers related to shopping and travel. One notable feature that was popular among metro and non-metro customers was complimentary airport lounge access, with 50% of metro customers and 31% of non-metro customers expressing interest.

The insights have come from 400+ branch managers, who spoke to 3-4 customers each across 26 states and UTs.

Ittira Davis, MD & CEO of Ujjivan Small Finance Bank, said, “It is increasingly becoming important for banks to comprehend the rapidly evolving expectations of customers across different regions to provide personalised premium banking solutions. With the evolving banking needs of customers, it is critical to offer relevant and meaningful solutions coupled with unparalleled experiences to resonate with the expectations and preferences of our valued customers.”

Ujjivan Small Finance Bank began operations in February 2017 and currently serves 86+ lakh customers through its 752 branches and 22,000+ employees spread across 26 states and union territories in India. As of March 31, 2024, the gross loan book stood at Rs 29,780 crore, with a deposit base of Rs 31,462 crore.

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