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Companies that constantly outshine at creating new products identify how to innovate efficiently. Focusing on the core challenges of managing product development in impulsive markets, developing innovative products and processes by identifying and leveraging new opportunities. In recent years Plat5 consultancy has reached new dimension in terms of delivering enhanced services to its customers. Plat5 SBI Privilege Circle Program is an example of such innovational services. Plat5 ensures higher value at fewer prices to its customers and its collaboration with SBI to launch privilege circle program certainly defines the new trend of customer oriented services.

In recent years we have noticed several changes in the Indian banking sector. Indian banking system has been steadily liberalized, new services and new collaboration have been introduced, and management has been strengthened at diverse levels. SBI is one of the most leading banks across the country and it offer its existing customers those who are using SBI cards to become a member of the exclusive plat5 SBI privilege circle program which offers unique holiday package styled to suit their requirements in the most economical way.

As a part of this offer they will be provided with 3 to 4 benefits ,like 1 holiday voucher, 1 flight voucher, 1 complimentary joining gift ( a branded polo watch), and 500 bonus reward points on SBI credit card. Holiday voucher includes accommodation for 3 days and 2 nights at any hotel or resort from the selected list, flight voucher includes 1 way domestic air ticket under which they will pay the base fare of your ticket, and the third benefit entitles you a brand new polo watch worth Rs 2999 on enrolling for this program.

All this comes at a minimal price which anyone can afford, Plat5 consultancy pvt ltd has positively innovated precise product for the precise solution. Plat5 SBI privilege circle program is positively driving key players of the market and has defined new dimension in terms of ensuring cost effective services.

Plat5 SBI Privilege Circle Program has definitely solved the enigma of meeting customers need in terms of value added services, not only plat5 has also shaped new horizons in terms of designing point solutions to maximize customer satisfaction. Many brands are capitalizing on this idea innovated by plat5 SBI in the form of privilege circle program.

In the new liberalized economy in India, Banks and regulators in recent years have been making sustained efforts to understand and measure the increasing demands of potential customers. With the Indian economy becoming global, the Banks are realizing the importance of right domain expertise and point solutions to meet the demands of customers.

Plat5 consultancy pvt ltd has opened new doors for the banking and travelling sectors by introducing designed solutions to maximize the customer's satisfaction. Plat5 has positively provided sound solutions to the leading banks such as SBI to offer its existing customers a chance to be a member of the privilege circle program which offers unique holiday package styled to suit customers requirements in the most economical way. The member of this privilege circle program will avail three to four benefits such as one holiday voucher, one flight voucher, one complimentary joining gift (watch), and five hundred bonus reward points on SBI credit card.

Such events should be highlighted in the banking and travelling sector as it attracts the potential customers and also helps in developing brands name. Plat5 and SBI offering such services to its customers shows the growing capacity of customers not only in terms of value added services but also as a potential buyer. Plat5 has the right domain expertise and point solutions to address the industry's key business drivers and strategic imperatives. Blending strategy, implementation and support for diverse industry players across the sales, fulfillment and service valuing chain. It helps its client to transform, innovate and optimize towards Building Tomorrow's Enterprise.

The other innovational services offered by Plat5 along with SBI are such as Plat5 privilege holidays, Yatra Elite Reward Programme under this offer a customer can avail holiday and travel vouchers worth rupees seventeen thousand which can be used within a year, this package also includes four discount vouchers worth rupees one thousand each for domestic hotel booking, two discount vouchers worth rupees two thousand each for domestic holiday booking, two discount vouchers worth rupees two thousand five hundred each for international holiday booking, two discount vouchers worth rupees five hundred each for domestic return air ticket booking, three discount vouchers worth rupees one thousand each for international hotel booking.

Apart from this customer will also be entitled to a W-Card which is a discount card that will give discounts on shopping at certain outlets.

Today the customers expect banks to be more generous towards providing value added services above and along with other core banking services, and in order to assure the customer's requirements banks are focusing on innovational ideas to attain maximum customer's satisfaction. Thus the service offered by SBI and Plat5 to its existing customers is a revolutionary step towards building tomorrow's enterprise.

The complexion of the banking sector has changed dramatically in terms of products and services in a market where the customer has more options than ever before and banks are compelled to review constantly their package of products and services.

Banks in India, traditionally, offered mass products. With the reforms came a massive expansion of products and services driven by technological advances that had a dramatic impact on the delivery systems and the ability to service a greater number of products.

Profitability, the new mantra in banking, forced banks to transform into financial supermarkets. The focus has shifted to class banking with value-added and customized products for diverse customers.

Banks with differentiated products targeted at customer groups, rather than treating products as homogenous commodities will be the winners. Many banks such as SBI, HDFC, and ICICI are designing products for every stage of an individual's life - from childhood to old age. Retail ban king is the buzzword, and banks are developing innovative products tailored to customer needs.

Product promotion and marketing product innovation in banks call for newer strategies. For historical reasons, product promotion has so far remained low on banks' agenda. Product marketing and market intelligence are still in their infancy. Certain companies like Plat5 have the right domain expertise and point solutions to address the industry's key business drivers and strategic imperatives. Blending strategy, implementation and support for diverse industry players across the sales, fulfillment and service valuing chain. It helps its client to transform, innovate and optimize towards Building Tomorrow's Enterprise. Plat5 have provided solutions to whole range of multinational banks in India to white good manufacturers to financial services companies.

Marketing has become crucial for a bank's success - in terms of profitability, innovative product development, optimum use of infrastructure, expanding market, and so on.

The bank of the future has to be also a marketing organization. HDFC, ICICI, AXIS, SBI and some foreign banks are setting new trends in effective marketing of their products and achieved unprecedented success. Their offsite strategy with collaboration with companies like Plat5 - such as Plat5 privilege holidays - to push personal banking products tries to catch the customer at places he visits regularly. Banks are eying one another to offer freebies and add-ons such as free accident insurance cover, free doorstep account opening, and person alised cheques as value additions. Due to deregulation and competition - among themselves and from new players such as mutual funds, NBFCs, post-offices, housing finance companies and financial institutions - banks have to create their own niches.

Technology to rescue

The contours of banking are being redefined through the all-pervasive influence of information technology and there is a marked shift from conventional to convenience banking. Product distribution channel is one key issue that should continue to engage bankers' attention with "innovative products at lower prices'' as the guiding principle. Many of the recent product innovations have used the networking technology.

Product branding

Customers today are looking for convenience - where and how to offer the product no longer matters. This is why branding is gaining in importance, especially with escalating competition. Traditionally, banking brands have been particularly difficult to build. This is largely because the financial products offered by most banks are not exciting or do not usually enhancing image. In fact, with fierce competition, there is little or no sustainable product innovation/differentiation -- either in product features or the price. Clearly, there is room for powerful and winning brands, Plat5 consultancy pvt ltd offers different solutions regarding branding of products.

Pricing of products

Stiff competition is making it difficult for banks to price their products and services on cost-plus basis as hitherto. In the current competitive scene and the levels of product sophistication, the traditional cost-benefit approach to product pricing needs to be supplemented with more scientific and product specific pricing strategies.

Activity-based pricing with the aid of scientific methods based on customer preferences is essential. Most customers do not mind paying a little extra if they get the service they want. With shrinking spreads, banks will have to do a tight-rope walking to meet the depositors' demand for increasing interest, and the borrowers' clamour for lower the coupon. In such a situation, only product innovation can help. The strength of the banking system is its resilience to adapt itself to the changing times and to the ever-changing needs of the customers. Ever-escalating customer expectations, coupled with widespread deregulation, globalization initiatives and severe competitive forces, have added new dimensions to the challenges banks face in the areas of product design, delivery, pricing and so on.

Banks that have the strength and the competence to convert these challenges in to opportunities will be the winners.