HDFC Bank using Customer Retention Strategies

With bad economy, HDFC Bank has come out with well tailored customer retention strategies. Though not known to be as aggressive as ICICI Bank, HDFC Bank has now started to focus more on existing customers. This is done more in order to prevent existing customers from switching accounts. Last morning I got a call from a lady who told me that she has been assigned to my account based on the balance I maintain. So for my account
1) All charges has been waived off
2) Services like locker, de-mat etc would now be charged at 50%. Would let me know in case it can be waived off completely
3) The charges on my debit card have been taken off.
4) Gave her number to contact regarding any service
This happened not only for my high balance account but all 4 accounts which my wife, brother and father maintain. I was particularly moved by the way they waived off all charges and converted my account to a classic account. While they have little relationship with HDFC but they were much ready to discuss the home loan stuff and wanted to help on that front too.
I see this more as a welcome move at the time when finance markets has to get down to the basics i.e. look after their existing customers. I am sure others would now follow suit and ultimate beneficiary would be the customer.
Everyone must recall how last year people shifter tomes of money from private banks to public one’s like SBI. Though too late, these banks have started to reposnse.
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