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CUSTOMER REQUIREMENTS
What is the primary objective of understanding customer requirements in retail banking?
The primary objective is to identify and fulfill individual customer financial needs by offering suitable products and services, thereby building long-term relationships and ensuring customer satisfaction.
What is 'affordability assessment' in the context of retail banking product recommendations?
Evaluating if a customer can comfortably service a loan or product cost.
What does the term 'need-based selling' mean in retail banking?
Need-based selling refers to the practice where bank staff assess a customer's specific financial needs and goals before recommending products, ensuring the solution is appropriate rather than product-driven.
What is the significance of 'debt-to-income ratio' when assessing a retail customer's requirements?
It indicates borrowing capacity relative to monthly income for loan eligibility.
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