The FINANCIAL -- SOLO, the exclusive personal banking service of Bank of Georgia , has
been growing dynamically over the three years of its existence.
As representatives of the Bank say, SOLO has become one of the most successful services of Bank of Georgia . The creation of SOLO has had a positive impact on the overall image of the Bank. Eighty percent of the Bank’s clients say that their attitude towards the Bank has changed for the positive since the launch of SOLO.
After rapid growth in the first two years following the creation of SOLO, it was expected for the rate of growth to slow down. But the tendency of growth has been continuing this past year, due largely to increased numbers of SOLO clients. The number of SOLO clients was increasing by about 55 percent in 2011-2012. The tendency of growth continued this year as well. Representatives of SOLO say that their number has been increasing considerably due to the recommendations of existing clients.
“Clients bring their friends in and acquaint them with Bank of Georgia . It is a very positive trend that existing clients bring in new ones on their own,” representative said.
Furthermore, SOLO product - SOLO Family attracts additional clients. The idea behind the product is that SOLO clients can share all the advantages that they enjoy with their spouses.
The purpose of creating SOLO was to offer first-class service to premium segment customers. These are people who have various requirements and need special attention from the Bank. Therefore Bank of Georgia created a special service to satisfy their needs - SOLO. SOLO clients earn at least GEL 3,000 a month, or have GEL 20,000 on their deposit at the Bank. These are the minimum requirements the Bank has for those who wish to become a SOLO aclient.
Privileged services and exclusive banking products are the advantages that make SOLO a unique service. Bank of Georgia team knows how important it is to care about their premium segment customers, save their time, provide cost-effective, comfortable banking service and make them feel special.
Comfortable, profitable and special - these are the three main characteristics of SOLO. The comfort aspect is due to the possibility of having a SOLO banker to solve all problems and provide answers to any questions that clients may have, SOLO representatives explain.
“Dedicated SOLO bankers and specially designed SOLO branches are what make this service comfortable for customers. The SOLO banker is there to provide financial expertise on any bank or insurance product and to choose the products and services best suited to each individual customer’s financial objectives. As for the branches, there are SOLO Flagship Branches operating in Tbilisi , as well as SOLO corners in Tbilisi , Batumi and Kutaisi,” representatives said.
Bank of Georgia recently opened a new SOLO branch in 70 Kostava Str. and is going to expand and develop even further in 2013.
Exclusively-designed products for SOLO clients give them the opportunity to enjoy special benefits on different banking products and be entitled to significant financial privileges. As SOLO representatives say, clients may also enjoy special terms and benefits on insurance and travel products.
In response to the question ‘What else makes SOLO special?’ SOLO representatives explain that SOLO clients are eligible to become holders of the American Express Gold premium credit card, which has a high credit limit, long-term grace period, and offers discounts in different trade and service facilities both within Georgia and beyond its borders. In addition to this, SOLO offers the ‘SOLO lifestyle’ which is developed for entertainment, leisure, cultural events and travel.
Out of all SOLO products, its representatives name the SOLO card as the most popular. The special privileges that correspond to customers’ financial objectives include a high daily cash withdrawal limit - GEL 4,500. The second most popular product is the American Express Gold premium credit card. Then comes the Premium Deposit, which gives customers the chance to have flexible savings and high yields at the same time. Finally, there is Email Banking, which is again exclusively available to SOLO clients.
It is clear that demand for the personal banking service has been increasing. At the moment the Bank’s SOLO banking has 32 personal bankers. As bank representatives say, their number has tripled already. The main questions that clients tend to ask are about the card, transactions, loans and which deposit is best for them. However, SOLO client satisfaction index shows that clients like the SOLO banker service the most.