Customer Satisfaction in the Indian Banking Sector In today’s competitive environment relationship marketing is critical to banking corporate success. Banking is a customer oriented services industry and Indian banks have started realizing that business depends on client service and the satisfaction of the customer. This is compelling them to improve customer service and build relationships with customers. Banking in the Western world is one of the many service industries where customer satisfaction has been the focus of research (Holliday, 1996). This is mainly because of the fact that the banking sector is increasingly experiencing a high level of competition.
Advertising, sales promotion, personal selling, public relations, and direct marketing comprise the promotion mix. These type of tools is used to communicate customer value and build customer relationships persuasively. With the correct blend of the promotional mix being used effectively,
I would frame the banking as an industry that is built on trust. Trust that is reaffirmed by the governments, and regulators. Banks have an imperative role in our economic growth, and development. Correspondingly, without the bank industry, there is no industry to replace them as the conduit for social and economic policy. Equally important, there is no industry to replace them as the key performer in creating our economies multiplier effect.
The tangible differentiation between competing banks is therefore minimal, as they have similar capability to market/sell their products, thus creating a very intense competition amongst all the players. • The industry has been around for a long time, and just about everyone who needs banking services already has them. Because of this, banks must attempt to lure clients away from competing banks e.g. by offering higher credit limit,
Friendship based pleasure or usefulness can exists among not virtuous people. Second, friendship based on usefulness and pleasure does not last for long, because once the use and pleasure the friend bring for each other is gone, the friendship is over. The use and pleasure can easily be gone, because people are changing. The complete friendship is long-lasting, because goodness of people does not change as
All this will then in turn contribute to the retention and loyalty of customers. Factors that Influence Customer Loyalty Excellent customer service and complete satisfaction with the product or service are major factors that are relied on and influence customer loyalty. (Leland & Bailey, 2006, p. 9) stated, “Customers want a competitive price, good value, convenience and customer service and they want it yesterday” This suggests that customer loyalty relies upon customer service and matching what the customer wants and what they get in terms of satisfaction. There are many factors that can influence this such as, • Handling of customer complaints and compliments • Addressing
2000: 826).The individual market segments should be targeted in terms of developing customer loyalty. Customer loyalty is one of the most important and critical factors for a company's success. Customer loyalty happens when customers have a great experience, and it leads to many benefits: loyal customers return for future business, refer friends and family to a business, and spread positive comments about a company through word-of-mouth advertising. With social media and the ease of rating companies. There are several factors that can influence customer loyalty.