Customer Service In Banking

There is no denying the fact that a speedy, efficient, fair and courteous customer service is the demand of the time amidst the growing and cutthroat competition. The Indian banking sector has undergone a rapid change in the last few decades and customers have become the center of attraction and taken a center stage. With the huge expansion of the bank’s branch network, technological up gradation, dynamic innovation in product & pricing and deregulation in the banking sector has enhanced the customer expectation towards the services offered by the banks. Customers are the essential key to growth and stability and hence customers become the chief differentiating factor in leveraging the business and future opportunities. Customer acquisition

The why (vision)

2. The what (mission)

3. The how (strategy)

These three pillars should be the shared vision of the banks who believe in rendering the ideal services to the customers. The journey from customer contact to customer connect and further from customer connect to customer loyalty is a continuous process which results in moving the value pyramid from contact to loyalty and build long term customer relationship that is sine quo non for banks survival, success and progress. Customer is the source of business and he is the most important visitor in the bank’s premises. In today’s competitive market and with the spread of banks/branches, customer is not dependent on the bank; in fact the banks are dependent on the customer for the business. Customers are the integral part of the business. The banking sector is customer driven sector and customer satisfactory experience about banking services is the key point of business and customer point of serviceability. The four axis frame work through which an organization can ensure that their customers are properly served and their professional needs are taken care of.

1. Selection of employees

2. Customer sensitive

The banking industry is undergoing a tremendous change and witnessing a substantial growth in business level over a period of time in a supporting regulatory environment and technological up gradation. Sustaining an audience is hard (Bruce Springsteen) it demands a consistency of thought, of purpose, and of action over a long period of time, consistency may be least inspirational topic for most managers. But it is exceptionally powerful especially at a time when retail channels are proliferating and customer’s choices and empowerments are increasing. The journey of the customer with the banks start from buying a product to actually using it satisfactorily, the customer experiences the service and makes a comparison with the expected level of service. The banks need to employ a strong architecture of services aligned with strategies to maximize the relationship with the customers so that the customers remain with the banks for a longer period of time. According to the Zeithmal et al (2006), customer satisfaction is when the outcome of the service matches the expectations. Customer satisfaction leads to customer retention and hence it becomes paramount important for the banks to keep satisfying the needs of the customer to the highest level of service. Customer satisfaction leads