So in this way Bank has a tough competition pressure. Financial pressure: For improving its current services and products Allied bank needs more capital and when they have enough capital it can improve its services and product and it will also help in capture the market share. Bank facilitates and behaves nicely with good looking, rich, educated people and who have high investment while the bank does not behave nicely with its poor customers who have fewer investments in Allied bank so it is the weak point of Allied bank. To minimize this weakness bank should behave well with their poor customers. And the bank employees should try to behave equally with all the
Hence, this study emphasizes on banks CSR activities such as reduce fees or interest, improved customer service and so forth. This research reviews the literature on CSR and customer satisfaction, what Maybank is doing in CSR in order to satisfy their customers. This well helps the bank to assign its resources to increase CSR activities in order to satisfy customers. Banks are increasing CSR activities and the question to how Maybank can achieve customer satisfaction may lie by focusing on customer need. Maybank must examine customer wants and customer satisfaction in terms of CSR and customer
it is define as a business strategy to attract, maintain and improve customer relations with the technology development and companies are paying to create beneficial relationship based on to optimize customer perception value(Berry 1983).Relationship marketing is a part of customer relationship management (CRM) its focus on long term customer engagement rather than short term and loyalty.Ndubisi (2004) more and more firms are capitalizing on strong firm customer relationship to gain invaluable information on how best serve to customer and keep them from defecting to competing brand. Relationship marketing is more important in business environment especially in financial services. Relationship marketing is a way the insurance companies and banks got competitive edge and enhance the customer loyalty. When the relationship with the customer is high quality and trust worthy the customer is more satisfied. Relationship marketing also helps to increase market share, profitability and reduce the cost (Reichelled 1993).By maintain relationships with the customer organizations get market information and then easily prepare the better planning for marketing strategy in the future .wang (1999) define relationship marketing as an effort to creat,maintain and enhance strong relationship with target customers and
Facing the severe competition from the increasing number of rivals in the industry, many companies or banks are paying more attention to the enhancement of effective advertising to get their products/services closer to the target customers. Also because of the pressure from this intense competition, effective advertising is said to improve the communication channel between customers and organizations, leading to the likelihood of success (Clemes et al., 2010). Cengiz et al. (2007) viewed advertising as activities planned and implemented to boost the sales or better the image of a product/service, business or company. Explained in a detailed perspective, companies normally take advantage of advertising in order to get their potential customers informed of the characteristics and features of products or services ().
Proper deployment of HR technologies leads to time saving of the employees and cost reduction too in the long run, which can then be put into better usage. Management and employees get time to focus on more strategies for the work of higher value, which results in a strong financial position of the bank. Such strategic decisions are very important for any organization to increase its market value, revenue growth and productivity. Best example of technology usage is the Core Banking Solution (CBS). This has helped the employees to shift their attention from the mundane activities to more contributory roles by analyzing the patterns of customers, their needs, and thereby designing products to satisfy the customers.
The achievement of your business depends on your skill to reduce wastage and pilferage of funds in your financial operations and strategic activities. One goal of the financial management is to make sure you have sufficient funds at your disposal to bear your business operations and strategies. Financial management helps the preparation of cash flow forecasts and budgets. This facilitates you to apportion your financial resources successfully and increase additional capital in good time whenever you like you experience funding
In predictive Business model the data is taken from various customers and specially customized for each of them. It is a very important tool in the business. The Customer Time Value concept (CLTV) enables bank to identify the high potential customers for product recommendations, to deliver personalised offers and also for engagement. The benefits offered by PBI are as follows: 1. Cost Effective It’s a tool that even the small and the mid-size organization can afford 2.
Profits are also, vital for business survival; a business will not grow and survive without making profit, therefore, profit is essential for continuous operation, motivation of staff, attraction of investors, and it builds confidence in the business. Additionally, profits serve as a yardstick for measuring the efficiency of a business. Further, profits will serve as a reserve towards future contingencies, and finally, profits that are re-invested into the business, will help the business embark on further development to expand and diversify (Kumar, 2013). Cash on the other hand, is needed to finance and meet cash requirement for business transactions, such as purchases, payment of bills, salaries, dividend, income tax, and other operating expenses. It is needed to meet unexpected business opportunities that may arise during the course of business, such as discount sales for bulk purchases and buying financial securities when interest rates are anticipated to fall.
The customer retention became a key factor in determining the success of bank. The bank that has the largest customer base and highest customer retention rate will be a market leader in the industry. Hence, the quality of customer service becomes a driving force in ascertaining business survival in the banking industry (Tang and Zairi, 1998). Many scholars see re-engineering as a return to the mechanistic ideas of Frederick Winslow Taylor. As explained by Hammer and Champy (1993), the four general themes of BPR are process orientation, the creative use of information technology (IT), ambition and rule breaking.
Those banks that would offer such services would be perceived as leaders in technology implementation. Consequently, they would enjoy a better brand image. The main aim of every business is to maximize profits for its possessors and banks are not out of that aim but at the time of maximizing profits banks perform some social responsibilities through charitable and other projects. Automated E-banking services offer a perfect opportunity for maximizing profits. The main benefit from the bank customers’ point of view is weighty saving of time by the automation of banking services processing and introduction of an easy maintenance tools for managing customer’s money.