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Customer and their Needs in Banking - Essay Example

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The author states that due to a highly competitive and volatile banking industry, relational banking has become essential. Relationship banking can be enhanced through the application of Customer Relationship Management which is a tool that integrates technologies to satisfy the needs of a customer …
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Customer and their Needs in Banking
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Download file to see previous pages With the help of CEM and other methods, they constantly obtain feedback from the customers. This helps to rectify or resolve issues and continuously enhance their services. To ensure that customers participate in the feedback mechanisms, they institute rewards for those registering complaints or suggestions. Overall, the NBB has been successful in implementing the CRM despite the country being slow in its adaptation.
The banks in the UK are unable to meet customer expectations as they do not follow the principles of relationship marketing. Relationship marketing can be defined as an integrated effort to identify, maintain and build up a network with individuals. It also requires continuously strengthening the network for the mutual benefits of both sides through interactive, individualized and value-added contacts over a long period of time (Gebert et al., 2003). A customer-centric approach treats every customer uniquely and individually. This requires that the value of the customer is calculated over his entire relationship with the firm and not based on any particular transaction (Bose, 2002). The UK banks, through their responses, amply demonstrate that shareholders come first and not the customers. They have done little to invest in customer relationship management (CRM), which helps in many ways. The banks have to diversify and include different products like retail banking. The traditional current account for companies is not at all remunerative and most services on these accounts are free of charge. This poses the questions of sustainability and hence the banks have to compromise on services. Today the customer is willing to pay for the services, provided he receives the services. Services in banks have been automated as can be seen by the services offered by National Bank of Bahrain (NBB).    ...Download file to see next pagesRead More
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