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Relationship Banking: Meeting Sales Goals in Today's Economy - Research Paper Example

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The author states that the effective implementation of an elaborate customer relationship strategy within the banking industry will determine the extent to which the organization’s sales goals are met. A bank should not only aim to achieve its sales goals but to maintain positive outcomes…
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Relationship Banking: Meeting Sales Goals in Todays Economy
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Download file to see previous pages The exchanges and interactions of banks and its customers on variant dimensions may serve to increase sales outcomes thereby leading to the realization of pre-set targets within the bank.  Relationship banking is defined by Perrien, Filiatrault, & Ricard (1992) as the practice of building on the existing business relationships so as to enhance profitability for the parties involved. Within the banking industry there exist a number of approaches for example; bilateral credit transactions between banks and borrowers. It is hypothesized that Relationship banking is a sure approach towards meeting sales goals in today’s economy as it presents banks with an opportunity to cross-market and sell customers other types of financial services.

Relationship banking allows for seamless, multi-channel sales and services within the banking industry thereby providing banks with opportunities to increase their sales via an integrated approach, (Besanko & Thakor, 2004). One of the basic approaches to relationship banking is the personal-banker strategy. Research has shown that excellent personal banker increases customer’s satisfaction and loyalty comparative to other customers who do not engage in personal banking with a given bank, (Besanko & Thakor, 2004). The strategy has been critical to developing trust and relationship commitment by customers besides improving communications between the two groups.

Bank to customer exchanges has become more profound with technological advancement. Mukherjee & Nath (2003) note that technological interfaces have increased interaction between bankers and their customers thereby leading to better communication, increased trust and commitment and the desire to engage the bank in additional transactions. Banks may, therefore, integrate client information with IT systems thereby achieving a more complete view of their customer relationships and its profitability. Relationship banking is directly correlated to an increase in sales figures within the banking industry. ...Download file to see next pagesRead More
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