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

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Competitiveness within the global financial services industry inclusive of the banking sectors have ensured that commercial financial institutions engage in innovative and creative approaches to meet their sales goals. The exchanges and interactions of banks and its customers on…
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Relationship Banking: Meeting Sales Goals in Todays Economy
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Download file to see previous pages Within the banking industry there exists 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 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 its sales via an integrated approach, (Besanko & Thakor, 2004). One of the basic approaches to relationship banking is the personal-banker strategy. Research have 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) notes 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. Logically speaking, the total sum of a bank’s relationship will impact on its sales outcomes since although each borrower is concerned solely with the value of its bilateral relationship with the bank; the bank takes a multilateral portfolio approach taking into consideration the cumulative value of all its relationships, ...Download file to see next pagesRead More
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