The company knows the demands of the customers and they are well orientated in the service and the knowledge of the products and this is the element that makes them prosperous. Jean’s Rare Find Books belief in customer service and satisfaction enables a comfortable and peaceful atmosphere and in return produces a strong customer loyalty for the company. Customer satisfaction and customer retention externally and internally is measured by the perspective of the customers and thus implements the reason for the company’s prosperity. Customer perspective is a key factor on how the customer views the company.
Deregulation, innovation and globalisation has changed the way banks run from asset management to liability management, as well as the change from ‘mono’ to ‘multi-tasking’ and the increased competition in the sector as well as risk. The banking system has evolved drastically from the traditional mono-tasking institution to what it is now. This change in roles of asset and liability management could be one of the main reasons behind the global
The procedure of conducting this report will involve interviews with the client, observation, and questioners. “The experience that individuals have with a company and then what they hear from friends and family influence their perception of and likelihood to do business with a company” (Yahalom). Interview customers to gauge their satisfaction help companies’ measure satisfaction, identify unhappy customers and find potential supporters. In task two we will observe the reaction of the client to determine area of service that needs improvement. When they are receiving or have already received the services..On task three we will collect data on costs that are needed to implement suggestion of the customer found from the survey.
Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and
Once technology was introduced to the banking world many things changed. Banking and any transactions related to banking had to be done in person. Along came the telephone, in which allowed banking to be conducted at home or work. A phone call is what it took to have transaction implemented. The age of ATM’s (Automatic Teller Machines) allowed banking 24 hours a day. Debit cards and Credit cards allowed us to transfer monies or put things on credit instantly. Next came the era of online banking and electronic transfers of money, which allows us to take care of many other transactions instantly. From the 1st day until today the every changing world of banking changes the way we live and we do business.
The banking sector is faced with increasing challenges as the modern day society evolves. In the aftermath of the economic crisis, the population came to become more demanding of the banking sector. In other words, the various categories of stakeholders such as customers, employees, business partners, the public and so on became more vocal and forwarded more demands. The new challenges of the banking sector refer to the operation in a means in which they create benefits for the overall wellbeing of the communities in which they operate.
Banking being the one of the largest and most predominant financial service industry of the world depends on their service supply chain to acquire their equity. In one sense, the whole banking industry is a financial service industry. In order to effectively retain the valuable consumers the financial service industry should look inside their operation to find out the obstacles to their services and to resolve them in a timely and systematic manner.
This research explores the relationships between service quality, customer involvement and customer satisfaction in the highly competitive banking sector. The study sought to identify the most important attributes in bank settings, which may be used to review characteristics of the banks as experienced by customers. The main aim is to find out customer service quality performed by banks at present and expectations of customers from the banking service. From past studies on this subject it is clear that there is some service quality gap that should be minimized. Banking organizations as well as other authorities interested about the subject can use
o Technology: In a technology driven world, it is important that banks in the industry ‘move with the time’. With respect to the big four, these banks have now introduced internet and cell phone banking as well as banking from the ATM; making the industry highly competitive. This technology aims to make banking for the client simple and accessible from anywhere. This new technology is aimed, once again, at the medium to high-income earning clients, who have access to these technologies.
Mohsina Akter Roll-11124 Section-B, Batch-11 Faculty of Business Studies Department of Accounting& Information Systems University of Dhaka
You are invited to take part in the research questionnaire designed to investigate about the customer service in Indian banks. Taking part involves completing a short questionnaire based on your experience.