Relationship Between Banker And Customer Essay

Through sustaining the customer relationships, leaders of the company have realized that “becoming nearer to the consumer” is vital for the progression.

Customer relationships are visible in the way organizations interact and deal with the demand and needs of different customers with whom they come into contact.

So as to keep customer satisfied every banker tries to provide superior services. Competition among Islamic bank rises due to the development and growing popularity of Islamic banking product in Pakistan. In the recent age Islamic banks had to face numerous challenges. First of all they have to compete with the peers and secondly they have to cope with conventional banking. Yi (1990) stated that when customers utilize any service their satisfaction is the outcome of a cumulative of perception, evaluation and psychological thinking. In the banking sector there is numerous research that evaluate customer satisfaction. towards services (Anderson and Sullivan., 1993; Brenhardt, Donthu, and Kennett, 1994; Bedal and Power, 1995; Holliday 1996; Despensa,

The Bank and the Banking sector is since a long time a significant point in the economy and in the private sector. Banking law is very important to regulate the relation between customer and bank. On the one hand it protects the interest of the bank and on the other hand also the rights of the customers that are in an inferior position. In both of them the customer- bank relation plays a very important role.

Banks owe their customers a number of duties so long as the banker-customer relationship is formed . The banker-customer relationship will normally be governed by the law of contract. However,

Philosopher and educator Paulo Freire once said, “Education either functions as an instrument which is used to facilitate integration of the younger generation into the logic of the present system and bring about conformity or it becomes the practice of freedom, the means by which men and women deal critically and creatively with reality and discover how to participate in the transformation of their world.” In Freire’s work of “the Banking Concept of Concept”, he describes how the education system is failing to help student find success in the real world as well as it provides a framework for the “teachers” to oppress the “students” through the distribution of power.

Before the advent of the Federal Deposit Insurance Corporation (FDIC) in 1933 and the general conception of government safety nets, the United States banking industry was quite different than it is today. Depositors assumed substantial default risk and even the slightest changes in consumer confidence could result in complete turmoil within the banking world. In addition, bank managers had almost complete discretion over operations. However, today the financial system is among the most heavily government- regulated sectors of the U.S. economy. This drastic change in public policy resulted directly from the industry’s numerous pre-regulatory failures and major disruptions that produced severe economic and social

The banking industry builds and sustains Financial relationships with its consumers of all sizes to supply Financial products and services to stimulate economic growth. The industry participants produced a variety of services from savings accounts to home and business loans mortgages checking accounts and

The growth of the bank’s revenue for its shareholders, is also as a result of the respect the bank has on delivering quality services, respecting the views of everyone involved in their business, having a leadership system that is easily approachable, being

Bank of America is known for being a bit of a risk-taking firm. Acquisitions make up a large part of the past for the organization. Prior to the financial crisis in the early 2000’s, Bank of America acquired FleetBoston Financial in 2004, MBNA in 2005, and ABN AMRO North America and LaSalle Bank Corporation after that. The acquisitions provided advantages to set the organization apart from the competition. They were able to become a major player across the world and became a major credit card issuer as well.

Author Sutton, a prolific business writer, lawyer and seasoned business authority poses an authoritatively written dissection of the difficult client/customer, and managing relations with them.

Banking products cannot be separated from the person (banker) who markets them. The product and the seller together constitute the

A very important part of any successful bank is to provide help and support to their customer whenever and wherever they are to require it, and so to be able to provide an award winning customer services would create a better experience to the customer, and consequently creating ripple effect, first by creating a satisfied customer, to which ensures to increase a customer 's chance to increase his/her business with the bank and therefore increasing the the organization revenue, and also to increase the institution net promoter score, to which the bank service have provided both a happy customer, and also a promoter of the bank which helps it to attain and acquire new customers due to current customer appraisal of the bank which lead to the new relations created by the bank.

Question One: Detail the methods and procedures that might be used by an organisation to communicate with customers to identify and agree on product/ service specifications.

Bank of America is a banking and financial service industry located in Charlotte, North Carolina. If you would like to access the internet address for Bank of America, then you can click on this link provided https://www.bankofamerica.com . Its primary SIC Code is 6021 – National Commercial Banks, and its primary NAICS Code is 522110 – Commercial Banking. The Bank of American provides many goods and services for its customers such as banking, credit cards, loans, and investments. Every day Bank of America is competing against many competitors but JPMorgan Chase and Wells Fargo are some of the largest. Bank of America’s stock exchange ticker symbol is NYSE: BAC. The external auditor is PricewaterhouseCoopers LLP in Charlotte, North Carolina.