A business strategy to improve customer satisfaction in the banking industry

Abstract—in any business–to-customer (b2c) type of environment, satisfying a customer is the ultimate goal and banking industry for improvement in delivery of service quality index terms—assurance, c customer satisfaction in retail banking customer satisfaction and service quality are inter-related. In this competitive industry environment, it is extremely important to maintain high levels of customer satisfaction if your company falters and develops a reputation for poor ratings, it almost. The customer value, customer satisfaction, service quality resulting the customer loyalty is the main aspect which the retail banking industry should concentrate cronin and taylor (1992), said that the purchase intention of the customers in the retail banking industry depend on the customer satisfaction. Our specialists benchmark financial and customer performance, then advise clients on how to optimize their business strategies by allocating resources to improve profitability, customer satisfaction, and employee engagement.

Index terms—customer satisfaction, mobile banking, strategic endorsement, technological innovation i introduction today, financial sector firms are competing to increase their profit share in the market among these firms, banks have radically shifted from traditional banking to branchless mode of banking adoption of latest technology has. At a time when the number of strategic challenges facing the banking industry seem overwhelming, prioritizing what needs to be focused on is an important exercise to find out what the most important priorities will be in 2017, the digital banking report surveyed over 500 financial institutions. Impact of customers satisfaction and customers retention on customer loyalty inamullah khan abstract-the purpose of this study is to examine the importance of future customer™s relationship using customer satisfaction, and customer retention on customer loyalty in telecom industry of pakistan. Banking best practices proven leading practices to improve banking operations & strategy banking use a standardized complaint form to log borrower issues and improve customer satisfaction best practice (good) develop business strategies that will bring greater benefits) for added improvements and accuracy.

Customer satisfaction lead to increase in opportunities for cross-selling, comprehensive and up to date service knowledge and sales techniques among employee, combined with developing relationships. Improving customer service in the branch financial institutions, and for that matter, all service-oriented businesses, tend to struggle with customer service few (if any) companies become customer service stars without a clear plan to achieve their goals – and appropriate execution of the associated strategies. Nigeria banking industry and the need for the effective customer relationship management to increase customer value, satisfaction, retention and further acquisition of new customer in a reduced cost manner. This exercise in the context of the banking industry will give us an insight into the parameters of customer satisfaction and their measurement this vital information will help us to build satisfaction amongst the customers and customer loyalty in the long run which is an integral part of any business.

Customer relationship management and customer loyalty a survey in the sector of banking assist prof koçoğludr spoken of in the banking sector customer satisfaction and customer loyalty (2002: 40): “customer relationship management is a business strategy that allows the enterprise to follow its customers, revenues and expenses. Customer satisfaction in the present day competitive banking industry is considered to be the brain behind success satisfaction is the post- purchase evaluation of products or services. Operation in the competitive banking industry, customer satisfaction is considered as the essence of success organizations operating in service industries should consider service quality a key strategic issue for the business success (spathis et al, 2004) those service providers who establish.

While banks are getting more and more pressure from customer’s increasing demand, highly competitive market and strict regulations – in the current environment, understanding customer behavior, attitudes and requirements is more vital than ever for banks’ strategic thinking, operational planning and day-to-day customer treatment, according to ernst & young. Customer satisfaction, in banking sector of pakistanthis study is an attempt to explore the interrelationship between service quality, customer satisfaction and customer loyalty in pakistani context. The banking industry has been rapidly developing the use of internet banking as an efficient and viable tool to create customer value it is one of the popular services offered by the traditional banks to provide speedier and reliable services to online users. Since research in the banking industry recognized service quality as one of the major contributors to satisfaction and loyalty, the author added these independent variables to the previous model and excluded corporate image.

A business strategy to improve customer satisfaction in the banking industry

The impact of customer relationship marketing on study aims to investigate the impact of customer relationship marketing on customer satisfaction in banking industry in ksa and jordan an e-mail questionnaire was designed and does the implementation of customer relationship marketing strategies raise banks. Customer satisfaction is the result of a customer‟s perception of the value received in a transaction or relationship – where value equals perceived service quality relative to price and customer acquisition costs (hallowell, 1996 heskett et al, 1990 blanchard and galloway, 1994. Customer satisfaction is a major issue in almost all sectors this can basically determine the success and profitability of a company as a satisfied customer would most likely to ‘spread the good word’ or would have be happy to do business again with the firm. Management to increase customer value by using some analitycal methods in crm applications crm is a sound business strategy to identify the bank’s most profitable customers and prospects, and devotes time and attention to expanding account relationships with banking and small business banking, to use different delivery channels while.

  • Porter‟s generic competitive strategies have been hypothesized by many researchers to have an influence on customer satisfaction a business can enhance customer satisfaction either by striving to be the low cost producer in an industry or by differentiating its product features and customer service this is evident in the banking.
  • Customer satisfaction index model are applied to evaluate customer satisfaction the findings can be used as guidelines to improve the quality of the online banking system.
  • Retail banking industry industry strategy guide north america region customer service strategies for the retail banking industry 3 of 19 differentiate their business, reach customers likely to respond to new sales opportunities or make the most of their valued staff.

Leadership strategy small business under 30 5 ways chatbots can improve customer experience in banking in fact sweden has recently turned to ai to help improve customer satisfaction. Customer retention is an important element of banking strategy in today’s increasingly competitive environment bank management must identify and improve upon factors that can limit customer defection. The relationship between service quality, customer satisfaction and customer loyalty: loyalty strategy from an only-satisfaction strategy can substantially increase customer retention and reduce marketing costs (stan, caemmerer, & cattan-jallet, 2013) cially in service context industry, customer satisfaction and service quality. Our researchers emailed the 2016 pwc strategy& customer strategy survey to more than 15,000 executives in a variety of industries in north america, south america, europe, asia, the middle east, and australia in april 2016.

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A business strategy to improve customer satisfaction in the banking industry
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2018.