A clear trend in the banking sector in the last few years is an increased focus on customers. The stance by banks to use technology as a tool to satisfy customers is of course a good attempt. But, there is no point in having high-tech environment if it complicates things for customers. Banks that have integrated technology to their system, have all prospered well. But the known fact is that service standards cannot be duplicated by competition.There is no point in having high-tech environment if it complicates things for customers. Banks that successfully integrated technology with high customer service standards have potential for growth. It is the service standards that cannot be duplicated by the competitor.
As a banking professional with over 25 years of experience, most of it in foreign banks, I have experienced the various evolutionary stages faced by the Indian banking industry.Right from the days of the archetypal banker with his somber looks, dark vest coat and green visor to his modern cousin, the smartly dressed, briefcase carrying banker, banks have expanded by focusing on customer service.Unfortunately, the word `service' still evokes negative feelings. Mention the word and the image that pops up in most minds is that of a mousy looking, timid individual-forever nameless-consigned to the back office, answering telephones, and generally being the punching bag for irate customers.
Though this image has undergone a complete makeover, customer service still remains consigned to the backwaters of marketing. The emphasis is on selling a product and rarely on developing long-term relationships. This is truer of companies having a physical product. Even the four Ps of marketing-product, price, place and promotion, do not give due importance to customer service. It is erroneously presumed that customer service is absolutely vital for service-oriented corporates-hotel, banking, communication agencies, etc. As for the rest, "have better mousetraps and people will buy". |
