Competition and globalization of banking services are forcing banks to be productive and profitable. To retain high net worth individuals, banks should focus strongly on relationship management with customers. Innovative Customer Relationship Management (CRM) strategies and cutting edge software can help, to a great extent, in achieving the desired results. To provide customized services, banks are opening Personal Boutiques which provide all the required financial needs of a customer.
With ever-demanding customers and existing cut-throat competition in the business environment, no service organization can flourish without maintaining an affable relationship with its customers. And, no relationship can exist for long without trust. Where money matters are concerned, the significance of trust virtually doubles. Building up fiduciary responsibility, i.e., trust between customers and financial service providers, is the cornerstone for developing a long-term relationship. Experts have identified certain trust-building blocks for purposes such as, for offering contractual safeguards such as guarantees and warranties, and also for building customer confidence, among others.
The entire service industry is now metamorphosed to become customer-specific. In this context, the management of customer relationship in the financial services industry demands special focus. Gone are the days when customers at a bank did not mind the long serpentine queues and waited patiently for their turn with a token in their hand. In today's Internet era, no one has the leisure to wait.
With customer expectations becoming even more demanding, banks are coming up with a wide array of novel products and services every day. The challenge is for the banks to work towards ensuring that customers prefer their product or service vis-à-vis that of their competitors. The key is to develop and nurture a close relationship with customers by appreciating their needs and preferences and by catering to their requirements. |
