Are the Indian banking customers happy with the services being offered? What are the reasons behind their satisfaction or dissatisfaction? How do bank managers foresee the future of Indian banks? These are questions every financial institution must ask themselves before serving the modern day customers.
In the recent times, banking services are an outcome of a number of things – advanced technology, varied demands, large millennial customers and their preferences etc. Basically, the offerings are based on relationship banking or how well the customer relationship management (CRM) is practised by understanding the changing consumer expectations.
With banks constantly facing cut-throat competition and striving to stay a step ahead, customer relationship management becomes the key to satisfying existing customers and attaining new ones. The banking services and operations revolve around customers and thus shapes a banks’ reputation. A larger number of satisfied customers means more business and greater revenues.
According to a CGI group report prepared on surveying 1,244 individuals, financial customers expect certain things from their banks. The chart here denotes 5 major wants of customers from their financial service provider:
Banks need to learn and adapt a lot from those offering a world-class experience to customers, even outside the banking industry – ecommerce stores for online shopping, mobile apps for flight or hotel bookings etc. What do financial institutions need to adapt for having enhanced CRM in banking? The answer is simple! Change what makes them dissatisfied. Here are the elements that must be considered.
If all banks make choices for how they will serve their customers in future by analysing what products/services can be sold and to which segment, how these offerings will be delivered and where (online, mobile etc.), they will be able to maintain better customer relations.
This will become easier when financial institutions acknowledge different customers in different geographies and formulate strategies based on their preferences, behaviour and other vital factors.
While traditional banking practices are imperative for CRM in banking sector, the banks and credit societies today must also consider betting on having a digital future. This will certainly enable carving a stake that underlines the importance of customers and services together. For this, they may partner with FinTech’s delivering new-age and disruptive banking solutions that help financial institutions in meeting and exceeding consumer expectations.
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