Satisfaction
Banking Industries & Cusotmer Satisfaction : Yesturday and Today
Banking Industries & Customer Satisfaction.: Yesturday and Today.
Prof. Vinayak. Gopal. Patil,
Lecturer,
Yadavrao Tasgaonkar School of Business Management,
Bhivpuri Road, Karjat.
Why marketing of bank services ?
As banks are the most important institution in the chain of financial system of any country, it plays vital role in the financial sector not only in terms of turnover, profit and employment but also it impact of all spheres for the economy. It has been said that the satisfaction and expectations moves together. With the changing scenario the expectations and needs of the customers are also changing.Gone those days where the banking customers were belongs to performing the function which was limited utp only deposit and withdrawal only the money.As days changed the expectations of the customer are also changed. As customers always expect benefits from the bankers. Their Loyalty is also changing very rapidly from one bank to another bank. In present days, bankers are now operating in buyers market, where the god is customer. In the fierce of competition, the customer oriented banking is taking much importance. The journey of today’s bank has been started from the ‘desk – to – door step’. To find out the new target customers and to retain them with the bank for the long period of time by providing the attractive services is becoming an essential. In this regards, the future success of bank is depends upon an identifying new segment by recognizing new needs and designing new schemes to meet the need at a profit to the banks. By adopting better marketing approach, the bank increases the numbers of customers and the size of the deposits. It is must keep into account that a successful banker must no longer guess his customers needs and provide services, which he hopes. In the changing scenario, the banks have identified to provide world class services. The banks are ready to world class standard, ready to commit excellence in customer, shareholders, and employees satisfaction and play a leading role in the expanding and diversifying the financial sector. In India the bank begun to realize the importance of marketing concepts in as early as 1970’s. The 1st major step in the marketing was taken by the State Bank of India in the year 1972. As usually the marketing is associated with the product producing industries. Yet banking which is belongs to service functions can develop its own marketing techniques which is differ in some details but basic would remains unchanged. Bank marketing is the creation and delivery of financial services to meet the customer’s needs at a profit to the bank. There are two functions of bank marketing. They are 1. To mobilize the deposit 2. To attract the borrowers and user of the financial services.As there are two concepts of bank marketing i.e Bank and Marketing. In a true sense it is an application of marketing principles in the banking services or conceptualization of marketing in the decision making process of banking organization. The concept of bank marketing is sufficient for the reason that customers are changing in terms of their wants, needs, desire expectation and problems. As a social institution the bank always needs to evaluate their offering in customer terms i.e satisfying customers needs at a profit to the bank. According toe Derek Mewyer of Barday, the bank marketing is identifying the most profitable marketer now and future assessing the present and future needs of the customer, setting the business development foals and marketing Plans to meet them and managing the services and promoting them to achieve the plans.As marketing is always considered with the identifying the customers needs and determining ways to meet the needs in a view of profitable manner. The marketing of banking means marketing of services is not a new. In the year 1856, the George Rae explained in the country bankers challenges of opening new banks and branches and also to adopt new ingredients of what we are calling now as effective marketing. Banks are the custodians of the money of public. People always deposit their hard earned money for the purpose of commercial use in the banks. Therefore on the part of bank it becomes essential as well as an important that the services rendered by the banks should not only be effective but also should be efficient. The services rendered by the bank should be highlighted so that the customers can use fully them. Since the banks are service industry, it becomes necessary to have an understating of what services are wanted, needed and desired by the customers. A customer who in the past had a little knowledge about the role of banks in the economic development is now aware of the working of banks, its nature of services, its role in the overall development with including himself. The various marketing issue are involved in bank services are ;
1. Product development and product planning : which concentrates on creation of various bank deposit, loan scheme etc. Banks in fact are regarded as manufacturers and dealers I money and credit.
2. Selection of bank location : This factor is belongs to offering the right product to the right customer, at right place at right price. Place or location management in offering the bank services play vital role in the marketing mix of bank services.
3. Promotion : We need personal selling in customer contact, development of bank accounts, development of depositors, business development, personal selling and so on. Similarly, the advertising plays an important role in marketing mix. The gifts, coupons, brochures, booklet describing bank services are the example of promotion tools in banking services.
4. Marketing research and information system : good marketing decision area not made in vacuum. In bank marketing the marketing information system and research plays important role.
5. Pricing, communication and channel consideration: These factors also influence the marketing mix in banking services.
CUSTOMER SATISFACTION.
Satisfaction is a person’s feeling or pleasure or disappointment resulting from comparing a products perceived performance in relation to his or her expectations.
As the above definition makes clear that the satisfaction is a function of perceived performance and expectations, if the performance falls short of expectations, the customer is disappointed. If the performance matches the expectations, then it is called as a satisfaction at a par of the customer is satisfied. And if the performance exceeds the expectations, then the customer is highly satisfied or delighted.
The customer satisfaction is a significant issue for the most marketers. It is mostly theoretical as well as practical issue for the marketer and the customer researcher.
The customer of a Bank
There are two categories of customer who use the services of bank. They are Organizational and general. However, both categories of customers are substantially influenced by the decent behavior of the banks.
Determinants of customer satisfaction
Customer satisfaction is generally described as a full meeting of one’s expectation. Customer satisfaction is the feeling or attitude of a customer towards a products or services after it has been used. There are many attachments of customer satisfaction as the dimensions underling satisfaction is global rather than specific. The satisfaction always compares and evaluates the product or services expectations.
Services in banks and customer satisfaction
Bank is a service institution. A satisfied customer is always a central point as well as sources of publicity of the bank. Each employee always act as a representative of the bank and therefore bank’s image is being passed onto the customer through the services be rendered.
To compete efficiently in the market, the banks always required competing companies and their products or services offerings. Even some times, these differential advantages may be in the terms of distinctive product attributes or related benefits as perceived by the customers.
Customers satisfaction and the service quality
As earlier we have discussed that there is a direct relationship between the customer satisfaction and the quality of services which is available to the valued customer of the bank. As service is an intangible factor the belief, attitude, satisfaction toward the service provided by the banker may be different from person to person.
Today’s banks can look back with satisfaction by having responded effectively the challenges put before them from time to time. In the changing banking scenario of 21st century, the banks have to change, to have a strong identify to provide world – class services. The banks now have to be a world class standards committed excellence in customers, shareholders and employees satisfaction and have to play a leading role in the expanding and diversifying financial sector. The banks have to change their thinking; have to put the new innovations in the field of banking and the customer satisfaction should be on the top priority. It is always true that ‘customer – crown prince of today and Monarch of tomorrow. As the bank marketing is the creation and delivery of financial services, which is suitable for the respective customers, it is also important to focus on the customer satisfaction. Improvement in the technology, increasing needs of customers from the bank always servicing the customer in appropriate manner. Service quality is about meeting the customer need and requirement and how well the service levels delivered matches the customer expectations. The service quality in banking implies consistently anticipating and satisfying the needs and expectations of the customers.Indian banking is transforming itself into a customer centric, commercial position by providing the better and qualitative services in addition to primary services with the help of superior technology and effective innovation, which is producing customer delight. India has always been a high potential of savings and deposits and its customers were by and large conservative in nature. He also explained that today’s customer is wise one. They are clear in their mind about their needs, desire, wants and the capabilities that they posses in converting their desire into demand. The relationship between the desire and demand is one which generates all the activities of the economy. Today’s customer is wise, rational, choosey and intelligent one. It is crucial one that has kept the flame of innovation ignited in the Indian banking landscape. With the technological development and revolutions, customer awareness immensely increased. He has been considered 2 types of bank customers. In 1st category, client who believes in offering the best value for money by offering quick and efficient services like fast remittance, wealth management, advisory transactions banking, private equity syndication, merger and acquisition etc apart offering normal banking services. While 2nd type of customers who expects the personal banking services like mutual fund, bancansurance, demat services, tax payments. It is natural that customers look for convenience when they do banking. There is no doubt that the banks are not bank only, but they are the financial supermarket. The banking industry would never have thought of such range of products being sold from the counter as well as beyond the counters, at the door step of the customers. The customer services are an integral part of any facet of banking and it defines the future of any banking organization. For a service sector like banking industry, the whole range of activities and generation of income swivels around the customers.
About the Author
Prof. Vinayak. Gopal. Patil,
Lecturer,
Yadavrao Tasgaonkar School of Business Management,
Bhivpuri Road, Chandai Campus Karjat.
Benny Benassi – Satisfaction
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