The systems and norms practiced by Banks to attract customers and build a long term relationship

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The systems and norms practiced by Banks to attract customers and build a long term relationship –explain


The banking concept has been developed basically to serve customers. It receives money from those who want to save in the form of deposits and it lends money to those who need it.In today’s competitive environment a business institution has to continuously fine tune its activities periodically to keep themselves up with the ever going competition and changing customer needs and wants, and same applies for banking institutions. Nowadays, banking does not mean only safekeeping and lending money for various uses, it is something beyond the conventional, traditional system with some new additional elements onto it to give extra value to customers along with supplementary services. Those who fail to deliver or lacks quality compared to others in terms of service faces the risk of losing customers and most importantly profitability. In order to support customer needs and wants, banks try to enhance experiences of them by providing enticing messages with cost saving offers and benefits. Banks have the belief that by changing and adjusting to customer demand they can maintain strong customer base where profitable ones are piling up the most. Segmentation with proper care and then targeting the desired market segment with proper marketing tools and ammunition’ is an important step on establishing well defined policies that fits in with the different customer wants which can then be augmented with supplementary services to keep the satisfaction continuum to a optimum level and sometimes pushing it up by delighting customers with innovative customer friendly policies by providing some exceptions to the valued as well as regular customers depending upon cost-benefit analysis so that customers does not shift to other banks and remain intact with the first one.


The term bank is derived from the French word Banco which means a Bench or Money exchange table.<href=”#_ftn4″ name=”_ftnref4″ title=””>[4] Oxford Dictionary defines a bank as “an establishment for custody of money, which it pays out on customer’s order.”<href=”#_ftn5″ name=”_ftnref5″ title=””>[5] Bank provides easy payment and withdrawal facility to its customers in the form of cheques and drafts; it also brings bank money in circulation. It is a profit seeking institution with a service oriented approach. Banking is an evolutionary concept. There is continuous expansion and diversification as regards the functions, services and activities of a bank. Globally, retail banks are moving into a new era. Setting out a clear approach is turning into more arduous as regulatory and political intervention modifications the market structure and banks are under very large insist to repair public confidence in the job that they play in society. As banks respond to these constructive demands through markets and strive to receive a competent superiority, the challenge remains to retain the buyer understanding and wider brand awareness midpoint to all strategic thinking.<href=”#_ftn6″ name=”_ftnref6″ title=””>[6] One of the most crucial functions of banks is in cash creation. Importantly, cash creation at the one-by-one bank grade is not the identical thing as “printing money;” currency is just one kind of money. Instead, banks conceive cash through <href=”#axzz1ZISod4Tn”>fractional book banking. Fractional book banking is a key notion to comprehending up to date banking and cash creation. Banks have come a long way from the temples of the ancient world, but their basic business practices have not changed. Banks issue credit to people who need it, but demand interest on top of the repayment of the loan. Although history has altered the fine points of the business model, a bank’s purpose is to make loans and protect depositors’ money.<href=”#_ftn8″ name=”_ftnref8″ title=””>[8] Banks are not only regulated in periods of their balance sheet and capital ratios, but according to their performance as well. Banks have to abide by the identical anti-discrimination regulations as any other enterprise, (due in large part to the Equal Credit Opportunity Act of 1974, but banks get added inspection in this regard. The Community Reinvestment Act of 1977 and its many amendments over the years competently compelled banks to loan more to lower-income communities.<href=”#_ftn9″ name=”_ftnref9″ title=””>[9] Likewise, there are directions in location to double-check that banks amply reveal the rates, charges and periods for borrowings (Truth In Lending Act), reveal the periods for savings anecdotes (Truth In Savings), and perform themselves clearly with electrical devices transactions (Electronic Fund Transfer Act). Banks furthermore should abide by state regulations limiting the statutory rates of concern they may charge. While there is a counterargument that the liability and equity market will enforce a consistent grade of control and esteem, by ascribing a premium for the borrowing default swaps of less-regulated banks, for example, the truth is that banks have to abide by the directions of each homeland and any cross-border “competitive advantage” is limited.<href=”#_ftn10″ name=”_ftnref10″ title=””>[10]


· Personalized ServiceDifferent customers have diversified needs and wants and to balance these needs banks need to provide customized financial services along with the motive to build relationships with customers. Personalized service adjusting service framework that suits individual specifications, like for e.g. students require economical service at the right time, loyal customers need premier service (privilege banking, mobile banking, online banking, ATM service, discounted offerings etc.), mediocre customers require optimum level of service depending on their understanding level, ability to grasp things quickly, based upon their usage.<href=”#_ftn11″ name=”_ftnref11″ title=””>[11]

Given the implication of individual attention in the bank-customer connection, banks

need to reconsider how this personalized service can be consigned at a comparable cost. While branch closures have been a characteristic of mature Western European banking markets for some time, our outcome propose that branches remain a significant part of the future of banking, as more clients are satisfied with their agency knowledge than any other channel.<href=”#_ftn12″ name=”_ftnref12″ title=””>[12] Branches are generally the channels used by clients for their most complex transactions, so these should be bought into in and method simplification, employees teaching an customer information should all be improved to completely leverage buying into in the branch channel. Banks furthermore require blending their knowledge of the clientele groundwork with the technology available to advance their service offerings.<href=”#_ftn13″ name=”_ftnref13″ title=””>[13] Internet technologies can be engaged to give better clientele know-how online, but while internet banking is decreasing the need for call hubs, clients are still demanding greater get access to and accessibility to advisors on the telephone, and it is the call center conduit that most respondents desire to glimpse advanced in terms of service quality.

· Efficient and Smooth Delivery Systems– The services delivered or about to deliver tries to achieve a perception in the customers mind that service they received is hassle free and proficient. To persuade customers to use bank service, the management has to ensure that accounts dept, the credit dept, foreign exchange dept, general banking dept are all working in a coordinating environment and the frontline personnel who is delivering the actual service to the customer is well trained and mannered towards the clients. It is all about superior quality service in banks as it is purely service oriented for other businesses as well as individual customers.<href=”#_ftn14″ name=”_ftnref14″ title=””>[14]

Mobile banking and other new passages are better liked in appearing markets, where banks see less skepticism amidst clients toward such innovations. This is possibly a result of less-developed systems of traditional channels like parts and ATMs in these markets. Customers in the US (86%), Canada (85%), India (84%) and South Africa (82%) have the highest grades of approval when it arrives to branch banking, while Canadian (82%) and Chinese (87%) clients are most satisfied with ATMs.<href=”#_ftn15″ name=”_ftnref15″ title=””>[15] South African and European customers, along with US and Canadian customers, have the largest stage of satisfaction with their internet services, while mobile banking has reduced approval rates and a reduced up take.<href=”#_ftn16″ name=”_ftnref16″ title=””>[16] When inquired about the improvements they are looking for in passages, clients globally are seeking better service value and increased access from their parts, ATMs and call centers, and they desire internet and mobile banking services to be simpler to use. We are seeing clients anticipating the convenience and reliability that they obtain from digital channels to be duplicated beside the enhanced personalization consigned by more traditional channels

· Giving Importance To Customer Experience– Whenever a customer walks into a bank, he/she will feel like he has entered into a world of his own where all the part and parcels are well organized the way he wants. Experience in simpler terms means that whether a customer is enjoying the environment or not similar to going for a vacation in a hotel and then coming and sharing the experience.<href=”#_ftn17″ name=”_ftnref17″ title=””>[17] Banks made experience elongated to a much broader extent, “clientele know-how is an interaction between an association and a clientele as seen through a customer’s attentive and subconscious mind. It is a combination of an organizations reasonable presentation, the senses stimulated and the strong sentiments evoked and intuitively assessed contrary to clientele anticipations over all instants of contact”.<href=”#_ftn18″ name=”_ftnref18″ title=””>[18] When dissatisfied clients are inquired how they would like to glimpse passages advanced,40%want parts to consign better service and39% desire them to be more available. We found43% of disaffected clients desire better access to ATMs, a third desire websites that are easier to use, and 46% are requiring higher quality service from call centers.<href=”#_ftn19″ name=”_ftnref19″ title=””>[19] Customers are anticipating the technologies behind the convenience and reliability of digital passages to consign the identical quality and personalization they have arrive to expect across other channels. Practical innovations across passages that leverage expertise to deliver a more seamless and personalized experience will thus be a major competitive battleground in all retail banking markets.<href=”#_ftn20″ name=”_ftnref20″ title=””>[20] This entails construction on existing internet submissions to propel increased call center and agency fulfillment, which willing turn endow a new gaze at segmented customer communications. This will allow the deployment of new clientele treatment strategies utilizing wireless, internet note and social media – to propel befitting traverse sales and retention outcomes. Services and submissions that allow customers to better organize their finances will be important clientele satisfaction differentiators, and will simultaneously reinforce a bank’s firm promise to more responsible banking.<href=”#_ftn21″ name=”_ftnref21″ title=””>[21]

Banks require reconnecting with their clientele groundwork by improving the clientele experience. There is a clear demand for larger individual vigilance amidst our respondents, and it is furthermore apparent that banks require investing in passages and becoming more customer-centric over their operations. There is substantial room for enhancement in the levels of conduit effectiveness, personalization and integration that banks offer their customers.<href=”#_ftn22″ name=”_ftnref22″ title=””>[22]

· Integrating The Voice Of Customers- Develop insights founded on hearing to your clients – not just through reviews but online and elsewhere. The voice of the clientele is approaching from everywhere. Listening to what is being said about you on the world broad web devotes you an unqualified opening to attach to your customers. Client databases, online reviews, wireless and communal newspapers all outcome in high volumes of feedback. Around 80% of facts and numbers now held inside businesses is in the pattern of unstructured text articles or records: internet notes, call center logs, accounts, world broad web sheets, blogs, SMS and verbatim. The dispute is to turn this unstructured facts and numbers into information and insights.<href=”#_ftn23″ name=”_ftnref23″ title=””>[23] In case of banks, the scenario is exactly the same, integrating the voice of customers gives a competitive advantage in all areas because the management gets the chance to know what customers want and redesign according to that. It helps to design optimum solutions for problems detected by customers, improved usage and benefit segmentation can be done and helps to context rich customer insight thoughts that are always disclosed and ultimately giving the complete solution.<href=”#_ftn24″ name=”_ftnref24″ title=””>[24] Banks have identified that there are some customers who desire the feel and seem of branch based banking connections, and there are others

who demand effective, much quicker direct services, whether those are consigned over the internet or on a wireless phone. While it is apparently different across markets, usually providers are investing in unfastening new parts, residing open later and expanding staffing, while at the identical time developing new technologies to assist customers more efficiently. There is an acknowledgement that banks need to recognize precisely who their clients are, segment that community, realize what those customers desire, and then supply it. Banks have identified that clients desire to be in command and bank when and where it matches them, so future achievement will arrive through combining customer information with expertise to make banking simpler and more accessible. Such an approach relies on clientele analytics, and banks are furthermore buying into in more accurate measurement of clientele approval, the number of products they contain, the causes for attrition and complaints.

· Emphasizing Upon Customer Satisfaction Using “Customers First” Approach-

Figure: The Wheel of Customer Loyalty<href=”#_ftn25″ name=”_ftnref25″ title=””>[25]

For banks, customers are the main ingredient of measuring degree of success/failure. Banks practice the approach as given in the figure above to determine who their loyal customer is and then formulate policies and steps to keep them in their bank by consistently rewarding them for using their service using priority banking, discount voucher to major shopping destinations, restaurants to give them a perceived feeling that they are their valued customer by doing something extra for them, like if they face any problem, bank executives have the liberty to relax the procedures regarding the inflexibility (increasing loan period, credit card balance overdue, service charge due etc.), doing so will result in more traffic of loyal customers as the existing ones will bring new ones for the bank. It is very important to know that the top 20% of the customers generate 80% of the firms’ profitability.<href=”#_ftn26″ name=”_ftnref26″ title=””>[26]

Despite an ever-increasing array of sophisticated demands, the good report for banks is that a significant number of clients round the globe – 63% – are persuaded with their major bank.<href=”#_ftn27″ name=”_ftnref27″ title=””>[27] However, this entails that more than a third of global clients are not actually persuaded with the service they are obtaining from their banks. Customers in the US, Canada, China, India and Brazil are the most persuaded – an intriguing mix of nations integrating those that have been severely influenced by a decline in believe and those that have not. It is clear-cut that clients can remain persuaded with their one-by-one banking provider despite of the influence the borrowing crisis has had on their self-assurance and believe in the industry at a macro level.<href=”#_ftn28″ name=”_ftnref28″ title=””>[28] Across Europe, Polish, Hungarian and Dutch customers are the most satisfied. The least satisfied with their major bank are clients from Germany, where 54% give their bank a reduced score of just one or two out of five. These grades of approval propose that efforts by banks to advance clientele approval have had only restricted achievement and that much more needs to be finished to pay commitment amidst customers and to aim on getting to understand customers’ needs to double-check that their approval prevails. Banks should incentivize persuaded clients to access more goods, and tailor their merchandise offerings to conceive farther clientele advocates. Banks can furthermore discover from their persuaded customers’ experience through response to gain insights with the outlook in the direction of expanding approval across the whole clientele base.

· Fine Tuning Promotional Efforts- Customers are deal prone who fall in the 80% criteria. Thus, a bank offering better promotions than others will be able to get more customers due to high rate of switching.<href=”#_ftn29″ name=”_ftnref29″ title=””>[29] The banking industry is now cluttered with number of such and such banks and basically customers are grabbed through better advertising and price offs.<href=”#_ftn30″ name=”_ftnref30″ title=””>[30] For e.g. Prime Bank of Bangladesh is running a promotional campaign in North South University that by opening students savings account there will be zero percent service charge, no maintenance cost, higher semiannual interest rates and they installed booths at the university arena so placement was perfect as well, seeing this, Mutual Trust Bank (MTB) came up with another promotional campaign to NSU that students will not be needing their national ID card for account opening rather an electricity bill voucher will alone do it along with other offers similar to that of Prime Bank, thus, MTB outplayed Prime Bank by displaying better ability to fine tune promotional objectives giving close competitors “Check Mate”.<href=”#_ftn31″ name=”_ftnref31″ title=””>[31]

Common promotional objectives include print ads, TVCs for Visa/Master Card, money gram ads etc. The issues of promotion are becoming more and more complicated as internationalization of financial services continues to increase. Adaptation of promotions strategy is performed to a great extent to maintain profitable customer base.

· Islamic Banking Concept– Islamic banking has grown rapidly in terms of size and the number of players. Islamic banking is currently practiced in more than 50 countries worldwide. In Iran, Pakistan, and Sudan, only Islamic banking is allowed. In other countries, such as Bangladesh, Egypt, Indonesia, Jordan and Malaysia, Islamic banking co-exists with conventional banking. From a theoretical perspective, Islamic banking is different from conventional banking because of interest (riba) which is prohibited in Islam. A unique feature of Islamic banking is its profit-and-loss sharing (PLS) paradigm, which is predominantly based on the mudarabah (profitsharing) and musyarakah (joint venture) concepts of Islamic contracting.<href=”#_ftn32″ name=”_ftnref32″ title=””>[32] Islamic banks accept deposits from customers under the Investment Account on a Profit and Loss sharing basis. The saving account of such a nature in an interest-free banking system is also known as a participatory account or a Profit or Loss Sharing (PLS) account. Depositors of this type of account receive share of profit to the agreed ratio from their funds invested by the bank. The profit and loss sharing also depends on the total amount deposited and the length of period the money is held by the bank.<href=”#_ftn33″ name=”_ftnref33″ title=””>[33] Depositors of an Investment Account are required to give prior notice to the bank if they withdraw their invested funds under any special circumstance. In such a case no share of profit is given for the amount withdrawn. Most theoretical models of Islamic banking are based on the mudarabah (profit-sharing) and musyarakah (joint venture) concepts of PLS. Musyarakah are similar to joint venture agreements, in which a bank and an entrepreneur jointly contribute capital and manage a business project.<href=”#_ftn34″ name=”_ftnref34″ title=””>[34] Any profit and loss from the project is shared in a predetermined manner. And Mudarabah contracts are profit-sharing agreements, in which a bank provides the entire capital needed to finance a project, and the customer provides the expertise, management and labor.<href=”#_ftn35″ name=”_ftnref35″ title=””>[35] There are, however, other financing contracts that are permissible in Islam but not strictly PLS in nature. Such financing contracts, for example, may be based on murabaha (cost plus), ijarah (leasing), bai’ muajjal (deferred payment sale), bai’ salam (forward sale), and istisna (contract manufacturing) concepts. Islamic banks are not 100% Islamic, there are lapses and deviations, which are found in this paper. The profit sharing concept is the other meaning of interest giving practice using the protection of Shariah board and people’s blind faith and belief towards religion (Islam).<href=”#_ftn36″ name=”_ftnref36″ title=””>[36]


ü Rebuilding Trust

ü Focus on Brand Building

ü Make Enhancement to Service Quality through the use of Remote Channels

ü Online Innovations

ü Invest in Customer Analysis

ü Target Switching Offers<href=”#_ftn37″ name=”_ftnref37″ title=””>[37]

ü Review Employee Key Performance Indicators<href=”#_ftn38″ name=”_ftnref38″ title=””>[38]

ü Create Differentiated Customer Value Propositions

ü Invest and Traditional and Future Distribution Channels

ü Measure and Reduce Customer Effort

ü Tailoring the Product Range by Focusing the Target Market

ü Ethical Banking Practices

ü Performing more CSR activities

ü Increasing the number of loyal customers

ü Offering more supplementary services

ü Perceived benefit>perceived cost

ü Maintaining Profitable Relationships

ü Discard the Bottom-line Segment<href=”#_ftn39″ name=”_ftnref39″ title=””>[39]


The banking concept slowly evolved from its traditional deposit-lending purpose to multifunctional new practices. Selecting and retaining the right customers is the most important for bankers in terms of profit generating sector and in order to do that satisfactory performance has to be maintained on all aspects of banking so that customers feel fully content with the world-wide banking approach. The relationship marketing has gain its superiority throughout the decade, so banks has adopted the strategy as well but it need to be aware of the discrepancies present within some customer segments like the jay customers (thief, rule breaker, belligerent, vandal and dead beat). The extent of customer satisfaction and loyalty defines a banks success in accordance to differentiation and customization of services to meet individual needs. Though there are some exceptions like in Bangladesh, where banks really do not care about all the customers as they think customers are bound to come to them as they have limited number of choices due to the huge population factor and the employees badly behave with the regular customers, make them wait in lone cue, during lunch hours all the employees go for having meal together basically mal practicing the entire banking concept. Banking means providing the bunch of solutions to customer problems that they address, acting like a business home where there is no strict adherence to rules and regulations regarding customer satisfaction and relationship issues performing like a hub portal of all financial services in a friendly atmosphere.


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