The Importance of Customer Relationship and Sales in the Banking Sector

1875 Words 8 Pages
INTRODUCTION
As the competition in the banking sector is continuing to rise, it is becoming increasingly difficult for many banks to achieve growth as before. Facing fierce competition from both customary brick and motor operations and the emerging internet banks, banks fail to meet performance expectations due to poor understanding of their customer’s needs, not making the most of their staff and most importantly tend to not respond to new sales opportunities.
Banks that will be able to overcome these challenges are the ones that most likely will thrive and prosper into the future, this paper examines the importance of good implementation of customer relationship management in retail banking, and how it can deliver increased revenues
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CUSTOMER RELATIONSHIP MANAGEMENT IN THE BANKING SECTOR
In order to maintain High Net Worth individuals, banks ought to focus strongly on relationship management with customers. To assist in performing this task bankers use the innovative customer relationship management strategies and advanced software’s. The full service industry has gone to a significant change in the direction of becoming customer-specific. For this reason, customer relationship managers in the financial service industry took the time and efforts into understanding its customers’ needs and wishes. They understood that the days where bank customers used to tolerate long lines just to receive a basic service from their banker are over. In the current Internet era, no one has the spare time to wait. In this context, online banking is becoming more and more important to customers. Nowadays banking has become more customer-centric, unlike past years where it used to be transaction-centric. Banks are gradually more focusing on the basis that customers prefer the service provider who differentiates through fast and efficient service.
Yet, customer relationship management is more than just managing customers and examining their behaviors. Banks are familiar with the fact that that

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