Customer Delight in Banking Sector Essay Example

one of the major factors that play a significant role in deciding on whether to do a business with a certain bank or not. Customer delight is giving customers the right experience and yielding the right return. Delighted customer’s posses’ customer loyalty and are the life time asset of the bank. Banking sector has a lot of competition so satisfying customers gives one bank a competitive edge on other and helps in its survival and growth.

Further it also helps the banks in generating more profits for them. Ways to delight customers: Feeling gratitude and not expressing it is like wrapping a present and not giving it . Banks have been trying hard to delight customers because delighted customers are the main reason for their existence in this competitive industry. For delighting customers, banks are not only focusing on providing quality services, speedy financial services and a complete financial solution to the problems of customers but in a way that matters to a customers and gives them inconceivable experience.

Getting the things done right at the right time makes customer happy and contended. Extraordinary striking environment, gratuitous support and favor, helpful and optimistic gestures, finding a way around the lengthy and extensive documentation procedures, timely feedback, bigwig treatment, helpful and willing to guide staff and caring behavior of employees towards the customers are all the ways that can delight customers. Customers have certain expectations from the banks and the services it provides. If customers excel the expectation level, customers are delighted else not.

Banks should be responsive in foreseeing the needs of the customers and should solve their problems timely and accurately. Involving customers in business delight them.

This does not mean that you ask your customer to do your task but you take into account their views about the design of products and services. Being proactive delights customers. For delighting customers banks need to maintain the relationship with customers from informal to a more personal relationship of loyalty.

Consequences of Having Unhappy Customers

We all know that the unhappy customers cause an organization to lose business. According to Bain & Company Research, it is ten times more expensive to acquire a new customer than to keep a current customer. Customer retention is of great importance in this era of neck to neck competition. A negative word of mouth from a dissatisfied customer can snatch many potential customers away from banks. Banks cannot afford to lose its customers since losing customers will pose a great loss to them not only in monetary terms but also in non monetary terms.

Conclusion

Customers play a key role in the existence of the banking sector in any country. Creating new customers and retaining the existing customers add to the sustainable growth of the banks in this sector. Customer delight has an effect on the way a business is conducted in banking sector on daily basis. It also ensures that customers are provided with services that enhance their experience and give them satisfaction above their expected level. Delighting the customers will make them loyal and thus will improve their perceptions towards banking products and services.