Volume : I, Issue : VI, March - 2012

Changing Customer expectations & preferences in Indian Banking

Ms. Smita S. Shetty

Abstract :

There is a gap between the Customer expectations and services offered by Banks, especially after the technological adoption by Banks. With the increasing commoditization of Banking products, it has become essential for Banks to understand the changing Customer preferences. Among the Customer grievances received during the late 90s, majority of them were relating to the quality of service then rendered across the Bank counters. The Customers then had limited expectations from the Banks and most of the grievances received had emanated from the Depositors. With the introduction of Core Banking Solution the Bankers would have assumed that the major causes of Customer grievances would have been taken care due to technological interventions. However, the Customer expectations have simultaneously increased and a new set of complaints emerged. Banks should learn from their satisfied Customers’ experience through feedback to gain insights with the view towards increasing satisfaction across the entire Customer base. Banks also need to combine their knowledge of the Customer base with the technology available to improve their service offerings. With the changing preference of the Customers and emanating challenges thereof, the Banks may convert the same into opportunities by rebuilding trust, focusing on loyalty and enhancing customer experience. Banks must identify key changes in Customer expectations and work on the ways in which these changing demands can be met by offering Customer – focused innovative services. Future success will come through combining Customer knowledge with technology to make Banking easier and more accessible. Banks are also investing in more precise measurement of Customer satisfaction, the number of products they hold, finding the reasons for attrition and cause for complaints.

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Article: Download PDF   DOI : 10.36106/ijar  

Cite This Article:

Ms. Smita S. Shetty Changing Customer expectations & preferences in Indian Banking Indian Journal of Applied Research, Vol.I, Issue.VI March 2012

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