There has been solid growth in the number of people going online, as well as in thevalue of financial services conducted, in the breadth of financial products tradedand in the depth of relationships conducted using digital channels
The advantages of Internet banking include no queuing, no rushing to the bank before it closes, access to the account 24x7, 365 days a year, low bank charges, fastertransmission of funds to settle transactions, and any time access to cash.Instead of banking through personal contacts established at the branch premises,banks now offer products through anywhere banking, ATM, the Internet andmobile phones, all enabled by vast electronic devices. These require less mobility onthe part of the customer. In fact, banking functions can be called at the press of amouse or few keys in cell phone. Concepts such as Real Time Gross Settlement,Cheque Truncation and Electronic Funds Transfer enable quick movement of funds.It is unlikely that any significant delay takes place in transferring funds from onebank to another. Client money would move between institutions as fast as data — atthe speed of light. Instant access to e-mail is now the order of the day in a worldwhere late response can spell the difference between signing and losing a high-valuecontract deal.RELATIONSHIP MANAGEMENT' is the name of the game in the bankingindustry today and customers never had it so good before. In a savings-driveneconomy like ours, banks have finally come of age and the emphasis is now onmaking the customer feel that he i s the king.
As the saying goes, Customer is the profit, everything else is overhead!
With newer platforms emerging everyday to facilitate banking services, rangingfrom the, internet, mobile commerce to higher-end technology applications such asWAP etc, the traditional role of the bank which used to be that of `money lending'has assumed broader dimensions.The process of developing a cooperative and collaborative relationship between thebuyers and sellers is called customer relationship management shortly called CRM.CRM aims at focusing all the organizational activities towards creating andmaintaining a customer. CRM is a new technique in marketing where the marketertries to develop long term collaborative relationship with customers to develop themas life time customers. CRM aims to make the customer climb up the ladder of loyalty.
CUSTOMER FOCUS IN BANKING SERVICES
As the intense competition becomes a way of doing business, it is the customer whocalls the shot in deciding the nature of products and services offered in the market.The customers are becoming demanding, dominant and selective. In fact the