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Started by : Swati Raut, Product Manager, Aviva   09 23 2009 08:27:34 +0000
Industry : BankingFunctional Area : Business Processes(Operations)
Activity:  193 views;  last activity : 05 13 2013 15:37:09 +0000

The modern banks are coming up with new and innovative ideas to ensure more customer satisfaction and customer retention. Lets share here the latest trends and what should be there in banking to attain customer retention....

 
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1 2 3 4 5
1 Zero Defect Philosophy
2 happy to help attitude of the executives.
3 Door Delivery
4 Transparency in Documentation
5 First contact resolution
6 Be Committed
7 In-house cafes
8 Six Sigma and Banks
9 no problem attitude (happy to help attitude ) is the best way to retain any customer
10 Employee awareness about products and employee satisfaction of the job
11 360 Degree Feedbacks
12 Private Banks - Retain Your Executives First......

Zero Defect Philosophy

idea posted by Satwinder Singh Program Manager, Sulekha.com

Which means 100% accuracy and no scope for customer complaints..

It applies to nearly all the industries, especially Airlines, F1 racing, Hospitals, Pharma firms, Courier services, etc

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by Amar Ravi, Executive  | 05 13 2013 15:37:09 +0000

people should use more of cards instead of hard cash...it will result in less cash transactions in cash...so less people in ATM etc

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by Jyoti Rath, Sr. Associate, Barclays  | 10 23 2009 06:32:31 +0000

Mr.Satwinder is right. Banks run because of its customers and dissatisfaction of the customers means loss for the banks. If the bank take proper care so that no customer ever gets any chance in complaining about the services of the bank, it will definitely be a siccess for the bank....

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by Pankaj Jain, Project Manager, HCL Technologies Ltd. (BPO Division)  | 09 23 2009 14:23:51 +0000

I support this idea as Six Sigma is the standard which is adopted everywhere now especialy in the industries mentioned by Satwinder.. Zero defect is one philosophy introduced to have 100% accuracy and Banking is one of them. so I believe customer satisfaction can be incresed to 100% if this philosophy is adopted and everybody follows the same. It's more of an attitude than quality standard. Good Satwinder..

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happy to help attitude of the executives.

idea posted by ajaykumar B gupta Asst. manager (accounts), Insta Exhibitions Pvt Ltd

i beleive that the approach of the ececutives when the customer enters the bank is very important. the executives should have happy to help attitude from the day beginning till the day end.

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by abhinav , Sales/International Key Account Manager, Rittal  | 04 04 2011 11:18:26 +0000

zero defect is a goal but happy to help is practical...

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by Roopesh Chandran, Sr Manager (Product Development), CIBIL  | 10 23 2009 04:31:23 +0000

Guess with all the call on automation & systemic approach for zero defects, FTR (First time Right) the very core of banking being a service industry is forgotten in terms of customer service at front desk. A simple smile across the counter to the customer in front, an eye contact while dealing with a customer is sorely missed. Banking is now more and more impersonnel and thus there is hardly any difference between bank A/B/C with all having samer type ATMs/ mobiel banking etc and no human factor differentiating teh service factor.

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by rajesh janardhan, customer service officer banking and credit cards, Citibank  | 09 28 2009 14:51:29 +0000

Bank executives especially at the branch and over the phone through customer service no. are the face of the bank to the customers. As we say "first impression is the best impression" is very correct its on the basis of the attitude of the bank executive that customer makes his/her impression about the bank.

I truly believe that customer service is not a department its an attitude so its the attitude of the executives which brings goodwill to the bank as well.Also the executives should ensure to  maintain this attitude to each and every customer as for a executive it might be a 100th customer, but for the customer it might be the first point of contact...

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Door Delivery

idea posted by SHARATH CHANDAR REDDY Business Development Manager - Insurance, I T C Ltd
We find door delivery service particularly in retailing business. We find this in banking too, but it is either for customer acquisition or for recovery. There are two big issues of customer irritation when one enters a bank i.e. (i) Long queues (ii) Bank staff too occupied to talk to customer (either beccause of less number of employees or because of large number of customers than what a bank can handle). Door delivery for every type of banking service will be a good idea..... I feel In House Cafes is not a good idea, that will become another area for customer complaint!!! (when a bank can't do proper service for its basic services, how it can run an in house cafe? The banks give a target to the branch also for additional revenue for the in house cafe!!!!)
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Transparency in Documentation

idea posted by Bhupesh Saxena National Account Manager, Kotak Mahindra Bank
Most of the Customer complaints revolve around "We didnt know *** condition at time of signing documents." Be it corporate or individual customer all of them complain regarding heavy documentation and relationship manager didnt tell about Terms & Condition at time of signing it. 90% of customer switch to other Bank due to such issues. So I feel there should be more transparency & willingness to educate customer regarding Terms & Condition to retain customer.
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First contact resolution

idea posted by rajesh janardhan customer service officer banking and credit cards, Citibank

For a customer whenever he/she contacts the bank for any kind of query , complaint or transaction etc.. as a bank it should ensure that the customer doesn't have to run pillar to post for his queries to be resolved and doesn't have to repeat his requirements especially if its a complaint or an escalation as things might go worse in such cases.

First contact resolutions definitely will help gaining customer satisfaction.. in cases where follow ups have to be done bank should make sure that they keep the customer informed to avoid customer frustration..

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Be Committed

idea posted by Vipin Bhasin Private Equity/Hedge Fund/VC-Manager, Indian Investment Co.
I feel a major problem in banks that is change of commitments. At the time of link a customer & after the joining of customer, there is a huge difference in their promises. & The same "delay in services", problem is now seen in private banks too. Improper staff or improper delegation of work is the major cause for same. Private banks HDFC, ICICI are taking too much time while handling customers in branches. ........ It was the same problem of public sector banks but now they are improving their services & private sector banks are loosing their fast service agenda...
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by Amar Ravi, Executive  | 05 13 2013 15:27:03 +0000

i agree...the fact is number of branches are less and people are more.. Leave the village, even in cities the number of people visiting the branch will be very..if ratio are taken each staff will handling more than 1000 customers in a day

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In-house cafes

idea posted by Swati Raut Product Manager, Aviva

Recently, I have seen banks coming up with a smart move of opening in-house cafes. Customers can sip beverages while getting their things done.

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Six Sigma and Banks

idea posted by Shirish Beke CEO

I think it is high time banks adopt Six Sigma Approach and not merely Quality Certification. This is because in quality Certification you can adopt lower standards. Six Sigma Approach will mean better customer satisfaction, fewer complaints and better customer retention. 

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no problem attitude (happy to help attitude ) is the best way to retain any customer

idea posted by neha choubey BUSINESS OPERATION OFFICER, LKG JEWELLERS PVT LTD
bank executives at the branch are the represent the particular companies culture,customer will not go to owner of the company for his work but will go to the executives with lots of hope & expectations. The customer only can be retain by giving importance to each & every customer with no problem attitude (happy to help attitude)by adding the advantage of on time work culture.
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Employee awareness about products and employee satisfaction of the job

idea posted by kanukurthy sudershanrao Operations Manager, Andhra Bank

Whatever improvements are made like computerisation addition of latest gadgets etc the most effective role is to be played by the employees of the concerned organisation for customer satisfaction. This can happen only when the employees are given proper training about the products the organisation is handling, training of the latest gadgets added and last but not least the employee should feel satisfaction in the job he is doing

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360 Degree Feedbacks

idea posted by prakashraj kumavat MBA/PGDM student, Omegan School of Business (ICFAI Tripura)

360 degree feedback includes the feedback from not only customers but also from internal employees. Feedback plays an important role in any service industry. Feedback from customers can be taken written in the bank but if bank start online it mean mobile feedback then customers would be efficient to give proper & suitable feedback to a bank which can lead bank to take corrective steps. Apart from this Bank should also ask for feedback from its employee because if employees are not satisfied then they cant give efficient services to the customers, so my point of view feedback from 360 degree definitely help banks not only to retain customers but also its employees.

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Private Banks - Retain Your Executives First......

idea posted by Rajesh Khanna Accounts Manager

Private Banks if you wanna satisfaction and retention of your customers  firstly ensure to stop the frequent movement of your employees from your bank to another. One man came to me...describe the facilites....impress me about the service of bank and grab my account......

After some months he/she again visit me but this time he representing another bank...he again describe me abt the facilites, services of that bank and put his/her full efforts to convert my account from first bank to new one...If I convinced again with his arguments I clsoe down my first account and move to new bank....

in this scenario how a bank can retain customers... So Private Banks----First Retain Your Executives---- After that Think of Retain Customers----And Customers Satisfaction. 

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