RBI tells banks to improve its service to customers!!

In a nutshell, RBI is just correct - Banks should be more customer friendly.

--- Customer first then others

--- Act first, redress customer grievances

--- Create a good atmosphere for customers - let them feel homely 

( servies of Banks are treated as "Essential" - so act   act accordinly ) 

Along with providing services to customers, the committee should work on grievance redressal mechanism operative in banks. It should act upon quickening the pace of solution to complaints.

The Banking Ombudsman's offices as well as the RBI have been receiving regular complaints from customers that excessive interest rates are being charged from them on some loans and advances.

Although banks have the liberty to choose the type of service that would be offered to a customer and also allocate the cost for the same depending upon his credit worthiness of the customer but the RBI should make efforts for an effective system for customer complaints.

In competitive atmosphere banks can attract customers with quick services. Every body needs convenience. Banks need to support more customer friendly services i.e. mobile banking, internet banking. and also look into the time consumed of a customer in bank. To provide instant possible Solution for customer compliant or dissatisfaction. Because quick service attract new customers which is better option to introduce other banking products. In short, time has came to become more customer oriented than any other......

One of the best ways of improving customer reach and service them on a regular basis, the quality of Internet banking has to improve.  With an understanding that banking is in rural sector, majority of the transactions are in the metro, Class A & B cities.  The usage is more in these sectors on a day to day basis. 

Encouraging and improving internet banking helps the clients to get their work done without any hassles.  For eg., me in London has a problem with one of my accounts with an Indian bank.  The transaction process is very tedious and the no. of options available are less.  Apart from that, the cost of internet transactions is very high.  Giving more support on the same and improving upon the customer options in Internet banking would make people use the facility without any problems.

Yes banks need to be more professional in their approach. Not only in the grievance redrassal alone. They need to be more professional in their day to day working. For example if you are to give client servicing for 5 to 6 hours daily. Than in those 5 to 6 hours your focus should not shift. Employee might say I have to come from a very long distance. Than it should be the duty of the banks to appoint employees likewise. Because only than the employee can be expected to give his or her full. Likewise every complaint of the employee should also be given due attention before pulling up employee for not providing best of service.

Each and every customer complaint and suggestion should be registered from branch level and a system need to be in place to handle and close all those in a time-bound manner - giving time frame for taking decisions at each level of authority. Also, frequent customer feedback collection and analysis should be done to gauge customer satisfaction level and emerging needs and requirements.

Even before letting the customer complain, banks should be transparent regarding their service, charges, policies, terms and conditions. The "FINE PRINT" should go away. When things are transparent, the chances of ambiguity and complaints reduce themselves.

There should be an independent body that registers a compliant from consumer. It should be entered to the system only if the bank didn't resolve the issue. This tracking system should be used to measure customer satisfaction for each bank. The system can be used for rating purposes.

We have to understand that  environmental factors  banks are facing now represents new challenges needs strategic planning in term of technology , staff,  stream line processes to achieve sustainable probability and customer loyalty.

 The exposure of media and the effect of globalization defiantly changes the customer s preferences to the quality perceived and their level of satisfaction, the competition between foreign banks and local banks led to over promised services and unjustified services pricing, the interface of the client with the e – banking has become increasingly used and even used as basic marketing tool, adding to all of this the society culture and believes .

As banking services sold first then being performed that put the client in position to always compare between the actual received against what is expected, that is the  key success  On how to have higher customer satisfaction.

Finding the customer need is very important ,  but also meeting the customer need is necessary  to achieve sustainable banking especially after the word financial crisis .