Trusted relationships are the cornerstone of banking services. Customer needs for specialised financial advice, tailored credit and widespread collection points are boosting the role of bank branches. The younger generation, however, has grown up with electronic devices at their fingertips, and their dynamic lifestyles demand real-time, anywhere access. Therefore, remote distribution channels (for example, the internet, call centres and new generations of wireless services) are extending the more traditional banking services capabilities.
However, there is still a wide gap between customer satisfaction with financial services performance (73.8%) compared with the performance of keener industries (82%-88%). As internal and external competitors are bundling a broad array of innovative financial services, banks are now stretching to improve their customer satisfaction scores. Improvement moves in service performance and personal touch are intended to prop up customer loyalty and “stickiness”. Higher satisfaction scores help in acquiring new customers, deepening existing relationships and lowering the cost of retention.