Retail Banks in the changing business environment
In recent years, retail banking has evolved into a higher standard providing better facilities of financial services to their customers. How well has retail banking responded to the demands of its customers for more and better services? As the banking environment has changed, competition arises between retail banks racing against each other to the top and finding more ways to differ their image from others. However, when their response are not accepted by their customers, this result in a fall in their services. There are significant ways in which poor customer service affects the performance of a bank. One of the most common reactions to poor services is that customers switch banks. Poor services may actually drive customers out of the banking industry altogether. The bank's reputation and image can be damaged severely when it does not deliver the adequate level of customer service expected by its market.Improved service quality can affect profitability through improve image, increase sales of liability and asset products, and a significant lower reliance on price competition. It can affect the cost side as well where operations do not have to be repeated, and less employee time is spent in nonproductive corrective activities w
The retail banking sector appears poised for some dramatic changes, and to some extent the change is already underway. As retail banking moves into a more electronic medium, it could well take some unexpected twists and turns, because it is essentially being driven by technological innovation. Irrespective of the outcome of this change, retail banks will face competitive challenges and risks in the future. The message for retail banking is clear where financial success follows from improved quality of customer service. The used of information technology to provide convenience to customers have been a success over the years where transactions could be made from almost anywhere without the hesitance of customers. Technology impact plays a major role in attaining sustainable competitive advantage in the banking industry. Over the recent years, there have been changes in bank's production methods due to extremely rapid application of technology to most areas of finance. The banks with the ability to adapt to these changes will be tomorrow's winner. Thus retail banks around the world are trying to create a better image for themselves by providing more opportunities for investment and providing better financial services to their extent. The developments in technology are critical and this will result in competition among major retail banks. With technology comes new ways or methods for retail banks to communicate and make transactions even better and more efficient with their customers. Retail banks are now linked up with the internet with their services in
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Approximate Word count = 1053
Approximate Pages = 4 (250 words per page double spaced)
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