Proposal

Steps to Improve Customer Satisfaction Through Branch Banking

Universal Banking Solution System Integration Consulting Business Process Outsourcing

Channel innovation has had an immeasurable impact on banking. Starting with the advent of the ATM, followed by phone, Internet and mobile banking, the last couple of decades have been characterized by the emergence of anytime, anywhere banking. Efforts by banks to encourage customers to use such channels for routine transactions have begun to pay off, and many studies have documented the increasing adoption of self-service, multi-channel banking. In the process, branch banking has become one of many ways of conducting banking transactions. Several branches have been pared down to thin units, with their scope limited to activities that involve customer interaction. Yet, the branch is still the most important channel of banking in most parts of the world, and while the proportion of branch transactions to the total has reduced, the absolute number has not. There are several reasons behind the enduring popularity of branch banking, not the least of which is a need for personal interaction among older or less tech-savvy customers. Also, branches still have wider service capabilities than alternate channels, and the availability of financial advisors draws in customers looking to complete a high value or otherwise complex transaction. But most of all, customers even today identify with their banks through their branches and the people working inside them. As one of the most important channels, the branch plays a key role in customer service, satisfaction and quality of experience. Studies show that poor service – which no doubt impacts satisfaction and experience – is the biggest cause of customer churn. Hence, in order to retain loyalty, banks must strengthen in-branch service so that customers aren’t merely satisfied, but actually delighted. People are the lifeblood of the branch; the level of service and consequently,...