The Indian banking sector is increasingly realizing the importance of effective customer relationship management. Continuous efforts are being made to improve customer relations and reduce customer turnover. This article analyzes the current Indian banking scenario and focuses on customer relations.
The
wheels of change have been set in motion and there is
undoubtedly no turning back. Technology has made great
strides in the banking arena, which makes changes in
the nature of service delivery inevitable. The implication
is that the banks can no longer be complacent. But the
adoption of the most advanced technology alone is not
sufficient for growth. The current environment of increased
competition for the service providers, more options
for the user and more importantly, the increasing knowledge
and awareness of the Indian consumer implies that the
providers of banking services can no longer sit back
and relax. Yes, compared to their Western counterparts,
Indian consumers are by and large passive. But this
does not imply that they can be taken for granted.
Customer
relationships are not a new concept for the banks in
India. Ever since the banks took shape, customers started
developing relationships with their banks. They started
building invisible personalized relationships with people
behind the counter, who unlike today, continued in their
respective seats for a longer period.
Today,
only a few Indian services can match banking in terms
of the sweeping changes. A couple of decades ago, the
Indian banks were a sleepy lot, more known for protected
profits and safety than their response to changing customer
requirements. Branding was insignificant with all nationalized
banks coming under one roof. Look at the banking scenario
today. Liberalization along with globalization and the
vast advances in technology has changed the standardized
stereotype face of the nationalized banks.
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