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The article emphasizes that technology-enabled relationships are only a substitute for the human-enabled relationships. In other words, the success of technology-enabled relationships depends on the basic human relationships, i.e., what we develop with our customers who really matter in our business.
The service sector has been wit nessing a remarkable growth as a result of globalization and liberalization, particularly in India. It has become a `sunrise' sector by generating a higher gross domestic product and a higher level of employment. Today's economy is a `Service Economy' which is otherwise known as `Experience Economy'. It has vast potential to be exploited globally as well as locally, i.e., in India.
This `service potential' has become a `bull's eye', which is being targeted by local as well as global companies. In other words, there is a high core competition among these service-providers on how they can provide a differentiated service from others, how they can best satisfy their customers, and how they can have a long-term, enduring relationship with their customers? Thereby reaping a lifetime value of their customers. As a result of these phenomenal challenges, all the companies are vying with one another to evolve the best strategies to`reach out' and `touch' their customers to maintain quality relationships for their mutual benefit and betterment.
The banks are expected to meet the ever-changing demands and expectations of the customers and hence global bankers provide add-on value services. They also adopt dynamic customer-clinching and retention strategies. Indian Banks need to emulate their foreign counterparts in these respects.
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