Businesses today are constantly looking for ways to achieve competitive advantage. Customers are the most important assets of any business. However, applying some management resources to improve the customers' experience and maximize the profit potential of that asset— are most important. Many companies in India are now adopting Quality Function Deployment (QFD), Customer Relationship Management (CRM), etc., where the customer occupies an important place. In an economy of converging technologies, morphing markets and Web-based communications, customers have access to an unprecedented amount of information irrespective of place and time. In response, a host of new financial products and services has emerged to serve these customers. In a competitive environment, an idea that is likely to succeed is the customer-centric model, where an organization builds long-term strategic relationships with its customers.
Banking institutions today face several challenges like global competition for deposits, loans and underwriting fees, increasing customer demands, shrinking profit margins, the need to cope with new technologies, etc. |
