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Short note on customer relationship management
Importance of customer service to customers
Importance of customer service to customers
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Recommended: Short note on customer relationship management
“Life’s about more than money for starters, we know our customers are people, not just an account numbers or business portfolios. Therefore, the National Australian Bank want to make you feel valued and supported. And do what we can to make things easy as possible. With products, services, insights and ideas to help you live the life you want. Were good with money, but were more than that were good with people too?”
Have you heard of that saying “the customer is always right” it’s a famous slogan? The underlying truth behind this statement is recognizing that customers are the life blood for any business. Understanding the importance of good customer service is essential for a healthy business in creating new customers, keeping loyal customers,
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Firstly, what does a customers need from a bank? According to the World Economic Forum article, Banks are vital to the products and services they provide and the way that they sit between borrowers and lenders, bridging short-term deposits and long-term borrowing. this means as the world changes and people’s habits change with it, banks have to adapt their products to meet the needs of their customers wherever they are, and however they chose to transact. Secondly Why would people invest their money? Andrew Hagger American Chamber of Commerce quotes the National Australian Bank believes their role should be to help Australians feel in control of their money. “Mr Hagger believes there are three things the National Australian Bank needs to fulfill their role as a bank these include: build trust and confidence with the community, make their customers understand their finances and interact with their money as easy as possible, and thirdly NAB must be personal and supportive of their customers. So the role is to support the enablement process and make it as personal as possible because NAB want to be good with people as they are with money.” Lastly, what would cause a customer to move from a particular bank? people move from a particular bank for a number of reasons it might be because the customer might not be happy with the customer service the …show more content…
therefore, how do you deal with Customer Complaints and Unhappy Customers. these include: reassure the customer, the first and important thing to do is reassure your customer that your listening. An example of reassuring statement “Calling us was the right thing to do” “I’ll let you explain the situation first, and then we’ll find you a solution”, show empathy is important, so it can help to show that anyone would feel the same under these circumstances. Example of this includes “I know how frustrating it can be – let’s see how I can help you”, keep it factual, and offer solutions to fix the problem. But most importantly remember try not to take it personal your aim should always be customer
Carl Sewell’s book “Customers for Life” is devoted to teaching the businessperson of today ways in which they can turn one-time buyers into customers for life. He states that every customer has the ability to be worth 332,000 dollars to your business if you can keep them for life. Mr. Sewell is the number selling luxury automobile dealer in the country. He started from the bottom and manipulated his automobile business into a 250,000,000-dollar business. In his book he explains the things that he has found to work for his business in great detail so that you may also apply them to your business. The entire book revolves around these 10 commandments to customer service:
...Bank’s Chairman set-forth guidelines to be met for the new focus of the division. Part of the plan involves reaching out to employees and steering new behaviors towards the new visions is clearly a good way towards opening the lines of communication between staff and customers. Also, rewarding employees fairly and equitably will help aid NOC in their redesign efforts. As outlined throughout the paper NCO has their work cut-out for them, but the plan highlights on the major areas that need revamping.
In the 1980’s new services were introduced as technology advanced such as telephone banking and the Switch debit card which extended the use of the electronic transfer of money to the point of sale. The Organisation also moved into more markets with inception of National Westminster Home Loans and the Small Business Unit in 1980 and 1982 respectively. However the recession and changing financial services environment of the 1990’s forced the bank to withdraw from many markets and refocus its activities, adopting the name NatWest. The apparent limitations with which the bank found i... ... middle of paper ... ...
Customer service is valued as a competitive tool by many organisations. It gives you the ability to gain customer loyalty while meeting the customer’s expectations. Staff will have many skills and knowledge that will provide a competitive edge. Most organisations are known for the quality of their customer service. This means that they are known for good customer service or poor customer service. However, being known for good customer service will attract customers. It will also attract customers who are usually hard to reach.
Initially the bank’s core banking system was product oriented, but the need of the hour was to develop a customer oriented system, because the challenge is to build customer loyalty, cross sell, and enhance repeat business.
Close to the Customer: Customer satisfaction is very important throughout all the roles that the business plays. Many companies forget about their customers, whereas successful companies have an obsession with their customers. Excellent product quality and reliability will make a satisfied customer. Great service will keep the customer coming back.
Providing great customer service and having the ability to retain customers require consistency in delivering the anticipated services. Customer service encompasses having the ability to provide a service or product to customers by means in which it was promised. However, there are times when unforeseen circumstances may occur, resulting in customer service breakdowns. Understanding the effectiveness of customer service relations provides the assurance needed to handle complicated service related issues. A well qualified customer service representative has the acquired skill to effectively defuse a potentially damaging service related matter. Service recovery influences customer retention and improves customer satisfaction.
Complaints are a good form of feedback. They're a few steps to follow in handling difficult situations. The first is to Focus and listen to the customer. The next is to be courteous and discreet, if possible take the customer away from others. Then suggest way(s) to fix the problem, if nothing can be done thank the customer for bring the problem to your attention. If you can't fix the problem go to somebody who can but stay there to make sure the problem is resolved. Then find the solution and implement it, then check the customer is happy and re-thank them for bring the problem to your attention. Last off all record the situation in your establishments logbooks.
It's very well known that a companies success is not only dependant on the possession of a good product or service, but the key aspect to a successful business is excellent customer service. As the market grows, now more then ever companies are emerging, they are offering very similar types of products and services. Successful customer service can be a way a business becomes original and unique, it can be the key to attracting and maintaining loyal customers. Good customer service can start-up a business while bad customer service can harm a company. An average customer that experiences an issue will complaint to 9-10 people about the problem. A customer that received support to their problem and a potential solution will tell at least five
There are many skills and techniques to learn before a business can have excellent customer service. If you are not putting the customer first and putting all else aside, it will show and slowly you will lose business. Learning how to speak positively, exhibit inviting body language, and listen actively are just a few of the skills that need to be taught to all employees that deal with customers. By providing adequate training and using that knowledge to the best of your ability, you can have the best customer relationships and a loyal following that could open new doors for new customers or even new stores. Giving outstanding customer service is a requirement if you want to keep your business open and prospering.
Excellent customer service is hugely important as the type of service you provide lies at the heart of your referral pipeline, which plays a significant role in keeping you afloat in this business. Agents who provide great customer service with clients build bond that leads to long term relationship or even friendship. So how do you provide excellent customer service to your clients? There are several aspects that are to be considered such as:
Customer service is constantly evolving. A few decades ago, businesses considered customer service an unnecessary expense. Now, companies view it as a competitive advantage in the marketplace. Research reveals that “80% of CEOs believe they deliver a superior customer experience, but only 8% of their customers agree”.
“Customer service is the experience we deliver to our customer. It’s the promise we keep to the customer. It’s how we follow through for the customer. It’s how we make them feel when they do business with us. -Shep Hyken”. (Morris). Most people know that there is inadequate customer service and excellent customer service. What separates the two? The way you take care of your customers is what will separate the two. If one has attitude and treats the customers in a way that they do not matter most likely they will not come back to the company one works for. Therefore, the company is losing sales. One main
Communication modern technological tools that have been enhanced by Information Technology are having an impact on changing the very structure and communication of banking. That is, clients are enabled to make their banking transactions whenever and wherever they want. Bank clients, by just logging on their online account, can transfer any amount of money from their account to any other account, check their last processed banking transactions and apply for loans and other banking services. According to Keyes ( 2000, p.591) 'electronic checks provide consumers with the benefits of convenience and safety while allowing billers to maintain their existing depository relationships with their banks'. Further, e-mails has enabled bank employees to notify their customers of any new enhanced bankin...
One of the reasons why banks adopted this new system, was the ‘boom’ in online shopping and the need for an online payment platform. For the bank themselves, online banking reduces customer service staffing levels, as well as improving speed and flexibility of business transactions. (Shih and Fang, 2004)