In the fiercely competitive banking landscape, customer centricity has become paramount.
Attracting and retaining customers requires a deep understanding of their needs, preferences,
and behaviors. This involves delivering exceptional value, building strong relationships, and
providing outstanding service.
Defining Customer Value and Satisfaction
Customer Value: Perceived benefits received by a customer relative to the costs
incurred. It encompasses functional, emotional, and social benefits.
Customer Satisfaction: The overall evaluation of a product or service based on
whether it meets or exceeds customer expectations. Satisfied customers are more
likely to be loyal and repeat business.
Factors Influencing Consumer Behavior in Banking
Psychological Factors: Motivation, perception, learning, attitudes, lifestyle.
Social Factors: Family, reference groups, social class, culture.
Personal Factors: Age, occupation, lifestyle, economic situation.
Technological Factors: Online banking, mobile banking, digital payments.
Economic Factors: Interest rates, inflation, economic growth.
Relationship Marketing and Attracting Customers
Focus on building long-term relationships with customers.
Personalized communication and tailored offers.
Loyalty programs and rewards.
Customer relationship management (CRM) systems.
Strong brand image and reputation.
Customer Relationship Management (CRM)
Collecting and analyzing customer data.
Personalizing customer interactions.
Improving customer service.
Identifying and addressing customer needs.
Increasing customer loyalty and retention.
Retaining Customers Through Quality, Service, and Values
Delivering consistent and high-quality service.
Building trust and credibility.
Emphasizing ethical and responsible banking practices.
Providing personalized service and attention.
Resolving customer issues promptly and effectively.
Delivering Customer Value and Satisfaction
Understanding customer needs and expectations.
Exceeding customer expectations through innovative products and services.
Providing competitive pricing and value-added services.
Ensuring customer satisfaction at every touchpoint.
Image as a Managed Perception
Building a strong and positive brand image.
Communicating the bank's values and mission effectively.
Managing online reputation and customer reviews.
Creating a consistent brand experience across all channels.
Fulfilling Promises: Internal and Interactive Marketing
Internal Marketing: Motivating and empowering employees to deliver exceptional
customer service.
Interactive Marketing: Engaging customers through social media, online platforms,
and mobile apps.
Personalized communication and targeted campaigns.
Building a strong online presence and social media following.
Customer Service and Customer Care
Providing prompt and efficient customer support.
Resolving customer issues effectively and empathetically.
Offering multiple channels for customer support (phone, email, chat, social
media).
Training employees to provide excellent customer service.
Bank Marketing: Future Challenges in Attracting and Retaining Customers
Digital disruption and technological advancements.
Changing customer expectations and preferences.
Increased competition from fintech companies.
Data privacy and security concerns.
Maintaining customer trust and loyalty in a digital age.
