While that may be simply, banks in today’s scenario have to manage a suite of products, which makes consistent quality of service delivery extremely critical. Hence, the measurement of service quality is an important ‘health’ vector for a bank. While we might think this is critical in consumer banking, this is as critical for corporate customers as well. The vectors that one measures and monitors might vary across customer groups but the importance of it does not.
The rural markets are not left behind in service innovation. With the quantum of market share resting in the rural areas, these segments cannot be ignored and hence both the government and banks are taking ample initiatives to cater to the rural segment. Be it biometric ATMs or prepaid cards, now even the rural customer is kept in mind while developing the products to meet his requirement. Truly, banks are coming up with innovative products and services purely with rural customers in mind.
We are seeing that regulators are playing a critical role ensuring customers do get value for money and get delivery as per banks’ promises. At the bank’s level, this is done by creating bodies like a Banking Ombudsman wherein customers can approach in case of mis-sell or delivery issues. This gets the banks to proactively measure service delivery. This is evident on the assets side as well – be it credit cards or home loan offerings to customers.
With the suite of products that banks are offering and the ever increasing competitive environment, the sector is trying to enhance tools to cater to the customer through his life cycle and hence ensuring a larger share of wallet from the customer.
Like I said already, the key to that is banks being innovative, preempting the requirements and offering products, which are better than those in the open market and ensuring smooth delivery. Well, what else could a customer ask for!
Vandana Alagh Khanna, Head – Service Assurance, IndusInd Bank
The rural markets are not left behind in service innovation. With the quantum of market share resting in the rural areas, these segments cannot be ignored and hence both the government and banks are taking ample initiatives to cater to the rural segment. Be it biometric ATMs or prepaid cards, now even the rural customer is kept in mind while developing the products to meet his requirement. Truly, banks are coming up with innovative products and services purely with rural customers in mind.
We are seeing that regulators are playing a critical role ensuring customers do get value for money and get delivery as per banks’ promises. At the bank’s level, this is done by creating bodies like a Banking Ombudsman wherein customers can approach in case of mis-sell or delivery issues. This gets the banks to proactively measure service delivery. This is evident on the assets side as well – be it credit cards or home loan offerings to customers.
With the suite of products that banks are offering and the ever increasing competitive environment, the sector is trying to enhance tools to cater to the customer through his life cycle and hence ensuring a larger share of wallet from the customer.
Like I said already, the key to that is banks being innovative, preempting the requirements and offering products, which are better than those in the open market and ensuring smooth delivery. Well, what else could a customer ask for!
Vandana Alagh Khanna, Head – Service Assurance, IndusInd Bank
For more articles, Click on IIPM Article.
Source : IIPM Editorial, 2010.
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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