Informed customers drive banking sector

Competition forces banks to act according to customer needs.

FAISALABAD: Customer is the real king nowadays for banks because high competition has forced banks to act according to customer needs and wants. In these days, customers are much aware of the products and services and banks need to respond to customer preferences.

These were the views of Habib Metropolitan Bank’s Branch Manager Farooq Ahmad, who was speaking to account holders in a meeting here on Friday to discuss their financial needs.

Ahmad said the banking sector all over the world was facing immense competition and Pakistan was no exception. He pointed out that
attracting a new customer was more costly than retaining the existing one.

He was of the view that every bank tried its best to bring new and retain old customers, but due to increased competition and rapid improvement in technology, customers had quick access to thousands of products and services and these factors affected customer relationship, however, it varied from bank to bank.

He said these variations could help banks to overcome their existing weaknesses to develop better customer loyalty strategies.

He stressed that well-integrated customer relationship management would not be effective until banks recognised the drivers of customer trust, customer perceived value, customer satisfaction, customer switching barriers, customer culture and customer loyalty.

He boasted that Habib Metropolitan Bank worked under all these segments in close coordination with the account holders.

Published in The Express Tribune, March 30^th, 2013.

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