Customer Service Strategies in Financial Retailing

This article aims to help bankers and managers of financial institutions to understand the importance of customer service. It shows that poor customer service is a cancer and that service quality is now more important than the “4Ps” of the marketing mix. Four steps of a customer service strategy are outlined: establish commitment to the key components of customer service; identify relative importance of service components to customers; identify market segments by service requirements; design customer service policies.