Search

15 September, 2021

what do you understand by customer relationship in a financial institution

 The customer relationship  is about the interacting with customer and taking their customer needs and wants.  The companies are slowly learning that there are no traditional customers. Till recently the business are more worried about the “What” rather than “who”.  The companies are more focused on what products and/or services they are selling rather who is buying them. In the 1970’s companies started advertising products on the Televisions and news papers and used to wait the customers to show-up and buy their products.  With baby boomer’s age the competition has increased and consumers have more and more choices for the products. The deregulation has also helped to increase the competition and reduced the cost of products. There is growth of the Automated Teller Machines and Interactive Voice Responders (IVR). However the customers not necessarily satisfied than before. Traditionally the CR has roots in the marketing; however there are several differences between them.