Improving Customer Services in Banking Industry
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Project on Management Information Systems Topic: Improving Customer Relations and Growth in the Banking Industry using MIS.
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Rediscounting bills
(1) Rediscounting is when a bank discounts commercial bills it holds with another financial institution like the RBI to obtain liquidity. The RBI introduced the Bills Rediscounting Scheme in 1970 to encourage more disciplined bank lending and provide liquidity.
(2) Under the scheme, eligible commercial banks can rediscount trade bills of up to 90 days tenor accepted by licensed banks with the RBI. The objectives are to encourage disciplined credit use and provide banking system liquidity for genuine trade transactions.
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Youtube Video Link - https://youtu.be/XUVhuqlg6G0
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This document outlines 4 types of salespeople:
1. Order takers who book customer orders but do not persuade customers, including inside order-takers like retail assistants, outside order-takers who visit customers, and delivery salespeople.
2. Order-creators/missionary salespeople who disseminate product information and build goodwill rather than taking direct orders.
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Youtube Video Link - https://youtu.be/XUVhuqlg6G0
This tends to cover the basics of cash management in terms of its meaning, objectives, functions and tools explained in simple manner. ( cash management, motives for holding cash, objectives of cash management, cash budget, cash flow statement).
Follow DevTech Finance on :-
Instagram - https://www.instagram.com/devtechfinance/
LinkedIn - https://www.linkedin.com/company/devtech-finance
Facebook - https://www.facebook.com/devtechfinance/
Slideshare - https://www.slideshare.net/NishaNandani
Thank You For Watching
Please Subscribe To DevTech Finance
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The document discusses bank marketing in India. It begins with defining key terms like banks, the financial system, and the origins of the word "bank." It then discusses the evolution of marketing concepts in banking and how marketing helps banks achieve objectives. It also covers topics like market research, competition in banking, applying marketing concepts to banks, and the meaning of bank marketing. Finally, it provides examples of market research studies conducted by various Indian banks.
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Customer Centricity in Banking
Strategic plans for banks and credit unions are replete with references to their superior customer- or member-centricity. Nearly every financial institution says their competitive edge is their customer service. However, when everyone competes on the same thing – and they all claim to be the best – then the only logical conclusion is the vast majority are clearly wrong.
A large majority of banks claim they are customer-centric, even while competing with product-centric business strategies like focusing on rates and fees. Far too many banks today fail to define what customer centricity means, nor do they organize their business strategies around what customers truly want, even developing products or services customers have voiced little demand for.
When it comes to adjusting their strategy, banks have only a handful of options. They can revisit their strategy and define it differently to reflect a product-centric approach – i.e., lowest cost, unique or specialized products, etc. – or they could double-down on customer centricity and practice what they preach. Assuming they are insistent on customer centricity, what should banks do?
Definition of Customer-Centricity
First, we need to level-set with a definition of customer-centricity. According to Forbes, customer-centricity is:
“The ability of people in an organization to understand customers’ situations, perceptions and expectations. The customer should be at the center of all decisions related to delivering products, services and experiences to create customer satisfaction, loyalty and advocacy.”
Customer-centric organizations understand every facet of their customers. Many banks and credit unions measure customer satisfaction just once a year and have call center reports detailing complaints and use that limited analysis to say they understand the customer. Or, worse yet, banking executives often say they know the customers’ needs because they are a customer. There are also variations of, “I know the customer because I’m in the community,” or, “I understand millennials because my children are millennials.”
A true customer-centric organization holds the customer as the single most important point when making decisions that will affect the customer. Most publicly-traded organizations are likely to fail this test as revenue, income, cost or overall financial impact most often trump customer needs or wants. Similar attitudes abound in privately-held organizations and even credit unions, which are member owned.
If the first question when presenting a business case to the executive team isn’t “How will this affect our customers?” then the organization is not likely to be customer centric.
Characteristics of a Customer-Centric Organization
Merely saying that an organization is customer-centric and having a pithy tagline doesn’t make an organization so. Organizations that are customer-centric exhibit the following characteristics:
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- 1. MIS TO IMPROVE CUSTOMER SERVICES AND GROWTH IN THE BANKING INDUSTRY MANISH PRIYADARSHI BBA/40513/21 YUVRAJ SETH BBA/40524/21 OM KUMAR DUBEY BBA/40525/21 ADITYA GUPTA BBA/40526/21 ADITYA CHAWLA BBA/40528/21
- 2. DEFINITION OF MIS ● MIS stand for Management Information system ● Collect information form the market and customer . ● Do the proper analysis of it. ● And then provide it to the top level management of organisation. ● Types of MIS: CRM( Customer relationship management) SCM ( supply chain management) KMS( knowledge management system) EMS ( enterprise management system)
- 3. PURPOSE OF STUDY ● To examine the possible impact of MIS in banking ● Finding out the areas of improvement
- 4. SCOPE OF STUDY ● It is limited to commercial banks
- 5. SIGNIFICANCE OF STUDY ● Outcome of study is to create the much awareness. ● To improve the performance and effectiveness of banking. ● Management of intercontinental bank take advantage of suggestions and recommendation. ● To embrace the utilization of MIS for proper planning, decision making. ● Bank should computerized its operations in other areas such as : a. Computer network. b. Online information. c. Electronic banking and fund transfer services.
- 6. FINDINGS OF THE STUDY Customer data management •This can enable banks to provide personalized services to customers, such as customized financial products, targeted marketing. Service quality tracking •This can enable banks to identify areas for improvement and take proactive measures to enhance service quality Real-time data analysis •This can enable banks to offer more relevant and valuable services to customers, enhancing their overall experience
- 7. FINDINGS OF THE STUDY Online banking •This can provide customers with more flexibility and convenience, enhancing their overall satisfaction with the bank. Efficient communication •This can enable banks to provide timely and effective support to customers, enhancing their overall experience. Increased Revenue •By providing better customer service, improving efficiency, and making better decisions, results in increased revenue.
- 8. BANKING BEFORE CBS Banking functions were performed manually. Some of the prominent functions are:- ● Cash Deposit ● Cash Withdrawal ● Interest Calculation ● Loan Processing ● No Non-home transactions ● Investment in Bank deposits
- 9. ADVANTAGES CBS have the following advantages- ● Cost effective ● Convenience and speed ● Accountability ● SOPs in Place ● 24/7 banking
- 10. DISADVANTAGES No technology is flawless and so is CBS. Some of the imperative drawbacks of CBS are as follows: ● Technology reliant ● Rigid ● Expensive ● Need for cyber resilience ● High maintenance ● Impersonal
- 11. CONCLUSION Based on analysis, MIS can be a powerful tool for the banking industry. PROS ● Data Analysis ● CRM ● Chatbots ● Mobile/Net Banking SUGGESTIONS • Training and Development • Robust Security • Back-up • Optimising Virtual Assistants and Chatbots • Educating Customers • Taking Customer Feedback CONS ● Cost & Complexity ● Dependency ● Security Issues ● Resistance to Change
- 12. THANK YOU! In short, a good MIS leads to: Customer 😄 Growth 📈