Question
please short answers I need it quickly Case Study: Engagement Activity One of the new private banks tried to analyse its customer base, their banking
please short answers
I need it quickly
Case Study: Engagement Activity
One of the new private banks tried to analyse its customer base, their banking habits and their aspirations. The market research brief was broad enough to include an investigation into customer psychographics, preferences as well as feelings for the bank. The study was restricted to its customers. The research stumbled onto a startling find for the bank on its loyalty factor. This case concentrates on one aspect of the study: Why do customers have a band? Looking from another perspective, the research problem could very well be: why does a bank lose its customers? The implication is that the customers left the bank and migrated to some other service provider.
The first job was to define a customer for the purpose of the study - which was confined to existing customers of the bank's services as well as customers categorized as prospects". Many service products were included in the study, but we will deal only with the savings accounts. The acquired customers were either walk-in or through personal selling by direct sales agents or bank personnel. A lost customer was defined as one who had stopped making any transactions for over a year, one who had closed his account, or a prospect who did not finally agree to open an account.
An analysis on the customers it lost, and the underlying reasons thereof, makes interesting reading
Reasons for losing its customers Lost customer (%)
- Customer did not understand the message 5 %
- Customer felt the bank personnel were rude 12 %
- Customer was dissatisfied with the bank and its products 18 %
- There were no follow ups from the banking pursuing the customer 65 %
Many customers (for various reasons) had changed their residences and finding no other branch, or ATMs in the vicinity and due to inconvenience in going all the way to their earlier bankers, had opted to discontinue with the bank.
QUESTION
What indications do the above findings give to the service provider? What is the importance of the people factor in services?
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