Gulf Cooperation Council banks have begun to feel the heat of competitive pressure from foreign banks that are trying to exploit the potential investment prospects in this market by riding on their vast experience and proven consumer-friendly services. In such a scenario, the banks have nothing to blame but their laid-back approach and less-than-stellar commitment to customer service, leading to lower satisfaction and higher churn. Already reeling from the recent economic downturn, defection of dissatisfied customers may well be the last nail in their coffin. So how to save the day? Committed investments in CRM technology may just do the trick.
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Customer Service in GCC Retail Banks Is a World Apart
Posted by: Nitin Lehri & Manveer Aulakh March 29, 2011 05:00 AMGulf Cooperation Council banks have begun to feel the heat of competitive pressure from foreign banks that are trying to exploit the potential investment prospects in this market by riding on their vast experience and proven consumer-friendly services. In such a scenario, the banks have nothing to blame but their laid-back approach and less-than-stellar commitment to customer service, leading to lower satisfaction and higher churn. Already reeling from the recent economic downturn, defection of dissatisfied customers may well be the last nail in their coffin. So how to save the day? Committed investments in CRM technology may just do the trick.