Enhancing customer service in Commercial Banks in India using the Balanced Scorecard technique

Abstract

In today’s competitive environment, customer satisfaction has become a cornerstone for gauging bank performance and profitability. The banking environment is becoming more and more competitive and banks are striving to bring about a competitive edge in their marketing efforts to surge ahead in competition. The customer has become an important source of business and profits for the banks. In order to remain competitive and profitable, banks are making efforts to increase their customer base by developing strong relationships with their customers and by offering efficient services. Business processes are important because they have a great impact on customer satisfaction. The study concludes that focusing on process improvements will help the bank to maintain a competitive edge in the market by satisfying the customer needs efficiently. Improvements in the quality of product, innovations in products and sound risk management and compliance procedures will add to the satisfaction levels of the customer.