Banks and their customers

From page 12

But there are other things that bother customers in their relationships with banks. Recently, there have been complaints about efficiency, service dependability and accountability. A number of cases have emerged where individuals are finding discrepancies in their accounts that banks cannot justify. Taking an entire half day off work to get a single minor transaction completed irritates many. In addition, going to one branch to be told of one internal problem and being sent to another branch to only find the information initially dispersed was incorrect is discouraging to many customers.

Such a breakdown in the lines of communication costs customers valuable time. Also, having to wait and follow up for information that was promised to be sent in a timely manner is annoying to many customers.

Apps

When customers look around for reasons for the apparent insensitivity, they often come up with the lack of competition. They think that they are being taken for granted and the lack of competition is causing many commercial banks to do as they please in a near oligopolistic market.

The bank machines available at supermarkets and stores malfunction and create much inconvenience when attempting to complete payment with their bank card. Another reason is insufficient process and product innovation. For some customers, the lack of apps to conduct transactions from wherever they are has become frustrating. Today’s customers want convenience. Being able to transfer funds and pay bills from the comfort of their home can make a big difference in the relationship between banks and their customers.