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Banks and the Global Economy

Banks, like most businesses in today's "global economy" are faced with a customer community that has before it many choices with respect to how it can choose to conduct its banking business and relationships. Technology leverage is utilized by the banking industry to help in the achievement of competitive advantage. As such, banks invest heavily in information technology such that their customers can enjoy a "value-added" experience as well as "cutting-edge" service ("DBS and virtual banking," 2003).

Customers whether individuals or businesses, view banks as providers of a unique service. As such, creating an environment that incorporates and practices a "sense of caring" will always be an important element in the banking environment.

Given the myriad of choices available to consumers today, the issue of customer service and customer management is probably more important than ever before. Customer service quality implies consistently anticipating and satisfying the needs and wants of the customer.

Today, the following perceptions and needs exist within the customer community (Herbig, 1997) as it applies to the banking community:

Bank service quality is deteriorating.

There is an increased demand for "add-on" value to the service(s) provided by the bank.

There are greater expectations for services that are "customized" for the specific company and/or individual.

There is a stronger need for "one-stop" service.

A growing desire for high-tech as well as high-touch.

Consequently banks are forced to reformulate their operating procedures, policies and processes to better support their customer base. International banking service only serves to intensify the above.

Different cultures view the specifics of their banking needs differently as compared to other cultures. In the former Soviet Union, for example, the Russian banks are still controlled for the most part by the state. Canadian banks provid...

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Banks and the Global Economy. (1969, December 31). In LotsofEssays.com. Retrieved 07:40, March 28, 2024, from https://www.lotsofessays.com/viewpaper/1688966.html