Portal : Hindu Business Line
Headline : How smiles grow a bank’s accounts
Date :08 April 2016
Edition : Print & Online
Assessing customer satisfaction with objective tools will help banking players to drive growth
The Indian banking system is generally well-regarded globally. It has successfully braved a number of global economic slowdowns over the last few decades, has a mature and respected regulator in the Reserve Bank of India (RBI), a good mix of banking spread and competition amongst a number of public, private and foreign banks in operation.
But there is always considerable discussion and ongoing debate on adequacy of population coverage of banking products and services financial inclusion) and the quality of banking services delivered, pointing to a need to strengthen banking infrastructure (including its penetration, NPA levels, capital adequacy and technology) and the quality of banking services in India.
On customer service, the RBI’s approach focuses on driving protection of consumer rights and enhancing the quality of customer education, service and grievance redress. A walk-through of bank premises and websites of different banks indicates communication publicising the same.
However, even a cursory scan of customer feedback and complaint forums indicates that there is opportunity to improve the service levels being delivered on the ground in many banks.