Introduction
There are various definitions that would be used to define banks, depending on how different countries perceive these institutions in their own style and culture. Generally, banks are financial institutions having an authorized right from the government to accept various financial deals such as pay interests, deposits, make loans, and clear checks. More importantly, banks act as intermediaries in various matters of finance, apart from providing other numerous financial services to customers.
Banks usually do play a key role in our modern financial world, by ensuring that there is enough money supply to cater for our economical demands. No matter the numerous responsibilities associated with banks, they can simply be defined as corporations or organizations which are empowered to handle both domestic and foreign cash affairs of countries.
Different qualified personnel are required to serve in various banking departments, to ensure that bank services are carried out efficiently and more effectively so as to meet the need of customers (Blinder, 1999).
However, banks need to meet a number of requirements so as to qualify in their mission and objectives to the countries where they belong and also to the customers. This paper explores the improvements and developments which can be made on banking institutions through various key sections which include mission, customer service, internal process, values, employees and IT infrastructure.
Mission
Banks have the mission of ensuring that, whatever role entitled to them as far as financial responsibility is concerned, is carried out appropriately. In that case, it is the responsibility of every banking institution to be accountable their mission by offering all services necessary. Banks value is measured through their financial performance.
Provisions of good services, coupled with effective management of operations are likely to bear excellent financial performance. Another significant approach is by ensuring that all banking services are effectively administered to the customers. These will not only retain customers, but will also serve as ways of attracting even more customers to the facilities. Banking facilities that need to stay ahead in the competitive financial market must come out with improved services to their customers in a manner that befit the organizational mission.
Customer services
Customer service is what matters most in any business including financial institutions. In any type of business, customers would tend to be attracted more in those premises where they are accorded better services than where the quality of services offered to them is less attractive. Banks are ever busy and are characterized by long queues of people waiting to be served in various departments of the facilities everyday. They should concentrate in offering competent services to customers, through excellent customer service practices.
This can be achieved through attributes such as responsiveness, reliability, competence, and excellent communication skills. Bank officers should always be responsive and ready to receive their customers and serve them effectively in all services. They should also manifest competence in their work by trying to give the customers the best services possible.
Approach to customers plays a very significant role in customers’ attraction. In this case, front office employees must exercised good communication skills when approaching customers. Moreover, reliability of customers’ services is also important here; banks should always ensure that all banking services are available.
Internal process
A bank’s internal processes involve all activities that take place inside the organization. These are the forces behind the organizations whose control is under senior banking officers such as the manager and other high-profile personnel in the bank. Banks cannot be expected to perform well while their internal processes are under poor management.
Through effective leadership, banks are capable of administering its services to customers effectively and more efficiently, thus contributing to improvement of services and processes in the facilities. Simply, the internal process of any bank is the most critical sector that should be thought of first, for the organizations’ strategy to make realistic progress and succeed in its mission (Dotchin and Oakland, 1994).
In that case, good management skills should be utilized to bring a positive change in all departments. These can be achieved through strict delegation and supervision of workers. Banks officers in various departments should be accountable in their work to ensure that customers are satisfied in their services.
Failed internal processes will mean failure in other key departments in the organizations and if that happens, it would bear a negative impact to the overall banking services. In this light, it is the responsibility of the bank management to embark on serious transformation processes and strategies that will aid in streamlining their internal activities and processes.
Values, employees and IT infrastructure
The value of services being offered by any financial institution is the key determinant of how people would perceive the facility. One way to improve the value of banking products and services is through development strategies that would involve modification of current services or introduction of better similar services to meet the needs of customers. Banking facilities should always see their employees as key assets in business.
Employees are the face of any business and in that case, they serve as the channel between the facilities and their customers. In this sense, banks should adopt a transformational leadership style that would accord employees a right to take part in crucial matters in the organizations. Some of the key areas that need employee involvement include decision making and problems solving practices whereby employees are given the right to fully participate.
Other ways to improve employees’ performance is by offering training programs and reward systems to deserving workers. Training will equip the workers with new skills and knowledge while reward on performance will increase their morale. This will not only give the employees an insight in management skills, but it will also act as a form of empowerment to them, thus enhancing their commitment and accountability to work.
Services should also be improved to satisfy the demands of customers. One way through which services can be improved is by lowering interest rates for loans. Finally, in this era of transition where technology is the talk of everything, banks should never be left behind in ensuring that their services are tailored to fit into modernity.
There is a need for banks to diversify their access to customers by ensuring that services are brought to the customers through enhanced electronic services such as the internet (Lockett and Littler, 2007). This way, banking services would be made more efficient to customers.
Conclusion
Providing excellent banking facilities to the customers is one thing, while provision of valuable and up-to-standard services is another. Banks could be having a fleet of all the services needed by the customers, but this will not matter a lot if the services are of poor value in the eyes of the customers.
By considering the requirements observed in the above areas of concern, banks can be certain to realize improvements and developments their overall services to customers. The strategies are not only beneficial in attracting big numbers of new customers, but they also play a big role in retaining the customers into the facilities.
The proposed recommendations are focused at improving customer satisfaction in banking services. Satisfaction is what matters most here and customers will always find their way into places where their desired services have been made available to them.
References
Blinder, A. (1999). Central bank credibility: why do we care? How do we build it? New York: National Bureau of Economic Research.
Dotchin, J and Oakland, J. (1994). Total quality management in services: Part 2: Service quality. International Journal of Quality & Reliability Management, 11 (3), 27-42.
Lockett, A. and Littler, D. (2007). The adoption of direct banking services. Journal of Marketing Management, 13 (8), 791-81