Customer Relationship Management in Bahrain Investment Banking Arena

 The growth of the economy is dependent on the strength of the banking sector. Banks have the mandate of mobilizing resources in terms of savings and lending out for the purpose of investment. In Bahrain, there are numerous banks that offer these services. Due to the global recession, the banking sector requires a lot of innovations to keep it afloat. One of the innovations that have been discovered is the Customer relationship management.

The system embarks on strategies that result into customer loyalty. Competition is healthy at times but the ability to retain the available customers is of great importance to the business. When customers are satisfied, they are likely to remain as partners with the bank for a long time. This paper focuses on how Bahrain Investment Banking has employed this new concept.

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Customer Service Desk

The focus on customers has forced many banks to introduce a customer center that works as a call center. This is a place where the customer can call at any one time and raise the queries that he or she might be having. This has assisted the banking customers to develop reliability on a particular bank that has this offer. After a query has been received, a solution is looked for in the shortest time possible. Some of these banks have this call centers for free.

Immediately the problem has been solved, the customer gets a response in the way that he had chosen during the interaction.  These customer services have taken another shape in that the outlets accepting the visa / credit / debit cards, whichever the case have at least someone who is trained on handling some of the quarries that the customer puts across.

They have some links to the banks that ensure that the query above their ability has been escalated to the bank without the customer being moved from one place to another. At the Automated Teller Machines (ATMs); which are guarded by security officers, the security officers are trained on some basic banking area that they can assist the customers. The policy here is that the customer should be assisted at the point of contact despite the place or the personality concerned.  Machines are becoming user friendly day by day; this includes the language that they adopt. The ATMs are made in such a way that a customer with the least knowledge of banking can interact with them easily.

M- Banking

The latest innovation is the mobile banking.  This is a modern banking facility aimed at assisting those who own mobile phones but find it hard to access the banks.  The customers can authorize certain transactions using the mobile phone. It has assisted customers to enjoy the effectiveness that the banks are aiming at giving and the time and the costs spent in the banking halls are reduced.

The system provides a two way benefit whereby the customer enjoys the automated service sand saves time and the bank requires less and less human resources. The ATMs reduces the cost of operations of the bank. Internet banking is another way that has been developed to enhance convenience in the sector. The use of websites that gives information about the bank has also taken center stage. The target market is the working class who has access to the internet and spends most of their time on the internet. It has even become possible to transact business over the internet (ComScore, Inc.; Customer Experience Takes Center Stage in Online Banking. (2010).

Packages

To reach all the customers (potential ones and maintain the existing ones), the banks are developing various packages that are aimed at the various categories of customers. The latest package is the group lending packages; they are targeted at reaching low earning people who do not have solid securities. Another name of this package is trust lending policy. This is a strategy that targets the population who do not have access to banks. The terms of loan payments have been adjusted; some of the loans have been given a longer time to make the payments more flexible and easier for the customer (Mahmood, 2010).

Banking interaction and collaborations

In attempt to reduce costs and ensure that the customers are well served irrespective of their location, various banks have come together and adjusted their machines for the use of Visa Cards and A.T.M.s from other banks. The customers can access their accounts in a place where there is no bank outlet. Due to this, there is improved customer satisfaction and loyalty.

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