Improve the bank services in Pakistan

bank servicesWe have often witnessed consumers cribbing over the bank services available in Pakistan. However, we have yet to gather any solid feedback from banks on measures to improve the bank services. For this purpose, we have analyzed the industry and the bank services closely and present the following areas which need improvement.

  1. Dedicated relationship managers focused on customer needs and bank services rather than pressing for sales targets. This will lead to higher resolution of customer queries and a greater level of satisfaction with the bank services available.
  2. Improvement in branch infrastructures to create a better banking experience for consumers. Most branches are still maintaining an orthodox outlook with old furniture and shabby interiors. To improve the bank services provided to their clientele, banks should invest in the infrastructure of their branches to maintain a fresh and forward-looking outlook.
  3. Improvement in Internet Banking services to provide the comfort of banking from home or office. This should include addition of value services such as information updates, customer queries and greater options for payments and fund transfers. Although internet banking has gained momentum in Pakistan, we feel that it has yet to reach its true potential to serve as an epitome of quality bank services in the industry.
  4. Greater clarity on banking regulations and requirements to remove the hassle of delays in everyday transactions. This is the major reason for customer complaints and dissatisfaction. The ignorance of banking requirements and procedures creates discomfort and agitation amongst customers. Bank staff should clearly guide their clientele about the regulations to improve the bank services in Pakistan.

Although most consumers face specific problems and issues with their banks, we, at MyBankersOnline, feel that to improve the bank services, institutions should focus on the aforementioned areas. Basic improvements in the entire infrastructure and functioning of the bank and its staff can lead to better quality bank services and satisfying customer experience for their clientele.

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2 thoughts on “Improve the bank services in Pakistan

  1. Syed Ali Naqvi May 3, 2014 at 1:47 am - Reply

    Some suggestions

    1) Reference to point 3, a lot of banks in Pakistan already have very good internet banking services. The need is to educate the customer more and more and divert them & make them comfortable to using these alternative distribution channels.

    2) Credit cards are usually sold by contractual employees at branches who are nowhere to be seen once the credit form has been filled whereas the branch relationship managers, who are the face of the bank for any walk in individual customer, are not able to provide after sales services to these creditcard holders because it does not fall under their expertise and customers are expected to use phone banking or customer service help who are often not as helpful. Despite being a lower revenue product compared to other retail/corporate products, the number of creditcard holders for a bank is huge and not obtaining good services tends to create an impression in their minds about the bank as a whole which in turn can be negative for the bank as a whole as well. Maybe branch can be given training to handle these issues as well. This might be somewhat similar to point 1, where the focus of branch employees to put in month end sales numbers rather than providing after sales services

    3) With reference to point 4, I would put the onus of this on on the customers to understand for Godsake that CNIC colored copy is not the same as Original CNIC. The colored copy is not an acceptable alternative at any bank. Just accept that and deal with it.

  2. In Pakistan’s most banks, Branch Managers are considered as a sales person and all operational staff comes under their authority. With reference to point 4, Not only bank’s staff needs to be competent but it is very important for Branch Managers as well to stay on the page with operational staff. Because, if Branch Managers asks/orders the operational staff (under the pressure of customer switching account to other bank, or any other pressure) to skip some legal document then this not only breaches Internal Audit policies of the bank but also gives confidence to customers that they can ask BM to skip for the legal documentation any time they want.

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