Ways in which Nigerian Banks can add real value to their customers Many view banks as not marketing driven but rather product or sale driven. Many customers believe that banks get their information on data not to develop any real relationship with them but to sell more products to them. They believe that banks benefit more from the customer relationship, while the customers do not get any real value. Banks are trying to change this customer’s perception by trying to develop real relationship with them where they add real value to customers in the following ways: Creating value-added customer relationship management According to Kotler, “ CRM is the process of carefully managing detailed information about individual customers and all customer” touch points” to maximize customer loyalty”(Kotler and Keller, 2009). This called for banks to adopt different outlook on their customers’ relationship where a customer experience value based on personal relationship that he has with the bank. In some Banks in Nigeria, some high network customers have cash pick up services done to them by their account officers. For example, an account officer picks the cash at end of business day for the customer and deposits it in the bank or gets the cash for the customer and delivers it to the place of business at start of the day. Creating customer portfolio management. Banks keep data on their customers to determine what kind of products that best fits a customer. For example in some Banks, customers who have large deposits and do not wish to use it immediately will be advise to put in fixed deposit where he can earn interest and the bank will have stable funds which can be utilize for bank transactions. In some situations where customers are always withdrawing their money, they will be advise to open a checking account where they will be charge a fee known as commission on turn over (COT) so that the bank can earn income. The bank has to determine customer’s profitability so that it can allocate cost to each customer. This determined which customer is more profitable where resources and time can be allocated to them. The customer relationship can be based on the profitability on the asset value attach to each customer. Relationship management Building a relationship with customer can create cross-setting opportunities. Customers’ relationship may create customer royalty of valuable customers which can make them willing to invest more funds with the bank. Through relationship marketing, customer complain can be address promptly and customer preference can be work upon to create more customer satisfaction. For example there are customers who do not wish to be charge C.O.T on their checking account. The bank came up with a new product for a checking account that is C.O.T free but the customer has to maintain a minimum deposit and if the customer draws down below the minimum deposit, he is then charge the C.O.T. Creating competitive advantage through networking Many banks have to build many branch networks so as to put their physical presence in many market in order to create competitive advantage with respect to customers. Some Banks has brought banking to small time depositors by offering simple procedures, convenient branch network and efficient customer service at little or no cost to the customer. Know your customer (KYC) Knowing your customer well enough brings enhanced service in order to customize services to suit the individual customer needs. It has enable banks to foresee customers’ needs. It has also made the customer to perceive increase value. Wining customer royalty with innovative e-banking Technology By providing customer with tools to ease his banking transactions through the use of internet and ATM machines, it has offer customer greater asses and control over his banking transactions. This enhances value by providing convenience, flexibility and control therefore offsetting the personal effort required of the customer. Royalty schemed Some Banks have develop some royalty schemed towards its customers for example , customers who have maintained a certain balance for a certain period of time will be qualify to win a promo for certain amount of money or an option to travel abroad for a holiday. Some valuable customers are given hand packs, electronic equipments, cow etc during festive seasons. These are ways for the bank to show appreciations to customers who have been with them. Service excellence Staff of the bank are encourage to be friendly and provide excellent service from the guard at the gate to the teller, customers are greeted warmly and wish to have a nice day at the end of their banking transactions. Customers are made to be comfortable at every point in time. Processing and turnaround time should not be more than ten minutes for each customer.
