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In recent years retail banking has evolved into a higher standard providing better facilities of financial services to their customers How well has retail banking responded to the demands of its customers for more and better services As the banking environment has changed competition arises between retail banks racing against each other to the top and finding more ways to differ their image from others However when their response are not accepted by their customers this result in a fall in their services There are significant ways in which poor customer service affects the performance of a bank One of the most common reactions to poor services is that customers switch banks Poor services may actually drive customers out of the banking industry altogether The banks reputation and image can be damaged severely when it does not deliver the adequate level of customer service expected by its market Improved service quality can affect profitability through improve image increase sales of liability and asset products and a significant lower reliance on price competition It can affect the cost side as well where operations do not have to be repeated and less employee time is spent in nonproductive corrective activities while more can be devoted to productive operations For instance The HBOS Retail Bank has the largest customer base and broadest distributions reach of any UK financial institution because they are developing the friendliest and best motivated banking workforce in the UK Nearly all of the 32000 colleagues within the Retail Bank receive share options and all receive bonuses paid according to the performance of their individual branch They also increase their credit quality by targeting both growth and asset quality and have seen a further improvement over the past years HBOS Retail Bank also provides quality services to their customers by continue to invest in delivering exceptional service to our customers One of their successes is also their cost as they are fully committed to running
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