Private banks at high risk of losing customers: IBM study


NEW DELHI: Private sector banks in India are at a greater risk of losing their customers on account of non-satisfactory services as compared to public sector banks, says a study by technology giant IBM.

Conducted by research firm IDC, the study titled ‘Understanding the Indian Retail Banking Customer’ says push marketing is fast becoming obsolete and the thrust should be on creating brand advocates.

“An interesting finding describes that while multi-banking is picking up — reflecting customers’ desire to diversify deposits and associated risks — private sector banks are at a higher risk of losing their customers to others as compared to PSU banks due to non-satisfactory customer services,” it said.

Ensuring quality experience is critical for customer acquisition and retention, it added.

SOURCE: http://economictimes.indiatimes.com/
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