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| Retail Banking Sector Office in Muscat |
RETAIL BANKING
Retail banking has also faced challenges in the matter of measuring abstract and quantifiable indicators. Performance metrics in retail banking can be done using KPI. The retail bank KPI can be utilized to measure the progress of a certain organization belonging to the retail banking industry. This measure is intended to help retail banks improve their progress towards the achievement of their organizational goals. The KPI in retail banking may include the factors that have links to the performance of a retail bank.
There are few things where the retail banking services can improved:
Improved Online Banking: Even though most Banker preer in physical branches, online banking is gaining ground.
24 Hour Customer Service: Your call center does'nt have to be available to speak with customers 24hrs a day and likely people won't be calling at three in the morining. But, having customer service available to text with instant chat has proven highly successful.
Waiting Times: Long lines and waiting times can really put a bad taste in customer's mouths. If you can afford to have a floater persons who is availabe to help customers during busy periods, you can quickly satisfy a lot of people in a hurry.
Quick Phone Options to speak with a Live Person: It is more convenient for many people to seek phone banking, but there isa high percentate of complaints from people wanting to bank with a live person, not an automated machine. Allowing people the option to quickly talk to a live person, verses listening to a listing of other options, is high on the list of people who choose to bank online
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| Growth in Retail Banking |
Knowledgeable Staff: Having a trained and knowledgeable staff helps everyone and saves time.
Focussing on your Bank's strengths: If going hi-tech or even haveing a 24 hr customer service line is not in your bank's cards this year, focus on your bank's strengths. If you are one of two banks in your neighbourhood,no doubt, customer service is what you should focuson. Community oriented banks can often flexiblility in banking because they know the community and the local economy on closer level.
There may be several KPI to measure the retail bank's performance. However, it is important to keep the number of KPI to a minimum and to choose KPI's that have direct attributes to its performance.Banks need to improve their in-branch 'ambiance' if they are to attract customers in off the High Street, according to a recent study by Mood Media Corporation leader in the field of digital signage. For banks, the risk behind the migration to online banking is that sales of financial services - everything from savings and loans products to brokerage and insurance services - will fall as customers lose contact with retail banking staff.