NEW APPROACHES IN THE RETAIL BANKING SYSTEM FOR CREATING LONG TERM LOYALTY RELATIONSHIPS WITH CUSTOMERS: CASE STUDY ON THE ROMANIAN MARKET

Elena Lidia Melnic ()
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Elena Lidia Melnic: Transilvania University of Brasov, Romania

Eurasian Journal of Business and Management, 2016, vol. 4, issue 3, 49-64

Abstract: With the rise of digital technologies, increasingly informed consumers expect banks to do more than connect with them, more than satisfy them and even more than delight them. They expect banks to listen and respond to them, with personalized offers, overdrawing their expectations. Consumers have access to online reviews, compare products and can move very quickly from one partner to another, being more demanding and more prepared than ever to appreciate the offer of financial services. However, only an attractive offer of banks is not the key to success today if is not supported by a superior service culture, that can make notable differentiation in the market as a competitive advantage. In order to highlight the new approach of superior service culture in the Retail Banking System I chose to make a qualitative research on the Romanian market since Romania is one of the most attractive destinations for the investors in the banking system considering the growth prospects of attracting European funds and financial intermediation. Through this analysis I present the customers’ expectations nowadays and how successful Banks carefully cultivate customer satisfaction and loyalty.

Keywords: Customer Service; Net Promoter Score; Service Quality Index; Customer Satisfaction; Banking (search for similar items in EconPapers)
Date: 2016
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