Customers Relastion1 Coursework Example | Topics and Well Written Essays - 750 words

Customers Relastion1 - Coursework Example The domestic operations are linked to enable their customers access a variety of international products, customized to meet the domestic needs. Its CRM system aims at maximizing convenience for their customers through the provision of round-the-clock banking. It also aims at empowering their customers in a manner that its competitors have not been able to match. HSBC offers a revolutionary e-banking platform besides the conventional banking methods such as teller, ATMs and phone banking. Customers can check balances, pay their bills, make domestic and international transfers and update their personal details with this easy-to-use internet based service. HSBC also conducts a marketing campaign of its business, corporate and institutional product offerings through the e-banking platform. Customers can also purchase certain products such as shares and insurance through the service. Actor’s Strategy Table Actions on Actions for HSBC CUSTOMERS HSBC Objectives: Improve convenience E mpower customers Problems: Technology Customer demands Means: Convenient banking hours Obtain and analyse customer information Constant technology improvement product development CUSTOMERS Demand for additional services More knowledge Objectives: Convenient banking Problems: Busy schedule Means: Seek best service offerings Service/Sale Profile: HSBC HSBC appreciates that a majority of its customers require quick, flexible and convenient services because of their busy schedules. Therefore, it has adopted a customer-oriented approach. For instance, some of its bank branches operate throughout the day and night to offer convenience. The e-banking and phone banking services allow the bank customers to access and transact from their accounts within and outside bank operating hours. The modern banking customer does not only demand for traditional banking services but also for financial advice to achieve their savings, insurance and investment needs. HSBC has already recognized this and th e potential it has for increasing profitability and has embarked on combining such services. It seeks to offer professional training for its staff members in these new aspects. It has also started a promotion campaign that offers product offerings with these integrated services. The CRM system helps the organization to recognize their most profitable customers. The organization then offers them specialised banking services through its HSBC Premier Service. The service guarantees VIP treatment across HSBC’s international network and a dedicated relationship manager or executive team that guide these customers to make financial decisions that suit their needs. HSBC can retrieve customer information that relates to their habits and preferences, and product and services demand from the system. After a thorough analysis of the data, the company can institute reforms such as improving its technology, provide staff training and develop new product offerings to meet the identified cu stomer needs. The online CRM platform has immense benefits in improving the effectiveness in customer service as it captures consolidated customer information that ranges from their accounts, portfolios and performance of their investment portfolios. The online platform significantly reduces administrative workload and makes data collection more efficient. This makes it easy for HSBC to customize their