Banking reforms and its impact on customer service

Development of the economy and occupational structure are close related to each other and economic progress is closely associated with certain distinct necessary and predictable changes in the occupational structure. Finance occupies a major place in the economy and financial instruments are an important tool for it. This paper concentrates on the need for establishment of banks along with the various reforms that have taken place in the banking sector for the betterment of the customers.

Indian banks have now realized that it no longer pays to have transaction based operating. This has shifted their focus from operational services to customer centric services. Today they are looking at newer ways to make a customer's banking experience more convenient and effective. This can be done by using new technology, tools and techniques to identify customer needs and then offering products to match them. In the financial world, product superiority does not last long as it is relatively easy to copy products. So the real strength comes from operational excellence and understanding the customer and developing rapport with them.