Ing Direct: Success Due to Customer Service

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“ATHITI DEBO BHAWA”. This is a treatment to the customers according to the eastern culture which means that the Customers are the GODS for any business. A happy customer is a happy marketeer. In this report, we look into the aspects of customer satisfaction in ING Bank which does not provide many outlets for retail banking but provides efficient customer services through its experienced workforce. ING DIRECT began operating in Australia in 1999. By doing business online, over the phone and through intermediaries, ING DIRECT keeps it overheads low and passes the savings onto customers in the form of competitive rates. Today, it has grown to become Australia’s fifth largest retail bank with $21 billion in deposits and more than $37 billion in loans (Media release, 2009). According to the recent survey conducted by Nielsen Financial Services Monitor in 2009, ING DIRECT customers are the most satisfied of any bank in Australia. 76% of ING DIRECT’s 1.4 million customers are satisfied with the bank. ING DIRECT also has the highest percentage of customers of any bank (73%) who would recommend the bank to family and friends (Media release, 2009). WHAT IS CUSTOMER SATISFACTION?

Customer satisfaction is the customer’s conscious evaluation of a product or service feature, or of the product or service itself (Kotler, Brown, Burton, Armstrong, Deans, 2010, p35). Customer Service can be defined as “the extent to which a product’s perceived performance matches a buyer’s expectations. If the product’s performance falls short of expectations, the buyer is dissatisfied, if performance matches or exceeds expectations, the buyer is satisfied or delighted” (Kotler et al, 2010, p35). Customer satisfaction is an ambiguous and abstract concept and the actual expression of the state of satisfaction will vary from person to person and product/service to product/service. The state of satisfaction depends on a number of both psychological and physical variables that correlate with satisfaction behaviours such as return and recommend rate. There are number of factors those influence customer satisfaction judgements. The factors are past experiences, the information and promises made by marketing organisations and their competitors, and what seems like fair value (Kotler et al, 2010, p35). IMPORTANCE OF CUSTOMER SATISFACTION

There was a time when customers were less critical and vocal if not totally satisfied when dealing with a business. This is not the case today. Today, customers are becoming increasingly more demanding, less tolerant and very critical when not having their expectations met. Earlier there were limited choices available to the customers, so the power belonged to the business owner and as a result, customer had nowhere else to go. Therefore customer satisfaction was not so important. But that thing has changed. In this 21st century, customers have lots of choice on where and whom to deal with. As a result, the power has shifted towards the customer. If customers feel that the business entity cannot satisfy their expectation, they simply switch to other entity. So in this competitive business arena, it is very important to focus on customer satisfaction to operate business effectively (Why is Customer Satisfaction so important today?, nd). IMPORTANCE OF CUSTOMER SATISFACTION WHEN CHOOSING A BANK

Customer satisfaction is very important and plays a vital role when choosing a bank. Choosing a bank is a lot like a choosing a life partner. Once customer makes the commitment to a particular financial institution, customer’s whole life gets interacted with the institution. It is very hard to switch banks because customers have all types of investments like; direct deposits, credit cards, accounts, bill pays and various kind of loans going with them. It is like an endless relationship between the customers and the banks. That’s why it is extremely important that every single customer is satisfied before and after...
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