Process Mix of Banking sector
The process mix constitutes the overall procedure involved in using the services offered by the bank. It is very necessary that the process is very customer friendly. In other words a process should be such that the customer is easily able to understand and easy to follow. Today if particular banks formalities are long and the procedure very complicated the overall process fails and the customer may not be inclined towards using that banks services.
Let’s take for example the process for application for a car loan.
Now this mainly involves 3 things.
- Producing of proper documents
- Filling up of application form
- Paying for the initial down payment.
Here the process may fail in the following cases:
- If the customer is asked to produce a number of forms out of which some may not be necessary at all. Thus it is very necessary that the customer is asked for the minimum but most necessary document and not other unnecessary documents.
- In case of application form, the application form must in a language best understood by the customers and it should not be very lengthy one demanding a lot on unnecessary information.
- Finally the payment of initial amount. The customer should be given options as to how he would like to pay by Cheques or by credit card. Once again the amount should be very competitive not very high above the regular rates prevailing in the markets.
The smaller and simpler the procedures the better the process and the customer will be more satisfied.
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