These developments created greater challenges for the customer in terms of service quality, non-human interface, unsolicited marketing of products, ever-increasing fine-prints etc. all of these disagreeable compounded due to lack of awareness of the average customer. Hence, knowing their customers and understanding their own product offerings must be the starting point of the Banks’ customer protection framework.
As all banks broadly have the same products, it is only better customer service which sets one Bank apart from another. The cost of Customer acquisition is 8–10 times greater than of retention of current customer.