Creating customer value - Term Paper Example

CREATING VALUE     By         Location Creating value Perceived benefits Service benefits The benefits that can arise from using personal banking services from Barclays Bank include the availability of Overdraft options. This means that the customers will neither have their checks bouncing or cards being declined. The account does not have monthly charges, meaning that users will not have to worry about having to pay for the services monthly (Verma 2008, p. 89). Being able to open an account online in just five minutes makes the account user friendly.

Customers can have their debit cards, personalized at no cost. This implies that customers will be able to have debit cards that match their lifestyles at no cost. Relational benefitsGiven the fact that there are no monthly charges and debit card customization fee, many clients will find it easy and beneficial to use this account. The ease of online access to the account will also mean that the customers will be able to access the services without being restricted by geographical location or time.

The ease in online access will also imply that the customers would not have to worry when it comes to account opening and online transactions (Ryals 2008, p. 101). The frequent add-ons also imply that customers will have an easier time in making the banking services match their lifestyles. This implies that the bank will be continuously responding to the changes in demands of the market.Image benefitsThe bank will be able to appeal to customers of varying lifestyles (Woodside, Megehee & Ogle 2009, p. 123). With the continuous add-ons they will be able to enhance their public image.

Perceived sacrificeMonetary costThe monetary cost involved in this case includes the money that would be used in development of systems and customization of the debit cards (Alessandrini, Fratianni & Zazzaro 2009, p. 97). The bank will have to invest extensively to make sure that these services are available to their customers. Time costIt will basically take the both the bank and their clients less time for transactions under this account. However, the add-ons and the customization of debit cards will definitely take some time (Cassis 2009, p. 109). This implies that this is a continuous process especially now that it will involve market studies.

Energy costIn this case the energy that will be needed is basically that which will be required in maintainace and management of the system and customer service related activities. The energy needed in this case will come in the form of electricity and human power.Psychological costThe physiological cost is that the bank will have to put up with attending to clients of diverse nature (Sarlak & Hastiani 2011, p. 117). The bank will have to make sure that their personnel are prepared to psychologically take care of the needs of their clients.

BibliographyAlessandrini, P, Fratianni, M & Zazzaro, A 2009, The changing geography of banking and finance, Springer Verlag, Dordrecht.Cassis, Y 2009, The world of private banking, Ashgate Pub, Farnham.Ryals, L 2008, Managing customers profitably, John Wiley & Sons, Chichester, England. http://www.books24x7.com/marc.asp?bookid=29474.Sarlak, MA & Hastiani, AA 2011, E-banking and emerging multidisciplinary processes : social, economical and organizational models, Business Science Reference, Hershey, PA.

Verma, HV 2008, Services marketing: text and cases, Dorling Kindersley, India.Woodside, AG, Megehee, CM & Ogle, A 2009, Perspectives on cross-cultural, ethnographic, brand image, storytelling, unconscious needs, and hospitality guest research, Emerald, Bingley, UK.