(Deutsch, 171) In today’s world time is invaluable. Retail banking has gained so much of popularity is it helps in saving time. However in retail banking the fixed costs are effectively huge as it is not possible to reduce number of staffs or close of the premises in a quick span of time. (Coulbeck, 134) Economies of scale relating to the market size of the banks decide the significance of retail banking. Retail banking in the new millennium has been very acceptable as it is in the throes of major changes. Starting from removing the legal barriers of entry to adopting electronic technology are some of the major changes which has enhanced the overall services in this sector. (Duetsch, 170, 184)
In any service sector consumer satisfaction and acceptance remains the critical component which decides the fate of any particular process. Since there is always a competition for retail banks from the other intermediaries they have to come up with new strategies to strengthen their position. In case of retail banks the number of consumers is increasing day by day and they all want to have an online access to the banking functions. “Cisco collaborative customer experience Solution” is a portfolio which is helping the retail banks to transform into the consumer focused businesses. This solution has been built and designed by the retail branch banks in such a way that it allows the consumers to take active part in accessing the banking functions. (Meet the Demands of Todays Customers).
Retail banks have to maximize the data that they have obtained from the customer and quickly analyze those avenues which would grant them future revenues. Client interactions should be of prior importance and a potent strategic tool to improve the overall sales. Retail banks have to come up with specific solutions for consumers after going through the consumers