Marketing for financial Services Essay Example | Topics and Well Written Essays - 750 words

Marketing for financial Services - Essay Example She presented the reference of Dr. Hassan who had also taken a commercial loan and had successfully paid it off. The customer had already informed the Credit officer of her inability to provide any collateral for which she gave the reference to compensate the collateral. Now after two weeks of filing the application, the bank has rejected her loan on the premise that she cannot provide collateral and this thing was also not mentioned to her earlier in the meetings. The customer is angrier of the fact that the bank made her wait for one more week in telling their insufficiency for providing the loan. They could have told it on the very day itself when she had informed them of this thing. However, they delayed the process which resulted in customer not being able to apply to other banks and wasting her time. The consequences of this situation get translated in dual ways as there are two customers involved in this service encounter- first is the lady herself who has applied for the loan and second is Dr. Hassan who is an existing customer of the bank. The lady is a new customer for the bank and came to them on the reference of Dr. Hassan as she was unable to provide any collateral. Definitely Dr. Hassan had been positive and confident towards the bank services and professionalism for which he introduced her to the bank. However, the bank not only failed in providing timely and detailed information, but also made a negative impression on a new customer which will definitely result in a loss. From Dr. Hassan’s perspective, he spread positive word of mouth for the bank and brought a new customer for the bank but the bank did not recognize this opportunity and failed to acknowledge the interest and goodwill of Dr. Hassan. After this service encounter failure, Dr. Hassan might not feel encouraged to promote or introduce the bank services to any other relative or friend of his. Thus, the bank fails in maintaining relationship with its existing customer also