CUSTOMER COMMUNICATION

Customer Communication

Customer Communication - HSBC Bank

Introduction

HSBC Bank is one of leading banks in the United Kingdom. It has around 3.5 million customers in the country. Its financial growth and performance is outstanding as its current share value is on the top among all the banks in the United Kingdom. As the banking industry is facing many challenges in the world, most of the banks are concerned about the customer journey experience and its potential information that provides them new customers and maximize their time value. This research study is based on customer journey mapping at HSBC, UK. The dissertation is more practical in nature, analyzing the customer journey mapping and customer relationship management of HSBC through the strategic marketing tools. The research also analyzes the relationship with customer and its effectiveness with business performances. The research also compares the corporate social responsibilities with its competitors Barclay and Lloyds TSB (Bass, 2005, 56).

Background

At present, the banking industry is facing many challenges that include globalization, competition of capital deposit, loans, increasing customer demands and profit margin. In this challenging business environment, the quality service is the fundamental goal for most of the retail banks while customer satisfaction and loyalty are the main concerns of it. Effective analyses of customer journey mapping can help a company to compete with competitors, acquire customer satisfaction, loyalty and retain profit.

HSBC has adopted the customer relationship management system in order to enhance the customer satisfaction. It is more likely that HSBC is evolving new policies in the banking system by making innovations in the current customer management system that challenges its competitors. Effective analysis of customer experience is an opportunity for the retail banks to rebound customer beliefs and create long term competitive differentiation. It has a perspective of retaining customers by creating better internal strategies of action and identifying cost effective methods for the incremental revenue growth. The first stage towards accomplishing these goals is “customer journey mapping” or “managing the customer journey”. The customer journey mapping is an important tool that makes the bank to focus on its marketing, sales and services (Ford, 2003, 45).

Literature review

HSBC has a massive international network having over 10,000 offices in 83 countries and territories in Europe. A company, whose major shareholders are mostly the members of public, is nowadays becoming more complex in terms of understanding the customer in better way. The business has become the major subject for the criticism. Customer relationship management and customer journey mapping can be supportive to the business for the following reasons:

People have a higher level of expectation due to more choices in terms of products and services. Understanding the concept of customer relationship management, the company always tries to add value to the provided products and excellent customer services such as the flexibility in provision of services, quick delivery and lenient terms and conditions.

Today the business market is in tough competition due to globalization and internationalisation. Customer relationship management is a concept in the banking industry that helps ...