In banking, customer service is too often seen as poor. Certainly, retail financial services trails a long way behind the market leaders in retail, hospitality, or telecom, when it comes to customer service.
Poor customer service is a result of weak knowledge of the customer, or an inability to take a customer-centric approach to service. Banks hold extensive information on their retail customers, but struggle to bring together the knowledge they do have. The impression this gives – often, quite wrongly – is that the bank knows little about the customer, and cares even less.