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Developing new services is necessary for retail banks to remain competitive in the market. Customer requirements in banks keep changing rapidly hence service providers are forced to be innovative and offer new services to meet these requirements. Computex Inc. has identified the rapidly changing customer requirements, gauging the right service development time cycle as challenging for the banks (Morrow & Vijayananda, 2003). This brings about the need for a research based customer response platform that will interface the banks with its clients who will post their suggestions and views about how the bank should improve or introduce new services.
Computex Inc. will launch a new research based customer response platform service for banks. This platform will offer services to the banks in the context of customers giving feedback and suggestions they would want the bank to implement. Morrow & Vijayananda (2003) says that this service will help the banks to reduce recurring operational expenses associated with these separate services. In addition, the service will use the internet to automate service delivery and service provisioning to both the banks and the customers. Through the web interface, the bank customers will make service requests were it is flagged as a new service by the service creation database that is part of the OSS architecture (Morrow & Vijayananda, 2003).
Automating the customer feedback for the banks through the use of the new customer response service will help the banks to decrease time to market new service introductions. Morrow & Vijayananda (2003) says that automating service response will also decrease costs by eliminating unnecessary manual processes. On the other hand bank customers have the resources to present their suggestions through the use of information technology infrastructure and only require bandwidth from service providers.
Computex Inc. will provide customer response services to the bank for its customers with an agreed level of support hence ensuring availability, performance, and reliability. Developing the customer response based services will depend on the requirements of customers, service providers, and vendors (Morrow & Vijayananda, 2003). One of the requirements in this customer based customer response platform is that it provides an additional ability to monitor in real time service level agreement through a secure Web interface via Computex Inc. to the bank.
In addition, Computex Inc. intends to increase its market share in three ways. The first one will be to attract more new customers, do more business with existing customers, and reduce customer attrition (Berry & Parasuraman, 1991). To enhance the customer response based services for the banks; Computex Inc. will expand customer relationships and decrease the chances that customers will stray to competitors.
Marketing to attract new customers is an intermediate step in the marketing process Computex Inc. Berry & Parasuraman (1991) indicated that for Computex Inc. the more significant marketing opportunity will occur after prospects become customers. The customer response based services for banks are determined by the prospect that customers have made commitment to the Computex Inc. by selecting it to offer the services hence by deciding for some reason that the company service represents the best available alternative.
Computex Inc. will nurture its relationship with the banks, build it, strengthen it and therefore this is crucial to the company’s effectiveness in marketing. The customer response services for the banks will attract new clients and thus the company will remain complacent in strengthening the relationship. Berry & Parasuraman (1991) noted that customer response services for existing customers represent by far the best opportunities for profit growth. The invisible variable nature of custmer response based services will give Computex Inc. decided competitive advantage with existing customers if they perform the service well and earn customers confidence. Berry & Parasuraman (1991) says that the interaction intensity of many services offers customers the opportunity to observe the provider’s behavior and solidify their perceptions.
The customer response system for banks is unique because it incorporates elements such as the provision of business support and advice, trust two-way communication and other interpersonal social interaction factors between the banks and its clients. Read (2008) says that implementing the customer response based service for the banks will ensure that the customer believe they will receive a better service in an established banking relationship.
Customer response services will ensure that banks get first hand information from the customers thus increasing more trust and confidence in the banks with which they have a long standing relationship. Since many customers find the financial services offered by banks to be very complex the customer response system will substitute a good banking relationship for knowledge, trusting in their bank to recommend the right products for their situation (Read, 2008).
From the banks points of view the customer response system services will enable them to reduce information asymmetries as the bank will have had time to build up a good understanding of the business (Read, 2008). Also these services are unique because they provide a sound understanding of their customers and hence this will help to reduce the bank’s exposure to bad debts. A customer response system service is fundamental in the environment of growing competition, hence it will give the bank the ability to retain loyal customer is a competitive advantage.
The customer response system will improve the banking relationship that is frequently characterized by negative feelings from the small business sector towards the banks. The customer response system will reduce the insensitivity over the handling of small firm accounts, over charging in terms of interest payments, of applying bank charges without informing the customer and being overly eager in calling in their loans and demanding too high a level of security (Read, 2008).
This new platform will determine the sources of conflict in customer-banking relationship. The customer response system will give detailed information in terms of internal conflicts which result from the very nature of the contractual relationship itself and also in terms of the external environment in which the relationship is based. These services will facilitate the distribution of information between the bank and the customers.
The customer response system is a value added service because it differentiates itself from other services by addressing a variety of customer requirements and results in a high return on investment, adding value to both the customer and service provider. Morrow & Vijayananda (2003) says that delivering the service will be the function of Computex Inc. who assumes the risk to develop and deploy the service. Computex Inc will transform both the products and the technology into services.
Morrow & Vijayananda (2003) indicated that Computex Inc. will perform service positioning on how the customer response system will position itself in the market which is very important early in the service development process. Rao (2004) says that facilitating the service will make it possible for the banks to use the customer response platform. The variables involved will provide an opportunity to Computex Inc. to develop various combinations and offer them to various market segments.
The most significant aspect in the customer response system service is that the customers are the co-producers. Rao (2004) noted that the production performance and the service quallity not only depend upon the infrastructure, service environment and the ability of the service provider but also the ability, attitude and involvement of the customer. Computex Inc. will provide the service in three different forms.
The first form will be a generalized fixed service package. Rao (2004) says that Computex Inc. will offer a generalized service product on fixed parameters to the customers that are the banks. Rao (2004) indicated that the customers do not have the freedom to choose a part of the customer response system service or even select a few items of the total package. This means that they will have to either take the service in or reject it.
Computex Inc. will also offer a generalized flexible service package. Rao (2004) indicated Computex Inc. will offer the customer response platform service a limited choice to the customer on various features of the service and will allow the customer to have a distinctive service product of their own. This type of service offer will be more appropriate for Computex Inc. because it will give the banks a wide array of options which they can give to their customers.
The customized service package of the customer response platform is the most desirable package from the banks points of view. This is because the banks will have a choice in designing a service which suits their needs and wants (Rao, 2004). On the other hand, this is the most complex proposition for Computex Inc. to offer. This will take more time to design and produce the service and also requires a high-level support mechanism.
Computex will assist the potential users of the customer response platform to define how the specific product can be of benefit to vendors and how the new platform differs from existing solutions. The company will also take this information and use it to package a marketing proposition for each segment. Computex Inc. will continually develop and establish relationship with the banks and with vendors that are competitors. Morrow & Vijayananda (2003) says that this can be an obstacle in service provision selection for service development.
The company will poll customers as to their requirements, desired features, business goals, and priorities for development. Morrow & Vijayananda (2003) says that the company should assume a business risk to develop services. Computex Inc. should notice that scalability and reliability are key themes for the company in supporting the customer response service. Since the system will run on a core network Computex Inc. will be able to offer these services to many banks without having to add new equipment to the core network.
The launch of the customer response platform is based on its capacity to aggregate traffic from multiple customers. Morrow & Vijayananda (2003) says that this means that the addition of new customers must not result in a proportional increase of edge devices. Computex Inc. will ensure that the platform is highly available. High availability means that the platform is not interrupted due to failure of individual components or parts of the platform. This will include connectivity and quality of service.
In conclusion, focusing on its strengths, key customers and the underlying values they need, Computex Inc. will increase the provision of software based products and services to more than half the market in the three years, while improving the gross margin on sales and cash management as well as working capital. Our future success will depend in part upon the bank’s ability to enhance its existing services and to develop, introduce and sell services that meet the changing customer requirements. The process of developing, introducing and selling the services we offer is extremely complex and is expecting to be increasingly more complex as well as expensive, in the future as new technologies are invented by our competitors.
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