Overview of financial service management & service practices of United Finance Limited
AuthorBarua, Prosun Mitra
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United Finance Limited is one of renowned non-banking financial institution in Bangladesh. It started its operation at 1989 and it is one of the pioneer financial institutions in Bangladesh. United Finance Limited has different kinds of products and services. I have done my report in “Overview of Financial Service Management & Practices of United Finance Limited” Service is a very important factor for the Non-Banking Financial Institution. To grab more customers and to keep the existing customer in hand marketing service plays a vital role. Loss of expected customers and loss of existing customer can happen for the service issue. The main slogan of United Finance is “Aiming to Serve Better Every Day”. It is widely believed in United Finance that customers compare pre-consumption expectations of a service organization with their post-consumption perceptions of performance, and that customers’ perception towards service quality is driven by any gap between expectations and performance. The smaller the gap; the better the perceived quality of perceived service and the higher the chance that a customer will remain loyal to the organization. These gaps make the difference between the competitors of financial market. Within the traditional structure and operation of the financial services industry, consumers had little choice in terms of selecting financial service provider. The rigid structure of the industry, combined with the operation, meant that consumers had to accept the form and price of both financial services and delivery channels. Switching between financial providers generated little, if any, long-term benefit and forced the consumer to incur disruption and financial cost. United Finance articulate and classify consumer behavior in the purchasing of financial products and services. Customers are changing their expectations of everyone, especially Financial Institutions. The Connected Customer wants financial services that integrate with their connected life. If financial institutions struggle to understand, but if they don’t respond, they will lose customers. Financial Institutions risk losing small, middle-market and even large commercial customers, because users of services are often millennial. Their executives are also often wealth management customers. Let’s take a closer look at customers’ (Business Organization) expectations of United Finance. Most of these appear to have a consumer bias. But United Finance operated by people who are also consumers. Customer optimistic relationships cannot be achieved in a day, week or a month. Business is nothing without your customers. Developing the right customer service strategy, one that treats customers well and keeps them coming back for more, can help make your business even more profitable. United Finance is looking to improve their customer service, encouraging customer commitment and how to avoid the wrong kind of loyalty. Service failures and service recovery in the financial institution industry continues to attract the interest of many investigators. It has been proposed that customers are intolerant to mediocre service encounters. It is impossible for financial institutions to deliver all the range of services it offers with zero quality defects in all encounters. As a result, it is essential that United Finance should be in a position to implement an effective service recovery in order to ensure ultimate customer satisfaction. Service failures occur frequently in this industry, possibly because the delivery process of the service is very complicated, as it requires a simultaneous interaction between the customer and the employee. Before the recovery of service some service failures are discussed of United Finance. The intensive competition in grasping customers, as well as the rapid growth in customers' needs for high quality, proper services have given rise to new innovative methods for optimization of processes, service development and value creation in United Finance’s systems. Today organizing a new service development is an important topic for decision delivery in service of financial institution. New Service Developmental process is providing the lower cost and higher benefit methods for creation of competitive advantage in United Finances service system. The new service design for United Finance possibly divided into three sections. The Service Entry Section, The Service Processing Section and The Service Outflow Section. The relationship marketing perspective is based on the concept of ongoing, mutually beneficial partnerships with customers. On the one hand, customers gain a feeling of security and control, a sense of trust and minimized purchasing risks, on the other hand, companies are able to reduce transaction costs and time effort and also increase sales numbers. The increased exigency of customers and the intensified competition have imposed relationship marketing an important business market strategy. The implementation of relationship marketing in the area of financial services, as they represent a fertile ground in this context. The financial service sector is characterized by a high up-selling and cross-selling potential and involves a continuous delivery of service. Based on the above thought United Finance performs their integrated service marketing communications in different approaches. United Finance does their business in conservative way. But still for the promotion of products and services United Finance does some integrated marketing communication.