Meeting Customer’s Need Using Customer Information System

Meeting Customer’s Need Using Customer Information System

Abstract

Customer Information systems have become an integral part of every corporate organization, especially the banking industry in meeting customers needs, planning process and the prospect of achieving organizational goals and objectives. The enormous number of customers making planning and executing their needs time consuming thereby leading to inefficiency. In order to tackle this challenge it becomes imperative to introduce customer information systems into the management of the organization so as to meet customers needs. This study uses field survey responses from residents of Lagos to empirically examine the relationship of customer information systems in customer’s satisfaction. Simple percentage and Chi-square statistical method were used to analyze the data. However, the result of the study clearly indicated that customers information systems is a better strategic approach in meeting customers needs; hence the management of every organization is embracing customer information system.

Chapter One

Introduction

1.1 Background of the Study

Laudon and Laudon (2002) define as Information System is a set of interrelated components that collect/retrieve, process, store and distribute information to support decision-making and control in an organization. Information system also refers to a collection of multiple pieces of equipment involved in the dissemination of information that may include hardware, software, computer system connections and information, information system users, and the system‟s housing. According to Lucey (1997) Management Information System (MIS) is a planned system of collecting, storing and disseminating data in the form of information needed to carry out the functions of management. Academically, the term of MIS is commonly used to refer to the group of information management methods tied to the automation or support of human decision making. Consequently Information System provides information that organizations require to manage themselves efficiently and effectively because MIS is a key to planning, controlling and decision making for management through transaction processing of systems for the data.

Information System denotes an expanded information system that is achieved through systems design of an improved capability by functionally more information systems, or by incorporating a portion of the functional elements of one information system into another (Rao et al., 2007). Therefore IMIS help managers and workers to analyze problems and visualize complex subjects because it contains information about significant people, places and things within the organization or in the environment surrounding it was a resource like any other commodities.

Customer satisfaction also comes with enormous benefits to the business industry in general and to Social Security and National Business Trust in particular. Proper institution of customer service processes will enable the organization gain customer loyalty and respond to customer needs and feedback quickly and collaboratively. It will also provide clear visibility into enabling management identify which customers are dissatisfied and why, what actions have been or need to be taken and what appropriate responses have to be delivered. Furthermore it will facilitate concrete and actionable suggestions for improving performance, either overall or by segments. The bonding relationships between customers and organizations are hinged on trust which is aimed at achieving overall positive outcomes, and thus higher levels of trust and commitment in turn are attached with higher customer retention level, and this brings about increased organizational performance (Botha & Van Rensburg, 2010; Read, 2009).

1.2 Problem Statement

Today’s business environment is very dynamic and undergoes rapid changes due to technological innovation, increased awareness and increased demands from customers. The banking industry of the twentieth century operates in a complex and competitive environment characterized by these changing conditions and highly volatile economic climate, and information and communication technology ICT) is at the centre of this global change curve (Agboola, 2006). Hence the banks that will survive and complete effectively in today’s business environment must necessarily integrate ICT into its operational processes.

Given this scenario, this thesis attempts a synthesis of empirical facts on the extent to which information and communication technology has informed innovations in the operational modalities and meeting customers need modes of banks in Nigeria and the impact of this on bank performance. It is against this background that the subject matter is seen as a problem worthy of investigation.

1.3 Purpose of the Study

The purpose of this study is to examine the extent to which banks perform in meeting customer’s need using customer information system.

Specifically the study objectives are:

1. Investigate how Information and communication Technology enhances customer’s satisfaction in Commercial banks.
2. Examine the benefits a customer derives from using ICT tool in Commercial banks.
3. Identify the challenges militating against ICT operation in Commercial banks.

1.4 Significance of the Study

The study would enable the banks executives and indeed the policy makers of the banks and financial institutions to be aware of electronic banking as a product of electronic commerce with a view to making strategic decisions. The research is equally significant because it would provide answers to factors militating against the implementation of electronic banking in Unity Bank Plc; prove the success and growth associated with implementation of electronic banking highlight the areas of banking operations that can be enhanced via electronic banking and also be an invaluable tool for Students, Academician, institutions, Corporate managers and individuals that want to know more about electronic banking trends especially in Nigeria.

1.5 Study Hypothesis

The study hypothesis is:

The stated hypotheses tested in this study;

Ho1: Information and communication Technology does not enhance bank meeting customers need.

HA1: Information and communication technology enhances bank customer satisfaction.

1.6 Scope and Limitations of the Study

The study scope is limited to investigating the extent to which banks perform in meeting customer’s need using customer information system in Lagos state. Limitation faced by the research was limited time and financial constraint

1.7 Definition of Basic Terminologies

Electronic Data Interchange (EDI):

The transfer of information between organizations in machines readable form. Electronic monetary value is measured in currency units stored in electronic form on electronic device in the consumer’s possession. This electronic value can be purchase and held on the device until reduced through purchase or transfer.

Payment System:

A financial system that establishes that means for transferring money between suppliers and of fund, usually by exchanging debits or Credits between financial institutions.

Smart Card:

A Card with a computer chip embedded, on which financial health, educational, and security information can be stored and processed.

Transaction Alert:

Our customers carry out debit/credit transactions on their accounts and the need to keep track of these transactions prompted the creation of the alert system by the Bank to notify customers of those transactions. The alert system also serves as notification system to reach out to customers when necessary information need to be communicated

1.8 Organisation of Study

The study is grouped into five chapters. This chapter being the first gives an introduction to the study. Chapter two gives a review of the related literature. Chapter three presents the research methodology; chapter four presents the data analysis as well as interpretation and discussion of the results. Chapter five gives a summary of findings and recommendations.

Chapter Five

Summery of Findings, Conclusion and Recommendation

5.1 Summery of Finding

The objective of the study is to assess the use of customer information system on customer satisfaction.
Accordingly this part of the research summarizes the major findings of the study.

1. The finding of the study reveals the customer information system has a significant positive impact on customer satisfaction.
2. The respondent indicated that younger individuals made greater use of electronic banking systems than the older folks as the older folks lacked awareness how to use electronic systems.

5.2 Conclusion

The finding of the study is concluded as follows:

1. The finding of the study reveals that the customer information system plays a vital role in capturing the needs of a customer.
2. The descriptive analysis shows the level of customer satisfaction of the electronic approach to banking by customers.
3. The use of electronic information systems by banks provides swift performance and and easy access to needed services by customers.

5.3 Recommendation

Based on the findings and conclusions of the study, the following recommendations are forwarded to the management of the bank.

1. In this study the customer information system is largely of good use in the banking industry as well as other industries, therefore other organizations should work on incorporating it into their operations and.
2. The users of electronic systems are young, educated and interested to use any new technology. The bank should be update and modify the products.
3. Banks that are already using the customer information system should work on improving upon it, as there are new updates that would make the operation easier and faster.

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Frequently Asked Questions

What do customers expect from your customer service efforts?

They expect some follow-up efforts to fill in their customer experience. It’s a request that can benefit business as well. Keeping in touch can deflect incoming contacts, which can reduce costs and boost customer satisfaction and revenues. The key is to give them the right amount of information at the right time through the channel they prefer.

How do you identify customer needs?

The first step to identifying customer needs is with a customer needs analysis that takes all of the following into account: product-market fit, customer feedback, input from your service team, and any customer service data you can gather. From there, you’ll be able to identify customer needs as well as any friction that exists in your process.

What are the most important forms of customer service?

Email Email is one of the most fundamental forms of customer service. It allows customers to fully describe their problems, and it automatically records the conversation into a resourceful thread. Customers only have to explain their issue once, while reps can reference important case details without having to request additional information.

Is your company meeting your customer’s expectations?

You want to make sure your company is meeting—and exceeding—your customers’ expectations in every possible way so they not only buy again but also spread the word through social media and referrals. The tricky part is that customer needs and expectations have evolved over time.

What do customers expect from strong customer service?

In this article, we have covered eight basic things customers expect from strong customer service. 1. Meet Customer Expectations The worst situation that customer service could get into is not meeting the customer’s expectations.

What are your expectations for customer service from younger consumers?

68 percent of younger consumers say their expectations for customer service are higher than they were one year ago. What exactly are your customer service expectations? Here’s what you need to know. 1. Customers want personalized interactions

What do customers want from a customer service representative?

Provide Personalized Experience and Reward from Loyalty Your customers want to have a personalized experience, they expect customer service representative to know their contact, and the product/service information history. This is no longer an “if” but a “when”.

How to deliver a better customer experience?

Here are a few customer service tips to deliver a better customer experience: 1. Deliver contextual-based support When customer service teams have a 360-degree view of a customer’s needs are better at finding opportunities to improve customer experience.

What is the best type of customer service?

There is no one best type of customer service. Instead, you need to identify the type of interactions you’ll be having with customers—because they’ll be different depending on your business situation. Over the years, our industry has developed four broad categories of customer service—each with a different focus:

What are the most common customer service situations?

If you sell any kind of physical item, you’ll invariably have returns, shipping issues, food problems, and dozens of other common customer situations to deal with. The return desk at most retail stores is called the customer service desk, for example. Even my local grocery store has a counter with a giant “Customer Service” sign hanging over it.

What are the most important customer service skills?

In this post, we’ll list a few of the most important ones you’ll need to demonstrate if you want to provide excellent customer service at your business. Put customer needs first. Clarify the customer’s goals and roadblocks. Prioritize quality over quantity. Engage customers with genuine interest and enthusiasm.

How do you support a customer in customer service?

Put customer needs first. Clarify the customer’s goals and roadblocks. Prioritize quality over quantity. Engage customers with genuine interest and enthusiasm. Create accessible, omnichannel support options. Troubleshoot collaboratively. Ask for feedback and learn from customers.

What does it mean to meet or exceed customer expectations?

What does it mean to exceed a customer’s expectations? Exceeding customer expectations is the quality of NOT settling for the mediocre. Organisations that exceed customer expectations consistently deliver more than is expected of them and find a way to wow their customers time and again.

How to meet customer expectations?

This includes the resumption of non-vegetarian meal options in economy class on all domestic flights, hot beverages on all international flights and select domestic sectors, including Starbucks coffee, and enhanced choices of alcoholic beverages on all international flights across all cabins.