Question

An assessment of customer experience and awareness to fees, charges and commissions paid in banks’ transactions

Answer 1

The following are the considerable points about the customer experience and awareness to fees, charges and commissions paid in banks’ transactions.

a) Normally customer always try to open an account in a bank closer to their home and never compare about the features with the other banks and this gives rise to lack of knowledge about it.

b) The said lack of knowledge leads to paying some time more charges than other bank.

c) Normally, customer uses various mode of on line facilities provided by the bank.

d) Customer having good financial health do not bother about the multiple transactions made on line as well as multiple withdrawals from ATM leading to more charges and commissions and do not bother about the guidelines provided by the bank for charges.

e) Customer who does not fall under the above category makes limited transactions so that limited charges should be applied or try to avail the free transactions. Normally, such type of customers is found to be very well aware about the modalities and guidelines provided by the bank and majority of such consumers look for cost effectiveness.

f) Good and hassle-free services of a particular bank always attract good customer response without having proper knowledge about its hidden cost.

From the above it can be concluded that the behavioural pattern of the customer towards transaction ultimately is the main deciding factor on the basis of which one experiences and becomes aware about the fees, charges and commissions paid in banks’ transactions.