Answer to Question #226004 in Management for Nablis

Question

Discuss the mechanisms used in Commercial Bank of Ethiopia to know customer needs and how the Bank satisfy customer needs better than competitors.

Answer 1

The commercial bank of Ethiopia uses the following criteria to identify the needs of the customer;

Interviewing the customer that is going straight to the customers and asking what problems they have and what features they want.

Conducting voice of customer surveys-Although customers aren’t necessarily good at identifying their needs, this type of survey makes it easy to identify the needs of the customer.

Mapping the customer process- if you know your customer's process, map it out. The commercial bank of Ethiopia has mapped its base for better customer service delivery. Progressively, it has been opening branches in the most remote areas of the country thus bringing the services closer to customers.

The commercial bank of Ethiopia satisfies customer needs better than competitors through; realizing that in order to provide value and win customers, there is a need to quickly identify changes in customer needs, design and develop more complex products which would satisfy those needs, provide higher levels of customer support and service.

Commercial banks of Ethiopia offer the best lending pack at a low-interest rate and this makes it better than competitors.

Finally, commercial banks of Ethiopia satisfy customer needs better than competitors by operating in a hyper-competition environment, influenced by product designing and development to meet market demand.