How do you create a truly customer-centric islamic financial Essay

How do you create a truly guest-centric islamic financial institution - Essay shellMore particularly, in case of retail banking range of bank networks, size is an important factor, in which they ar seen to suffer heavily (Presley, 2013). Figure 1 Source (Garbois et al., 2012) at that placefore, the Islamic banks should focus on these two atomic number 18as first off on other channels like phone banking and online banking in order to increase market share. Secondly, the Islamic banks should also look for establishing alternative branch fabric depending on the involve of the customers. The alternative branch model also offers other advantages like reduction in operating cost, set-up time and capital investment. When the Islamic banks are competing with the stodgy banks, it signifies that they are attracting the customers, who give less significance to the Sharia compliance while conducting their financial deals and to a greater extent importance is given to the efficient serv ices and products that are offered by the banking market in large (Anon, 2010). The triple key elements that are most important while targeting the right customers particle are firstly, is the identification of the customers segment that is least open to the Islamic banks for their financial purposes. This step leads to identification of the exclusion. ... Designing strategies to attract these customers can sack the Islamic banks much more competent to face the competition from the conventional banks. In order to compass this objective, the banks need to identify broader set of customers requirement and remain at par with the conventional banks in regards to pricing and ease of use. In this context, product innovation should be given paramount importance. There are some products that can be offered in the new Islamic banking structure that are not in compliance with the Sharia law like the hedge fund, which are for the high net deserving individuals and derivatives, that are fo r the corporate clients. Some Islamic banks are now seen to offer derivative products by expiration against the compliance law (Bock, 2010). Top tips for creating and maintaining a customer-centric organisation In order to create a customer centric image, the organization needs to emphasize on the environmental and social efforts and apart from these, ethical set should also be given importance. In order to incorporate those in the Islamic banks, the employees should be meliorate about the Islamic bank structure and products. Customers play a very important role in generating revenue and sales for the organization, whether it is financial or any non-financial institution. Studies have shown that customer focus is very lowly in Islamic banks. Therefore, in order to increase the revenue, customer satisfaction should be the top priority. succeeding(a) should be done in order to focus on the customers Whenever dealing with any product, the salesperson needs to be very well aware of the product and services they are offering. This awareness is seen to