The complaint resolution procedure at the bank facilitates the direct contact with relationship officer at the head office, within five working days the complaints need to be resolved otherwise the complaint would be transferred to the head office, the action must be taken by the management within three weeks. If the issue would not be resolved in 8 weeks, the consumer is free to contact the financial ombudsman service and could seek its assistance.
Citibank analysis also suggests that the customer satisfaction is highly dependent of the motivation of the bank personnel. Employees’ compensation and performance appraisal processes incorporate major importance. In order to satisfy consumers, performance must include incentives to persuade staff to act like entrepreneurs. The agency problem must be overcome which inherit in the ownership and management separation. Productive and performance matched compensation and internal accounting systems can improve workers efficiency and trust on the corporation. Citibank rich history has a positive in the ongoing development of its practices. The highly competitive banking industry environment sets the strategic options open to the bank. For the development of effective procedures, environment, strategy, and structure guide performance, which will result in bank’s profitability and growth in the long run.
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