Paper
Customer Service: Why it is Important for MFIs
Why should MFIs offer good customer services?
2 pages
This paper explores the necessity of providing excellent customer service for MFIs and describes MicroSave's approach to customer service. The paper points out that market-led MFIs should offer good customer service to:
- Keep customers;
- Build word-of-mouth business;
- Overcome competitive disadvantages;
- Work more efficiently.
The paper states that customer service may depend on a wide range of variables, including:
- Culture of customer service;
- Product/service range including the additional services such as customer rewards and incentives;
- Customer knowledge to anticipate and meet customers' needs and expectations;
- Efficient, effective, responsive and reliable delivery systems;
- Service delivery environment in terms of the location, opening hours, and the atmosphere;
- Technology;
- Employee relationship management and staff incentive schemes.
Finally, the paper highlights MicroSave's approach to customer service that uses a variety of market research tools to examine the perceptions and priorities of the clients and staff, as well as a comprehensive diagnostic and analysis tool built around the "8Ps" of marketing: Product, Price, Place, Promotion, People, Process, Physical evidence and Position.
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