Customer Service emerges as top priority in Banknet India Survey

Banknet India, a banking research company conducted a Financial Sector Survey to identify the top 10 challenges in the financial sector. The objective of the survey was to identify critical business, technology and operational issues, which need to be addressed by the financial sector in 2007.

Banknet India’s Financial Sector Survey 2007 findings reveal that the top challenges of the previous year are no longer regarded the top priorities for the financial sector by the respondents this year. A comparison of the results of the 2006 survey with this year’s survey shows that the results this time have changed dramatically.

In 2007, Customer Service, Security, Know your Customer (KYC) and Anti-Money Laundering (AML) made it to the top priority list. Followed closely by Alternate Payment Channels and Electronic Payment Products. The emergence of Customer service as the topmost priority indicates the importance now being given to customers in the financial sector.

Basel-II and Risk Management followed by Core Banking Implementation had topped the list in year 2006 survey, conducted by Banknet India.

Announcing the findings at Banknet India’s Third Annual CXO Summit , Mr Anurag Khanna, Chairman & Managing Director of Banknet Group added that the findings of the survey largely support the focus areas highlighted by Reserve Bank of India from time to time. It was interesting to note that there was no significant difference in responses from the respondents from Public Sector Banks in comparison to other banks.

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