Tertiary level students in Singapore and their banking relationships.
Poh, Bee Lin.
Date of Issue1996
College of Business (Nanyang Business School)
Banks should be aware that it is their customers who justify their existence. Thus, the first step in the direction of success for banks is a thinking and learning phase. With a small domestic population and increasing competition, banks must switch from expanding means to winning, managing and keeping customers. ("Means" refers to all processes, resources and capacities, be they technological, human or financial, deployed by the bank in the framework of its business). This implies that banks must pursue a dual approach in their strategy : (1) segmentation -which serves to identify target customers and therefore a more effective means of winning the customers they want and (2) knowing and understanding the customers so as to provide them with solutions to their problems and to satisfy their needs.
NANYANG TECHNOLOGICAL UNIVERSITY