THE RELEVANCE OF NEGOTIATION IN BANKING
Negotiation is a problem solving
process in which two or more people voluntarily discuss their difference and
attempt to reach a joint decision on their common concerns.
Business is all about getting,
satisfying and keeping customers without sales there are no customers, and
without customers there are no business. In the banking industry, sales relate
to the negotiation of banking services with customers.
Negotiation in banking is the
process by which involved parties resolve matters of dispute by holding
discussions and coming to an agreement which can be mutually agreed by them. It
also refers to coming to closing a business deal or bargaining on some product
or services. The exchange of negotiable instruments such as bill of exchange
and cheques in exchange of goods, services or money.
Financial institutions are
negotiating with customers on selling financial services to satisfy their needs
and demands focusing on long term relations, customer retention, customer
satisfaction, customer extention of other financial services. Bargaining and
agree to customer demands in order to reach a mutual acceptable compromise,
such as bargaining on a house loan financing and interest rate.
Resolving customer complaints
(conflict) as a result of service dissatisfaction.
Selling financial services is all
about negotiation and building long term relations with customers for mutual
gain. Building relations with customers requires good communication and
discussions with customers while caring for their interest.
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