Customer engagement (CE) with brands has come to hold a major place in brand management research and practice in recent years, since it has been shown to result in increased firm sales, competitive advantage, and stock returns. Scholars have investigated CE's conceptualization, operationalization, and nomological networks in light of various theoretical viewpoints. Despite significant progress, the intellectual framework of the whole literature of CE scholarship remains shaky, as this chapter explores. Customer interaction may have originated in other fields, but then in today's crowded and fiercely competitive industry, it is especially important in marketing. Confidence, dedication, loyalty, and advocacy have all been identified as components of customer involvement. Co-creation was the second aspect that developed. The length of time spent working with the bank was a key element in determining the level of involvement and co-creation.
TopWhat Exactly Is Retail Banking?
Retail Banking is also termed consumer banking. As the name suggests, it is a part of the commercial banking system associated with the general public and individual customers. Retail banking systems aim to provide banking services like checking accounts, opening accounts, savings accounts, loans, debit cards, and more to the citizens. This system targets members of the general public and their personal needs of handling money. It excludes companies, businesses, and corporations that may need more complex banking solutions
Consumer banking is another name for retail banking. It is, as the name implies, a component of the commercial banking system that deals with individual customers. Retail banking systems aim to provide citizens with personal banking services such as checking accounts, opening accounts, savings accounts, loans, debit cards, and more. This system is aimed at members of the general public and their personal financial needs. It does not include companies, corporations, and businesses.
Banking systems first appeared in modern India in the late 17th century. Bank of Hindustan and General Bank of India were among the first banks to open in pre-independence India.
Several banks were established across the country in the nineteenth century. The Reserve Bank of India was established in 1935 to address the economic issues that arose following World War I. Only after independence did the RBI become India's central banking authority, under the Banking Regulation Act of 1949, which empowered the RBI to regulate, control, and inspect Indian banks. The first wave of nationalization of some of the 14 largest commercial banks occurred in the 1960s. In the 1980s, six more banks were nationalized as part of the second wave. Things began to change during the 1990s liberalization. The government granted a license to a few private banks as a result of liberalization. The major retail players in the private sector include Yes Bank Limited, Axis Bank Limited, ICICI Bank, IDFC 1st Bank, HDFC Bank Limited, Kotak Mahindra, IndusInd bank, etc. With the entry of private sector banks in the early 1990s, banks adopted a new approach to retail banking. Right from the start, they had the advantage of technology. These banks had a clear vision for retail banking and aggressively strategized for the creation of new retail markets.
The Indian banking system includes 12 public sector banks, 22 private sector banks, 46 foreign banks, 56 regional rural banks, 1485 urban cooperative banks, and 96,000 rural cooperative banks.
Banks are moving toward digital transformation, which promises improved customer experiences, lowered operating costs, and transaction costs. Meanwhile, internet and mobile banking are two of the fastest-growing trends in this industry.
The use of artificial intelligence and voice assistants to provide personalized and contextualized services is a technologically advanced innovation that is expected to change the face of banking systems. The system expects a more secure banking system with biometric technology and KYC.