Running head: BLOG POST

Reasons for not Adopting Online Transfer Delay Policy

Aathira Devan
Wilmington University
IST 8100
Prof. Nancy McDonald

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Reasons for not Adopting Online Transfer Delay Policy

Due to large number of phishing attacks in the banking sector, Barclays bank adopted the
online-transfer delays feature to detect suspicious activities on customer accounts (Baltzan &
Philips, 2012). The online transfer feature facilitates several hours of delay when fund transfers
have been conducted between multiple accounts to the same account or when accessed from
different locations during a particular time interval. In case of an emergency, the customers
would not able to gain access to their banking services. This would thereby impact the customer
experience to a great extent. Customer satisfaction is a critical strategic weapon that can bring
increased market share and profits (Anton & Perkins, 1997). Parvatiyar and Sheth (2001) define
Customer Relationship Management (CRM) as a comprehensive strategy and process of

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acquiring, retaining and partnering with selective customers to create superior value for the
company and the customer (p. 6).
Business leaders have realized the importance of being close to the customer in recent
times. Both business buyers and consumers have more choices than ever before, empowered by
online and mobile channels that provide more ways to buy, give and get recommendations, and
communicate back to the banking organization (How to build, 2015). A customer has the
freedom to choose among different banking organizations on the basis of the services offered by
them.
Customers are opting for those banks that are providing better service and convenience.
According to Kaura (2013), the cost to attract a new customer is more than retaining an existing
customer. To retain customers, it is required to satisfy customers. For instance Bank of America
through its online banking portal offers raise a travel flag feature to its customers (A.
Karuvathil, personal communication, July 31, 2015). This feature focusses on the customer
centric needs and helps the customer to notify the bank about their travel plans ahead of the
travel (A. Karuvathil, personal communication, July 31, 2015). In a highly competitive work
environment, an organizations capacity to deliver high quality service is considered to be the
key to a sustainable competitive advantage as it results in contented customers. Furthermore,
customer satisfaction should be anticipated as one of the most important competitive factors for
the future because it is an indication of a firms ability to make profit.

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References
Anton, J. & Perkins, D. (1997). Listening to the voice of the customer - 16 steps to a successful
customer satisfaction measurement program. New York, NY: Customer Service Group
Baltzan, P., & Phillips, A. (2012). Plug-In B5: Networks and telecommunication. In IST 8100
integrating the enterprise, IS function & IS technologies Wilmington University (pp. 3450). United States of America: The McGraw-Hill Companies, Inc.
Boss, S., McGranahan, D., & Mehta, A. (2000). Will the Banks Control Online Banking?
Mckinsey Quarterly, (3), 70-77. Retrieved from
http://web.b.ebscohost.com.mylibrary.wilmu.edu/ehost/pdfviewer/pdfviewer?
sid=abb2b4d3-91cc-42e8-b503-3d7fcc634b09%40sessionmgr114&vid=0&hid=102

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How to build a customer-centered organization to gain competitive advantage. (n.d). PWC.
Retrieved from http://www.pwc.com/us/en/business-strategy/customer-experienceconsulting.jhtml
Kaura, V. (2013). Service Convenience, Customer Satisfaction, and Customer Loyalty: Study of
Indian Commercial Banks. Journal of Global Marketing, 26(1), 18-27.
doi:10.1080/08911762.2013.779405
Parvatiyar, A. & Sheth, J. N. (2001), Conceptual framework of customer relationship
management, New Delhi, India: Tata McGraw-Hill