Abstract
The account opening process is recognised as the most critical service if banks want to retain and build long term relationships with clients. An unsatisfactory customer experience during this process can influence the customer’s perception of the organisations overall service. Organisations are under increased pressure to deliver products in an efficient and effective manner with a reduction in cost. Having a competitive advantage in the account opening process will attract customers and create future sales opportunities. Future sales opportunities lead to growth and growth leads to increased profits.
The research provides an insight on the current account opening process and challenges encountered within the process. The objective of the research is to examine literature and improve the account opening process at MNM bank. The existing account opening process takes 7.5 days before the customer can transact on their account, which results in customers seeking an account at a competitor bank.