Quality Service Delivery the key to customer Retention-Odunze Reginald C

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Speaking before American Bankers Association in San Francisco, Robert Schuller asked them the following questions”1) what are we in this business for anyway? 2) If we keeping going at it the way we are, will we get what we are going after? 3) If we succeed in reaching our goals, will be satisfied- and proud of how we did it? Then he ended it by saying, “Remember that at the bottom line of your business of banking, there are no numbers, only people.” Schuller 1988

Napoleon Hill devoted over twenty five years of his life to trying to discover why so few men succeed and so many fail. Le Boeuf (1987:133). He went on to say that he interviewed and studied the lives of numerous great achievers from all walks of life such as Andrew Carnegie, Thomas Edison and Woodrow Wilson and presented the essence of his findings in his classic bestselling “Think and grow Rich”

One of Hill’s best recommendation is to cultivate the idea and habit of rendering more and better service than that for which you are paid” and before you realized it the world is willingly paying you for more than you do” today we call that building perceived value, seventy years ago Napoleon Hill called it “the law of increasing returns” Le Boeuf (op cited)

Pension Fund Administrators are all offering the same service, a homogenous service and the service is basically the following: Retirement Savings Account, Investment of the contributor’s and retiree’s fund, Customers support services and relationship management, Retirement seminars, pension forums and enlightenment programmes.

Therefore the extra mile the PFAs goes in satisfying the customers will go a long way in enhancing customer’s loyalty. Customer loyalty is essential for the pension fund administrator because it gives the edge they need in the event of the regulatory body National Pension Commission, PenCom, lifting the transfer window

What then is the determining factor?  Quality service delivery. In a recent forum in Lagos, Pencom through its AGM public sector Abba Mamman noted that  most of the PFAs are clamoring for lifting of the transfer window. He went on to say that as they wishing and planning for all the PFAs to migrate to their PFA, so are the other also planning for the same thing. He then went on to say that the most crucial thing is to embark on aggressive customer satisfaction and quality customer delivery.