Consumer Friendly Financial Services: Combining Efficiency and Effectiveness

Overemphasis on efficiency is interfering with the banking sector's effectiveness. This overemphasis on efficiency has resulted in the use of computers and other technological devices without consideration of consumer's needs (effectiveness). The authors identify and relate seven individual psychological needs for banks' services to Maslow's hierarchy of needs. By fulfilling these seven needs, the authors demonstrate how banks can optimize their long term profit by combining efficiency and effectiveness. Finally, the authors posit that banks must use a Theory Y management style to deal with their customers efficiently and effectively.