Discuss and explain the various scenarios that banks may be faced with as they manage customer retention. In your response, explain why consumers are often reluctant to defect.

Banks today are currently concentrating on satisfying the customers through their provided services. However, in todays advance society customers can’t be satisfied in just one single way to remain loyal to the bank. This is because banks are providing homogenous services (Raheem, 2011). In the banking market products that are traded will be more or less the same with few minor differences in designs. When a single bank comes with any unique service, its competitive advantage lifetime shortens as all others follow the suit (Raheem, 2011). The question arises, if customers cannot remain satisfied for a long period of time, how will the banks expect loyalty from its customers in the long run? Banks and other business tend to rely on the art of customer delight to satisfy its customers and build a long lasting relationship. The customer sees customers delight as a favorable experience from a business when they receive a good service that surpasses their usual expectations. According to Raheem (2011,p.2) “Customer delight involves going beyond satisfaction to delivering what can be best described as a pleasurable experience for the client.” When you create "wow" then you have made a very special mark in the recollection of the customer that is very easy to recollect (Raheem, 2011). Once there is a moment of truth and banks takes advantage of this opportunity, it surely creates the opportunity of the customer telling this story regarding their incident to many of their friends and strangers. Customer delight is the long-lasting answer to success. Customer cannot be delighted until satisfaction is achieved with the presented services. It is understood that delighted customer is more valuable for