Journal Article

CUSTOMER RELATIONSHIP MANAGEMENT: THE STUDY OF CUSTOMER PERSPECTIVES ON RETAIL BANKS IN INDIA

Fatma, Saba

2014

Overview

The application of CRM techniques using advanced software and application of analytical techniques have changed the way business is done in financial services especially the banking sector. Some specific factors that have led to an explosive growth in technology in India and adoption of such technology by Indian banks are increased competition, advent of cutting edge technology, competition aggressively adopting them, penetration of internet and the realization that technology adoption is cost effective in the long run. However, inspite of significant progress, much more still remains to be done in order to improve the understanding of CRM and its relevance to customer satisfaction. The challenge for retail bank managers and relationship supervisors is to understand what customers want. This paper aims to study the best practices of CRM in three leading banks in India and to find out the effectiveness of CRM with reference to customers. In today's situation, Indian retail banks can stay competitive only by building lifelong partnerships with customers. CRM can be employed to develop an ongoing dialog with customers, integrated across all contact points. The findings reflect the need for banks to effectively use CRM practices for customer analytics. [PUBLICATION ABSTRACT]

• Publisher: Society of Scientific Research and Education (SSRE)
• Subject: Banks / Corporate profits / Cost control / Customer relations / Customer relationship management / Customer retention / Customer services / Marketing / Sales / Technological change