About ICICI India's largest private sector bankand second largest overall in terms of assets. Total assets of Rs. 3,562.28 billion (US$ 77 billion) Profit after tax Rs. 30.19 billion (US$ 648.8 million)2009 ICICI reported a 1.15% rise in net profit to Rs. 1,014.21 crore on a 1.29% increase in total income to Rs. 9,712.31 crore
ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers. Successful due to their CRM Strategies and different CRM initiatives. Their CRM activities helped them making customers loyal.
Why CRM – The Changing Environment Increased Competition Growth of Product Diminishing Margins
CRM Strategies Key drivers of customer loyalty:- Positive staff attitude Honesty integrity and reliability Proactive Advice Consistent delivery of superiority quality service After sale service A effective complaints resolution policy
ICICI use three steps to build customer relationship Determine mutually satisfying goals between organization and customers. Establish and maintain customer relationship. Produce positive feelings in the organization and the customers.
Steps minimizing the work regarding adoption of CRM strategy-: Identification of proper CRM initiatives Implementing adequate technologies in order to assist CRM initiative Setting standards (targets) for each initiative and each person involved in that circle Evaluating actual performance with the standard or benchmark Taking corrective actions to improve deviations
Steps followed in implementing CRM Identify CRM initiatives with reference to the attained (such as increased no. of customers.) Setting measurable targets for each initiative in terms of growth in profits , no. of customers Evaluating and choosing the appropriate CRM package that will help the company achieve its CRM goal ( A comparison of pay-offs against investment could be carried out during the evaluation exercise.)
Customer touch points. Customer feedback and actions on these feedbacks. Telephonic awareness regarding new services. Latest ads. Warm wishes to customers on different festivals.
Use of CRM in ICICI Banking Targeting Customers Sales reference Material Consistent interface with customers
Benefits of CRM Customer’s usage pattern New product development Central data management
conclusion Customer Relationship Management is concerned with attracting, maintaining and enhancing customer relationship. CRM enables the marketer to estimate the customer’s sentiments and buying intentions so that the customer can be provided with products and services before they starts demanding. Customers are the backbone of any kind of business activities, maintaining relationship with them yield better result.