INDUSTRY: bankingProject title: crm in axis bank Group members: mangesh jadhav Rajnish dubey Sadiq quadric Sonia sharma Varun gupta
Outline of the project1) Introduction to CRM a) The evolution of CRM b) Concept of CRM2) Role of CRM in bank a) CRM objectives in banking sector b) CRM tools for banking3) About AXIS Bank Mission and values4) Analysis of the current banking scenario5) Customer Retention & CRM strategy in banks6) Benefit of retention marketing7) Conclusion8) Bibliography
Introduction of crm Customer relationship management is a number of strategies and technologies that are used tobuild stronger relationships between companies and their customers. A company will storeinformation that is related to their customers, and they will spend time analyzing it so that it canbe used for this purpose. Some of the methods connected with CRM are automated, and thepurpose of this is to create marketing strategies which are targeted towards specific customers.The strategies used will be dependent on the information that is contained within the system.Customer relationship management is commonly used by corporations, and they will focus onmaintaining a strong relationship with their clients. Evolution Of CRM: Customer Relationship Management (CRM) is a way of improving business efficiency. It is all about building and strengthening customer relationships to keep them coming back, while helping businesses gain new customers. Essentially, a CRM system will help an organization manage all of its relationships. A CRM solution will streamline internal business processes and by effectively integrating marketing, sales and customer service functions, will make it easier for everyone inside an organization to work together and share critical information - irrespective of company size. The world of CRM is evolving from being a static source of information, to being a fully interactive business management tool. In the past, CRM projects have been notoriously high cost and as a result have been associated with larger companies. However, implementing a CRM system is now achievable for smaller companies as a result of the development of smaller applications for the mid- market. The "customer" part of the term customer relationship management is misleading as the strategy, software and processes apply equally to the management of nearly any business relationship, irrespective of who the relationship is between. This satisfies the demands of a number of organizations which require the ability to monitor every relationship which occurs, not just those with customers. Another phenomenon which has had an impact on the lifecycle o f CRM is the explosion of the social networking world. The rise in social networking sites such as Twitter, Face book and Linked In have facilitated the introduction of social CRM. This has bought a number of benefits to businesses, including providing the m with a new medium through which they can communicate with customers, prospects and suppliers. Social CRM helps manage the development of relationships using social networking
Concept Of CRM: Customer Relationship Management (CRM) is a term given to the process of managing your relationship with your customers...better. It covers: Managing Leads Qualifying and Converting Leads Managing Opportunities Keeping track of Activities Management Reporting and Forecasting Summary of the Benefits Consider the various ways new customers interact with your business:These are broad categories, but your first contact with a customer, will likely be through one ofthese methods. Further more, the contact may be initiated by you, or simply by the customer. Forexample: Phone: You may cold-call a prospective list of customers or alternately, you may receive enquiries from customers who have simply seen your web site or an ad in the yellow pages. Email: You may receive email enquiries or people may reply in response to email based marketing initiatives such as newsletters.
Web: You may receive enquiries from a web based "contact us" form. In addition, you may promote your web site through various marketing initiatives such as Google Adwords.Your business may have additional lead sources not covered here depending on your specificmarketing methods. Perhaps you have door-to-door salesmen, or run campaigns via SMS textmessaging. The point is, there are many sources from which you may receive co ntact frompotential customers. Key Concept OF CRMComprehensive strategy:CRM at one end links itself to SCM – supply chain management and on the other hand thecustomer service and customer care. This makes a comprehensive strategy.Acquiring:This is about prospecting. Using effective sales promotion methods, prospective buyer can beacquired. It is about developing new customer as well as converting competitor’s customers.Selection:You can’t please all people at all times. You may not be able to serve and satisfy all thecustomers at the same time. There may be customers who may not be willing to have long timerelationships with you. As a consequence you need to have selectivity in the customers as well.Retaining:Once a right customer is selected, we need to provide the customer with a good product and abetter service which exceeds the customer requirements. Only then can the customer be satisfiedand retention of a customer can be possible.Partnering:Partnership is about constantly striving to create better value for each other i.e. the buyer and theseller.Inte ractive Communication:A clearly planned and focused two way, interactive communication is a very essential ingredientof CRM. A meaningful communication will always be an interactive communication.Technology + people:CRM is all about people and relating people to technology. This is all automation of people is allabout?Mutually Beneficial Long-term Relationship:It is all about the long-term relationship of the buyer and the seller. This overall results in themutual benefit of both resulting in a long term relationship.
Customer delight needs to be created instead only satisfying the customer. Customer service isabout giving facilities and services that the customer asks for, or delivering service that isexpected in today’s competitive world. Most products require additional or long-term supportfrom the organization. These traditional services include delivery, installation, lessons- in-usage,instruction manuals, repairs and maintenance etc. Customer care (and also customer delight) isgoing beyond the “expectation check list”. Customer care is being proactive in developingrelationship with your customer. Always remember “Good customers are worth keeping for life”.Great services can create a great experience and customers delight. Role of crm in bankThe idea of CRM is that it helps businesses use technology and human resources gain insightinto the behavior of customers and the value of those customers. If it works as hoped, a businesscan: provide better customer service, make call centers more efficient, cross sell products moreeffectively, help sales staff close deals faster, simplify marketing and sales processes, discovernew customers, and increase customer revenues. The organization must look into all of thedifferent ways information about customers comes into a business, where and how this data isstored and how it is currently used.Role of CRM in banking sectors are as follows: Consumers largely select their banks based on how convenient is the location of bank to their homes or offices. The pressures of competitive and dynamic markets have contributed to the growth of CRM in the Financial Services Sector. Analysis suggest that a 5% increase in customer retention can increase profitability by 35% in banking business,50% in insurance and brokerage and 125% in the customer credit card market. Private Banks have traditionally viewed themselves as exceedingly Customer Centric offering what they believe to be highly personalized services to the high net worth customers.CRM Objectives In Banking sectorObjective of CRM in Banking Sector are as follows: Responses to campaigns Shipping and fulfillment dates Sales and purchase data Account information Web registration data Service and support records Demographic data Web sales dataCRM would also make Indian bankers realize that the purpose of their business is to “create andkeep the customer” and to “view the entire business process as consisting of a tightly integratedeffort to discover, create and satisfy customer needs” .
ABOUT AXIS BANKAXIS Bank was the first of the new private banks to have begun operations in 1994, after theGovt. Of India allowed new private banks to be established. The bank was promoted jointly bythe Administrator of the specified undertaking of the UTI, LIC and General InsuranceCorporation Ltd and other four PSU companies i.e. National Insurance Company Ltd, The NewIndia Assurance Company, The Oriental Insurance Corporation and United Insurance CompanyLtd. The bank registered office at Ahmadabad and its Central Office is located at Mumbai.Presently the bank has a very wide network of more than 572 branch offices and extensioncounters. The bank has a network of over 2468 ATMs providing 24 hrs a day bankingconvenience to its customer’s .This is one of the largest ATM networks in the country. The bank has strengths in both retail and corporate banking and is committed to adoptingthe best industry practices internationally in order to achieve excellence. MISSION AND VALUESOUR MISSION: Customer service and product innovation tuned to diverse needs of individual and corporate client. Continuous technology up gradation while maintaining human values. Progressive globalization and achieving international standards. Efficiency and effectiveness built on ethical practices.CORE VALUES: Customer satisfaction through: Providing quality service effectively and efficiently. “Smile, it enhances your face value” is a service quality stressed on. Periodic customer service Audits. Maximization of stakeholder value. Success through Teamwork Integrity and people.