This document provides a summary of a research report on customer relationship management in the banking sector. It discusses:
1) How CRM has become important for retaining customers and maximizing their lifetime value in the competitive banking industry.
2) The methodologies used in the research project, including a literature review, survey questionnaire, and analysis of customer perceptions of banks' CRM strategies and technologies.
3) The objectives of examining CRM's impact on customer satisfaction and offering suggestions to improve banks' CRM practices.
Customer is a king and Customers are the mainly focused in making new marketing strategy. In the banking field a unique relationship exists between the customers and the bank. But because of various reasons like lack of training ,new technology literacy, financial targets, risk of failure etc., some banks are still following the traditional ways of marketing and another hand some are making attempts to adapt CRM. It is with this background, the researcher has made a modest attempt towards the idea that CRM can be adapted uniformly in the banking industry for betterment of Banking Services. Understanding on Customer Relationship Management is always a concern among the service providers especially banks. Banks makes their own way of managing their relationships new and existing customers. The aim of this paper is to examine the Customer Relationship Management as a new methodology looks forward to identify and attract consumers through the process of developing relationships (business - customer). The methodology of the CRM aims to maintain customer satisfaction and increase consumer loyalty. The purpose of this paper is to study the importance of CRM systems and in-depth knowledge of methods and management techniques customer relationships.
The main issue of this study is that CRM has become a multi-faceted and complex phenomenon that is ridden by various factors. Due to this complexity, a number of different variables have been used to measure CRM which investigated by several prior studies. However, most of businesses need to know and look at the particular measures and dimensions of the CRM that have a significant impact on customer satisfaction and loyalty, which would enrich the business' performance, especially with the increase in competition as well as lack of differentiation in providing a service. This paper aimed to review literature on CRM and to identify its impact on customer satisfaction and customer loyalty. The studies are analyzed on the basis of some general characteristics and variables that significantly enhance CRM and its influence on customer satisfaction and customer loyalty. For this purpose, we investigate the existing literature on the impact of CRM on customer satisfaction and customer loyalty along with its spread among publications to identify the potential development in the field.
Relationship Marketing Strategies in Banking Sector: A ReviewIJBBR
The paper is review of relationship marketing strategies prevalent in Banking Sector. In this era of mature and intense competitive pressures, it is imperative that banks maintain a loyal customer base. Nowadays, banks realize the importance ofRelationship Marketing. Relationship marketing offers benefits to the banks,
customers as wellas employees of the organization. Relationship Marketing gives the banks way to developmutually beneficial and valuable long term relationships. These long term relationships are further helping banks in reducing operating cost and attracting new customers.
A STUDY WITH SPECIAL REFERENCE TO BANKING INDUSTRY IN INDIAIAEME Publication
Customer Relationship Management (CRM) has emerged as a popular business strategy in today’s competitive environment. It is a discipline which enables the business to identify and target their most profitable customers. CRM involves new and advance marketing strategies which not only retain the existing customers but also acquire new customers. It has been invented as a unique technique capable of remarkable changes in total output of companies. CRM in financial services industry is a cyclical process which starts with definition of customer expectations which are difficult to manage but are often the cause of dissonance which results in loss of existing customer base.
Driven by challenges on competition, rising customer expectation and shrinking
margins, banks have been using technology to reduce cost. Apart from competitive
environment, there has been deregulation as to rate of interest, technology intensive
delivery channel like Internet Banking, Tele Banking, Mobile banking and Automated
Teller Machines (ATMs) etc have created a multiple choice to user of the bank. The
banking business is becoming more and more complex with the changes emanating from
the liberalization and globalization. For a new bank, customer creation is important, but
an established bank it is the retention is much more efficient and cost effective
mechanism.
Customer is a king and Customers are the mainly focused in making new marketing strategy. In the banking field a unique relationship exists between the customers and the bank. But because of various reasons like lack of training ,new technology literacy, financial targets, risk of failure etc., some banks are still following the traditional ways of marketing and another hand some are making attempts to adapt CRM. It is with this background, the researcher has made a modest attempt towards the idea that CRM can be adapted uniformly in the banking industry for betterment of Banking Services. Understanding on Customer Relationship Management is always a concern among the service providers especially banks. Banks makes their own way of managing their relationships new and existing customers. The aim of this paper is to examine the Customer Relationship Management as a new methodology looks forward to identify and attract consumers through the process of developing relationships (business - customer). The methodology of the CRM aims to maintain customer satisfaction and increase consumer loyalty. The purpose of this paper is to study the importance of CRM systems and in-depth knowledge of methods and management techniques customer relationships.
The main issue of this study is that CRM has become a multi-faceted and complex phenomenon that is ridden by various factors. Due to this complexity, a number of different variables have been used to measure CRM which investigated by several prior studies. However, most of businesses need to know and look at the particular measures and dimensions of the CRM that have a significant impact on customer satisfaction and loyalty, which would enrich the business' performance, especially with the increase in competition as well as lack of differentiation in providing a service. This paper aimed to review literature on CRM and to identify its impact on customer satisfaction and customer loyalty. The studies are analyzed on the basis of some general characteristics and variables that significantly enhance CRM and its influence on customer satisfaction and customer loyalty. For this purpose, we investigate the existing literature on the impact of CRM on customer satisfaction and customer loyalty along with its spread among publications to identify the potential development in the field.
Relationship Marketing Strategies in Banking Sector: A ReviewIJBBR
The paper is review of relationship marketing strategies prevalent in Banking Sector. In this era of mature and intense competitive pressures, it is imperative that banks maintain a loyal customer base. Nowadays, banks realize the importance ofRelationship Marketing. Relationship marketing offers benefits to the banks,
customers as wellas employees of the organization. Relationship Marketing gives the banks way to developmutually beneficial and valuable long term relationships. These long term relationships are further helping banks in reducing operating cost and attracting new customers.
A STUDY WITH SPECIAL REFERENCE TO BANKING INDUSTRY IN INDIAIAEME Publication
Customer Relationship Management (CRM) has emerged as a popular business strategy in today’s competitive environment. It is a discipline which enables the business to identify and target their most profitable customers. CRM involves new and advance marketing strategies which not only retain the existing customers but also acquire new customers. It has been invented as a unique technique capable of remarkable changes in total output of companies. CRM in financial services industry is a cyclical process which starts with definition of customer expectations which are difficult to manage but are often the cause of dissonance which results in loss of existing customer base.
Driven by challenges on competition, rising customer expectation and shrinking
margins, banks have been using technology to reduce cost. Apart from competitive
environment, there has been deregulation as to rate of interest, technology intensive
delivery channel like Internet Banking, Tele Banking, Mobile banking and Automated
Teller Machines (ATMs) etc have created a multiple choice to user of the bank. The
banking business is becoming more and more complex with the changes emanating from
the liberalization and globalization. For a new bank, customer creation is important, but
an established bank it is the retention is much more efficient and cost effective
mechanism.
Impact of Customer Relationship Management on Customers loyalty . Falana Temitope
A survey research on the impact of Customer Attraction , Customer retention, Customer satisfaction programs on Customers loyalty. In Asaba, Delta State, NIgeria .
The main objective of the study is to explore customer relationship marketing as a competitive tool at Best Point Savings and Loans Limited. A cross-sectional research and quantitative approach was adopted for the study. A non-random quota sampling technique was used to select a sample size of 20 staff members. Questionnaires were adopted to collect data from the staff. Data was descriptively analyzed. Findings from the study revealed that Customer Relationship Marketing strategy in Best Point Savings and Loans Limited to create and retain profitable customers
Customer Relationship Management and Banking Sector Market Share performanceinventionjournals
The influence of customer relationship management (CRM) on Nigeria banking sector market share performance is the focus of this study. It examined the influence of customer identification, customer retention and technology on customer relationship management and banks market share performance. The ever increasing competition and dynamics in the market place and the need for banks to survive, grow and meet the stakeholders objectives calls for a meaningful long lasting relationship between marketers and all other stakeholders in the organisation. The population of this study consists of all 617 headquarters employees of the 21 deposit money banks in Port Harcourt metropolis that is registered with Nigeria Deposit Insurance Corporation (NDIC); while the sample size of 243 determined through the Tara Yamani formula. Questionnaire was used as an instrument for primary data collection. The Spearman’s Rank Order Correlation was the statistical technique employed for hypothesis testing in the statistical package for social sciences (SPSS) version 17. The findings of this study revealed that there is significant relationship between customer identification, retention, and market share; while technology positively influence CRM and bank market share performance. Customer identification and retention are dimensions of CRM, while market share is the measure of performance, with technology as moderating variable influence between CRM as a measure of bank performance. It is therefore noted that banks will have better competitive advantage when all relevant stakeholders appreciate and demonstrate these customer relationship management strategies with a view of achieving the desired corporate objectives.
Impact of Customer Relationship Management on Customers loyalty . Falana Temitope
A survey research on the impact of Customer Attraction , Customer retention, Customer satisfaction programs on Customers loyalty. In Asaba, Delta State, NIgeria .
The main objective of the study is to explore customer relationship marketing as a competitive tool at Best Point Savings and Loans Limited. A cross-sectional research and quantitative approach was adopted for the study. A non-random quota sampling technique was used to select a sample size of 20 staff members. Questionnaires were adopted to collect data from the staff. Data was descriptively analyzed. Findings from the study revealed that Customer Relationship Marketing strategy in Best Point Savings and Loans Limited to create and retain profitable customers
Customer Relationship Management and Banking Sector Market Share performanceinventionjournals
The influence of customer relationship management (CRM) on Nigeria banking sector market share performance is the focus of this study. It examined the influence of customer identification, customer retention and technology on customer relationship management and banks market share performance. The ever increasing competition and dynamics in the market place and the need for banks to survive, grow and meet the stakeholders objectives calls for a meaningful long lasting relationship between marketers and all other stakeholders in the organisation. The population of this study consists of all 617 headquarters employees of the 21 deposit money banks in Port Harcourt metropolis that is registered with Nigeria Deposit Insurance Corporation (NDIC); while the sample size of 243 determined through the Tara Yamani formula. Questionnaire was used as an instrument for primary data collection. The Spearman’s Rank Order Correlation was the statistical technique employed for hypothesis testing in the statistical package for social sciences (SPSS) version 17. The findings of this study revealed that there is significant relationship between customer identification, retention, and market share; while technology positively influence CRM and bank market share performance. Customer identification and retention are dimensions of CRM, while market share is the measure of performance, with technology as moderating variable influence between CRM as a measure of bank performance. It is therefore noted that banks will have better competitive advantage when all relevant stakeholders appreciate and demonstrate these customer relationship management strategies with a view of achieving the desired corporate objectives.
CHAPTER:-1
INTRODUCTION OF THE STUDY
The report contains the brief description of the state bank of India. It contains the finding and analysis of the survey conducted to gather primary data to judge the importance of various attributes that influence the satisfaction of customer in different manner and to the different extent. These attributes are classified as initial experience, service delivery experience, relationship experience and grievance handling. Further an attempt has been made to know the overall satisfaction of the customer.
Customer satisfaction, a term frequently used in marketing, is a measure of how products and services supplied by a company meet or surpass customer expectation. Customer satisfaction is defined as "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals. Customer service proves to be one of the most important factors governing business.
OBJECTIVE OF THE STUDY:-
• TO find out the customer feedback i.e. improvement required or suggestion.
• To find out the relationship between bank and the customer.
• To study the Satisfaction of customers towards the ― state bank of India.
• To Identify the factors that influences the customer behavior of ―state bank of India.
• To identify the factors those influence the selection of SBI banking services in MUMBAI DISTRICT.
SCOPE OF THE STUDY:-
The present study was undertaken to know the preference of the customer towards state bank of India (SBI). The problem of the customer is they are not aware of the services provided by their bank. The study also force on the customer perception that how the banking services can be improved. In my study I have used both primary sources of data as well as secondary sources of data.
• The study has been conducted on behalf of ―STATE BANK OF INDIA.
• The study is confined to the Mumbai region.
• The study covers the service providers and users of ―STATE BANK OF INDIA.
• The study has put forward the Customers as well as acceptability behavior for the services.
• The scope of the study is to find out the ―Customer Satisfaction
Limitations of the Study:-
The study report consists of few limitations:-
• The report has been conducted within a limited time frame.
• The study is self financed.
• The study is limited to the customer of Mumbai only.
• Only selected Branches and Banks have been considered for the study.
• Samples were selected conveniently.
• The sample size does not represent the total population.
• The sample of size is limited to 30 only and the sample size may not represent whole market.
LITERATURE REVIEW:-
MBA Projects, synopsis, and synopsis of various regular as well as distance learning undergraduate and postgraduate courses for various institutions like SMU – Sikkim Manipal University, SMUDE, AIMA, AMITY, IGNOU, SCDL, JAMIA, AMU, JHU etc.
Social Observational ActivitySpend some time observing another.docxsamuel699872
Social Observational Activity
Spend some time observing another adult interacting with at least one other adult (at home, in a park, at the mall, at work, etc.) and reflect on the nonverbal cues and body language that they tend to use. What are they trying to “say” to the other person?
Locate scholarly materials to help support your accuracy of what the person’s body language and nonverbal communication is conveying (eye contact, posture, appearance, leaning in, facial expressions, artifacts [a uniform, etc.] gestures, etc.) Be descriptive in your analysis of all non-verbal communication that you identify and body language examples.
.
Your paper should be 2-3 pages in length. Include at least two scholarly references in addition to the course textbook to support your analysis and position.
Introduction of the specific topic
Customer Relationship Management
As a group, we will be explaining how customer relationship management is a customer-focused and customer-driven organizational strategy. Elaborate on how modern CRM systems can build sustainable long-term customer relationships that can create value for both companies and their customers. In addition, to helping many companies acquire new customers while also retaining and expanding their relationships with advantageous existing customers. Overall, this topic is an approach to manage a company’s interaction with current and potential customers. It uses data analysis about customers history with a company to improve business relationships with customers. It specifically focuses on customer retention and driving sales growth. The reason this is important and relevant to our class is because businesses data is used to see what customers like and don’t like. Businesses use this because sales tend to improve overall when they use CRM.
Tentative milestone/schedule of the project.
Introduction
Customer relationship management is very commonly referred to as CRM within the business world. It is perceived as both a customer-driven and customer-focused strategy that in part is used to aid the communication between businesses and their customers (Rainer & Prince, 2020). It does in fact also contribute a great deal to many businesses marketing tactics and more specifically allowing them to focus on customers individually. Then, providing them with the proper information needed to meet their individual customer’s needs and desires, which in essence contributes to creating a customer intimacy that so many businesses lack today. With living in a very digital and internet driven world today, customer relationship management has been able to really fill a void that has unintentionally been created by the Internet because of how impersonal it has made what used to be in-person experiences, now digitized.
The process in which customer relationship management is utilized, is by employing information technologies through numerous systems and applications. It is a technology used to manag.
Social Observational ActivitySpend some time observing another.docxrosemariebrayshaw
Social Observational Activity
Spend some time observing another adult interacting with at least one other adult (at home, in a park, at the mall, at work, etc.) and reflect on the nonverbal cues and body language that they tend to use. What are they trying to “say” to the other person?
Locate scholarly materials to help support your accuracy of what the person’s body language and nonverbal communication is conveying (eye contact, posture, appearance, leaning in, facial expressions, artifacts [a uniform, etc.] gestures, etc.) Be descriptive in your analysis of all non-verbal communication that you identify and body language examples.
.
Your paper should be 2-3 pages in length. Include at least two scholarly references in addition to the course textbook to support your analysis and position.
Introduction of the specific topic
Customer Relationship Management
As a group, we will be explaining how customer relationship management is a customer-focused and customer-driven organizational strategy. Elaborate on how modern CRM systems can build sustainable long-term customer relationships that can create value for both companies and their customers. In addition, to helping many companies acquire new customers while also retaining and expanding their relationships with advantageous existing customers. Overall, this topic is an approach to manage a company’s interaction with current and potential customers. It uses data analysis about customers history with a company to improve business relationships with customers. It specifically focuses on customer retention and driving sales growth. The reason this is important and relevant to our class is because businesses data is used to see what customers like and don’t like. Businesses use this because sales tend to improve overall when they use CRM.
Tentative milestone/schedule of the project.
Introduction
Customer relationship management is very commonly referred to as CRM within the business world. It is perceived as both a customer-driven and customer-focused strategy that in part is used to aid the communication between businesses and their customers (Rainer & Prince, 2020). It does in fact also contribute a great deal to many businesses marketing tactics and more specifically allowing them to focus on customers individually. Then, providing them with the proper information needed to meet their individual customer’s needs and desires, which in essence contributes to creating a customer intimacy that so many businesses lack today. With living in a very digital and internet driven world today, customer relationship management has been able to really fill a void that has unintentionally been created by the Internet because of how impersonal it has made what used to be in-person experiences, now digitized.
The process in which customer relationship management is utilized, is by employing information technologies through numerous systems and applications. It is a technology used to manag.
A study of Data Mining concepts used in Customer Relationship Management (CRM...IJSRD
Customer relationship management (CRM) has evolved as an approach based on generating positive relationships with customers, increasing customer loyalty, and expanding customer lifetime value [1]. To understand the needs of customers and providing value-added services are recognized as factors that regulate the success or failure of the organizations. In the recent years, technology enhancement made customer relationship easier in various fields such as marketing, sales, service and Management Information Technology [2]. To deliver customer value, there are concepts such as data mining and data warehousing with the use of technology. Even through data mining concepts, organizations can easily find out their valuable customers and helps in making better decisions. There are data mining tools which answer business questions that were time-consuming consuming in the past. These tools simplify these questions and make customer relationship management effective [3]. This researcher work is focused on understanding the consumer’s behavior for themed weddings. The themed weddings management strategies are based on technology, business and customer perspectives. The customer preferences are measured using Regency, Frequency and Monetary (RFM) method. Business strategies are defined to understand the customer preference towards themed weddings management and the technologies such as WEB 2.0 and data mining tool Weka are used. The survey technique, and thematic content analysis using data mining tools, to accomplish the goals of today’s customer relationship management philosophy for themed weddings management.
Customer relationship managment in banking industryTapasya123
Customer Relationship Management is human function than technology
implementation. Banks need to constantly orient their employees and
vendors towards never losing focus of the customers, technology can be
harnessed to unable the human aspect to function more effectively. A
successful relationship will be one that lowers the business cost, increase
the company revenue and retains profitable relationship, win situation for
the company business and its valuable assets and business customers. The
banking business is becoming more and more complex with the changes
emerging from the liberalisation and globalisation. For new banks,
customer creation is important but established bank retention is much
more necessary with cost effective mechanism. The big benefit of customer
relationship management is the visibility of everything relating to
customers going on in your company. If an organization wants to provide
the better service to customers, it has to be able to manage everything
from complaints to sale opportunities. The core theme of all customer
relationship management and relationship marketing perspectives is to
focus on cooperative, collaborative relationship between the firm and its
customers and look after the marketing factors. Through this paper
researcher want to show the significance of customer relationship
management and also made as effort to explore the benefits of this concept
to banking industry.
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
How to Split Bills in the Odoo 17 POS ModuleCeline George
Bills have a main role in point of sale procedure. It will help to track sales, handling payments and giving receipts to customers. Bill splitting also has an important role in POS. For example, If some friends come together for dinner and if they want to divide the bill then it is possible by POS bill splitting. This slide will show how to split bills in odoo 17 POS.
We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
2. BACK GROUND:
“During the past decade dramatic changes are taking place in marketing environment”
(Phillip Kotler, 2008).
The information technology has inducted many new innovations within the fields of business and
marketing. Information Technology has emphasized management to re arrange their plans and
new plans for marketing, using websites and internet have taken place. Before 90s, organizations
and banks were focusing the number of transactions made by the customers and this was the way
they were following to for their sales promotion. But after the stated era, companies have shifted
the attention towards the long lasting and strong relationship with the customer. Strategy to adopt
e-CRM not only provides a cost effective relationship management but it is the most effective
solution for the retention of the customer. Further in the thesis we would discuss the role of e-
CRM within the banking industry.
“Relationship management has become a very important factor for marketing with in the
financial services industry”. (Zineldin; 1995)
In this part of the paper, we start with some basic definitions of CRM, its background knowledge
and work done by several researchers in this area especially in the banking sector. Major Banks
in Pakistan and some success stories of CRM in context with the banking industry are also
presented in this section.
3. INTRODUCTION
Today, many businesses such as banks, insurance companies, and other service providers realize
the importance of Customer Relationship Management (CRM) and its potential to help them
acquire new customers retain existing ones and maximize their lifetime value. At this point, close
relationship with customers will require a strong coordination between IT and marketing
departments to provide a long-term retention of selected customers. This paper deals with the
role of Customer Relationship Management in banking sector and the need for Customer
Relationship Management to increase customer value by using some analytical methods in CRM
applications. CRM is a sound business strategy to identify the bank’s most profitable customers
and prospects, and devotes time and attention to expanding account relationships with those
customers through individualized marketing, reprising, discretionary decision making, and
customized service-all delivered through the various sales channels that the bank uses. Under this
case study, a campaign management in a bank is conducted using data mining tasks such as
dependency analysis, cluster profile analysis, concept description, deviation detection, and data
visualization. Crucial business decisions with this campaign are made by extracting valid,
previously unknown and ultimately comprehensible and actionable knowledge from large
databases. The model developed here answers what the different customer segments are, who
more likely to respond to a given offer is, which customers are the bank likely to lose, who most
likely to default on credit cards is, what the risk associated with this loan applicant is. Finally, a
cluster profile analysis is used for revealing the distinct characteristics of each cluster, and for
modeling product propensity, which should be implemented in order to increase the sales. In
looking for ways to drive growth, banks need to evaluate their customer management strategy.
Do they currently have a CRM solution that is capable of delivering?
Consistent and cost-effective customer service?
Customer-aligned products and services?
Enhanced customer loyalty and long-term value?
4. Banking institutions face many challenges including global competition for deposits, loans,
underwriting fees, increasing customer demands, shrinking profit margins, and the need to keep
up with the new technologies (SAP AG, 2002).
“Banks and other service providers realize the importance of Customer Relationship
Management (CRM) and its potential to help them acquiring new customers, retain existing
ones, and maximize their lifetime value” Onut et al., (2006).
Customer Relationship Management (CRM) came into the power when banking institutions were
getting more and more competitive. The focus of CRM helped banks to understand the
customer’s current needs, what they have done in the past, and what they plan to do in the future
to meet their own goals (Xu, et al., 2002).
“The intelligent use of information about customer needs will create long-term two way
relationship with the customers” Crosby (2002).
This will bring many advantages to the banking sector since long term customers are less costly
to serve and smooth running relationships are less resource demanding. In general, CRM for any
organization consists of two tasks i.e., customer acquisition and increased sales to existing
customers. It is often justified by the phrase, “Make the right offer at the right time to the right
customer”.
In a web article by Bhaduri (2005) in which the author discuss about the use of CRM for
banking sector in developing countries; the author describe that CRM is variously misunderstood
as a fancy sales strategy, an expensive software product, or even a new method of data
collection. It is none of these. CRM is a simple philosophy that places the customer at the heart
of a business organization’s processes, activities, and culture to improve his/her satisfaction of
service and, in turn, it will maximize the profits for the organization.
Bhaduri (2005) further argues that CRM made bankers realize that the purpose of their business
is to “create and keep a customer” and to “view the entire business process as consisting of a
tightly integrated effort to discover, create, and satisfy customer needs”. Pakistan is considered
5. amongst one of the developing country and in this internet age when the customers are having
access to a variety of products and services worldwide, it is becoming very difficult for the local
banks in Pakistan to provide the services according to the needs of customers. In such case,
instead of acquiring new customers, it is becoming more difficult for these banks to keep their
existing customers. Even though most of the banks in Pakistan have realized the importance of
CRM and implemented its applications, but the initial investigations during the current research
have shown that quite a number of CRM goals does not produces required results and, even
worse, in some cases users say that CRM has damaged customer relationships. Currently, in the
banking sector of Pakistan, CRM vision is merely an I.T system that only records customer detail
(necessary or unnecessary), including their previous transaction histories, purchasing
preferences, and even birthdays. Banks then uses this data to personalize every contact with that
customer, sometimes sending unsolicited mails. In short, it looks like that the current CRM
system in the banking industry of Pakistan is not producing the required results. Therefore, this
paper highlights some of the major problems and Creating Global Economies through Innovation
and Knowledge Management: Theory & Practice 313 challenges in the banking sector of
Pakistan using the customer relationship management (CRM).
Customer Relationship Marketing is a practice that encompasses all marketing activities directed
toward establishing, developing, and maintaining successful customer relationships. The focus of
relationship marketing is on developing long-term relationships and improving corporate
performance through customer loyalty and customer retention. Customer Relationship
Management (CRM) as the name suggests, the primary focal point is placed on the customer.
The key objective is to increase customer value over time by increasing customer loyalty. If a
company develops better customer relationships, it also improves business processes as well as
its profits. In general, CRM is a more efficient automated method used to connect and improve
all areas of business to focus on creating strong customer relationships. All forces are coupled
together to save, improve, and acquire greater business to customer relationships. The most
common areas of business that are positively affected include marketing, sales, and customer
service strategies. CRM helps create time efficiency and savings on both sides of the business
spectrum. Through correct implementation and use of CRM solutions, companies gain a better
understanding of their strongest and weakest areas and how they can improve upon these.
6. Therefore, customers gain better products and services from their businesses of choice. In order
to achieve better insight on CRM, it is essential to consider all of its components.
IMPORTANCE OF CRM
Customer relationship management is a broad approach for creating, maintaining and expanding
customer relationships. CRM is the business strategy that aims to understand, anticipate, manage
and personalize the needs of an organization's current and potential customers. At the heart of a
perfect strategy is the creation of mutual value for all parties involved in the business process. It
is about creating a sustainable competitive advantage by being the best at understanding,
communicating, and delivering and developing existing customer relationships in addition to
creating and keeping new customers. So the concept of product life cycle is giving way to the
concept of customer life cycle focusing on the development of products and services that
anticipate the future need of the existing customers and creating additional services that extend
existing customer relationships beyond transactions.
PURPOSE OF THE REPORT:
Purpose of our research is to study implementation of analytical CRM in the banking sector,
through technologies used for CRM by the bank and the satisfaction level of customers by using
these technologies.
RESEARCH QUESTIONS:
What are the technologies used by banking sector to get the customer attentions?
What strategies are used by the banks for CRM?
What are the responses of customers by using these technologies?
What are the Draw backs in baking sector which effects Customer Satisfaction level?
7. OBJECTIVES OF THE STUDY :
The main objective of the study is to examine the importance of CRM in banking sector, and its
impact on the ‘Customer Satisfaction’.The other specific objectives of the study are:
1. To review the literature on the concept and use of CRM in banking sector.
2. To analyse the perception of customer on CRM as a tool of banking sector in retention of
customers in general and SBI and other nationalised banks in particular.
3. To offer pertinent suggestions based on the findings of the study.
METHODLOGY:
Our study is comparative and analytical one through the perceptions of the customers of the
selected banks. Will be collected through a well structured qualitative questionnaire from the
selected banks. A Questionnaire will be formed from different literature with modifications to
suit the setting in the banking sector. Perceptions on CRM practices are measured by using 3
point Likert scale as follows:
1= Disagree;
2= Neutral;
3= Agree.
Questions that will be asked from the customers will be used from the following broad
category.
• Products and services used by customers,
• Call centres,
• Response time of query,
• Speed of processing transactions,
• Security issues with internet banking, online shopping etc.,
• Convenience,
• Trust.
8. POPULATION:
All the premium customer of commercial banks.
SAMPLE:
Sample size depends on number of customer visited in bank per day.
PROBLEM STATEMENT:
Modern Marketing philosophy advocates the concept of CRM that creates customer delight. This
applies to all sectors of Sales and Marketing includes the banking. In the banking field a unique
‘Relationship’ exists between the customers and the bank. But because of various reasons and
apprehensions like financial burdens, risk of failure, marketing inertia etc., many banks are still
following the traditional ways of marketing and only few banks are making attempts to adapt
CRM. It is with this background, the researcher has made a modest attempt towards the idea that
CRM can be adapted uniformly in the banking industry for betterment of Banking Services.