Customer Relationship Management (CRM) can be helpful in customer identification, cross-selling of products, customer acquisition or retention etc. Operational CRM, which provides required information and Analytical CRM, which traces activities and makes information more sensible are the two tools of CRM. CRM cell, portfolio of products, customer metrics, and latest technology are some of the requirements for efficiently implementing the CRM. In India only few a banks like ICICI Bank and HDFC bank are using CRM products.
Today's world is distinct with its hyper competitive environment. `Survival of the fittest' is the `mantra' of this century and banking, being a service industry, is definitely no exception to it.
Managing customers is one of the main issues faced by the banks. The demands and expectations of the customers grow at a much faster rate than the banks can equip themselves to deal with them. If the service levels or the product levels are not up to the customer's expectations, there is always a danger that he might shift his business elsewhere. In banking, as the products can be copied very fast, it is the customer service levels that really matter. This is where Customer Relationship Management plays an important role. |
