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Accomplishing the objectives of Customer Relation Management (CRM) is an effective business strategy to be implemented by a bank. Faced with an increasing array of financial products and services, customers are expecting more from providers regarding value, ease of access and personalized services. The article discusses the evolution of CRM and outlines the way in which it can aid customer relationship and increase customer channels, product profitability and market share. |
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Marketing is the kingpin that sets the economy revolving. It is a well known fact that marketing plays an indispensable role in every respect of business activity. There is a sea change in marketing processes as a result of increasing competition, changing needs of the customers and ever-changing market trends in today's liberalized and globalized scenario. The markets that prevailed earlier were seller-centric but now they are customer-centric.
Due to the ever-changing market conditions, gradually the focus is shifting to one of the hottest trends in marketing, i.e., Customer Relationship Management (CRM). Liberalization, Privatization and Globalization (LPG) have brought about unprecedented changes in every field, including the economic field.
India is heading fast towards an open market economy from a protected one to integrate with the world economy. One can witness that there is a stiff competition among all the sectors. |
As a result, various organizations are being affected, including the financial sector, to face the challenges
of competition, service / product quality, cost and competitive advantage. The banking sector too is in a transitional mode towards
a vibrant global market and sophisticated information technology.
Every bank, regardless of size, prides itself on the best quality customer service, in response to the question "What is your greatest
strength?" The answer is either good quality customer service or "we know our customers." Banks are primarily focused on three areas meeting customer's service expectations, reducing costs and meeting fierce competition.
Unlike in the past, the banks today are market-driven and market-responsive
Buy the Full Article (1100 Words Approx) for: 1.50 USD |
Title: Customer Relationship Management
Article Code: IPBK0039
Price: 1.5$ (US Dollar) |
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From: Professional Bankers,
Sep 2008, Icfai University Press |
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