Volume : III, Issue : VIII, August - 2013

Banking Industry and Customer Relationship Management

Dr. Ajay Kumar Garg

Abstract :

Customer relationship management (CRM) is a model for managing a company’s interactions with current and future customers. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support. Today’s customers buying decisions are not based simple on the quality of the product or services but with the relationship they have with the company/Banks. With the entry of many foreign banks and the setting up of many private sector banks, there is an increased competition in the banking sector to retain and obtain customers. Today many banks are meeting this competition by adopting strategy that is known as Customer Relationship Management (CRM). CRM is not only being viewed as business strategy but should become a corporate mission. Banks should start treating customers as son–in–law so that their daughters’ (deposits/loans) will be happy in turn they make you (Banker) happy and prosperous. An effective CRM helps to meet the multiple challenges of the Banks, and there by providing superior experience to customer, gaining long term loyalty. A loyal customer will work as an ambassador to the bank and facilitate growth of business hence CRM is a gateway of prosperity

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Article: Download PDF   DOI : 10.36106/ijar  

Cite This Article:

Dr. Ajay Kumar Garg Banking Industry and Customer Relationship Management Indian Journal of Applied Research, Vol.III, Issue.VIII August 2013

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