Customer relationship management in banks

Type :

Term papers

Pages :

25 pages

Format :

.doc

Published date :

04/13/2009

Category :

Business & market

Sub category :

Management

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Summary :

Introduction to customer relationship management (CRM)
1. The evolution of CRM
2. Concept of CRM
Role of CRM in banks
1. CRM's objectives in banking sector
2. CRM tools for banking
Analysis of the current banking scenario
Customer retention and CRM strategy in banks
Benefits of relation marketing
Case study
Conclusion
Bibliography

Abstract

customer relationship management (CRM) is at the core of any customer-focused business strategy and includes the people, processes and technology questions associated with marketing, sales and service. Simply stated, CRM is about finding, getting and retaining customers. The aim of these systems is to assist in building lasting customer relationships - to turn customer satisfaction into customer loyalty.

Ever increasing customer power creates the need for customer - driven organization. The CRM concept is creating a strong customer supplier alliance and the pressure forging these alliances are stiff competition, emerging/new technologies, shorter product life cycles and quality revolution and just-in-time concept.

banks are one of the prime users of CRM. Any bank would have such a customer that it would not be able to monitor manually and find out various customer trends and patterns. So it is essential to attract, retain and grow customer base effective management of the information about the customers and enhance relationship with them.

This is where CRM comes in for the banks. The purpose of CRM is to improve the quality of market share. While it is good to keep all customers happy, there is a time to say goodbye to some customers when they no longer fit a company's business model. It does not about let's just make everybody happy. Shareholders want the good customer and that's the great value that CRM brings. CRM technologies are also designed help identify the appropriate channels to lower the cost of servicing lower-value customers.