Comparative Analysis of CRM in Banks With Respect to Bank

 Comparative Analysis of CRM in Banks With Respect to Bank


Abstract

Customer-centricity and technology-direness have become the hallmarks of modern banking, according to many. The banking industry in India has undergone a dramatic transformation in the last decade as a result of technological advancements. banks have used technology to reduce costs due to increased competition, rising customer expectations and shrinking margins. 

There has been deregulation of interest rates, as well as technology-intensive delivery channels such as Internet Banking, Telebanking, Mobile banking and Automated Teller Machines (ATM) that have given users of banks a wide range of options for banking services. As a result of liberalization and globalization, the banking industry is becoming increasingly complex. A series of fundamental changes have taken place in the Indian banking industry.

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Introduction

Advances in information technology and communication systems are among the most significant of these developments.. Financial information has been disseminated more widely and costs for many activities have decreased as a result of this change. Banks' operations have been transformed by information technology and communication networking systems. Another trend is an increase in competition between domestic and foreign institutions in the product marketing area. Thirdly, financial institutions have adapted to the growth in economic activity in all spheres, including customer service, by modifying their operations.

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Conclusion

Several guidelines for customer relationship management are presented in this study. Customers who are satisfied are loyal, their retention rate is much higher, and their overall profitability for the bank is higher as a result of their satisfaction. CRM is the most comprehensive way for banks to improve customer relationships, according to a recent study. Customer retention, profitability, and loyalty can all be improved for banks, and customers' bank share can be increased. Embrace CRM as a principle and adopt a customer relationship management strategy that addresses three key areas: customers, processes and technologies.

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