CUSTOMER RELATIONSHIP MANAGEMENT IN BANKS

Presented by:-Gireeraj AssawaDharmesh DholiyaVijay SavaliyaNikhilkumar Tejani

Introduction of CRM Customer relationship management (CRM) is a

business strategy to acquire and manage the most valuable customer relationships.

CRM requires a customer-centric business philosophy and culture to support effective marketing, sales and service processes.

CRM applications can enable effective customer relationship management, provided that an enterprise has the right leadership, strategy and culture.

What Is CRM ? Business approach that understands, anticipates

and manages the need of current and potential customer of an organization.

Integrating People, Processes and Technology of an organization.

Effective use of Information about customer to maximize customer satisfaction as well as well as cost reduction and increased profitability for an organization.

Definition of Bank Customer“A customer is a person who has some sort of account either deposit or current account or some similar relation with a bank and from this it follows that any person may become a customer by opening a deposit or current account or having some similar relation with a bank”

CRM in Bank. The idea of CRM is that it helps businesses use

technology and human resources gain insight into the behavior of customers and the value of those customers.

Simplify marketing and sales processes, discover new customers, and increase customer revenues. the organization must look into all of the different ways information about customers comes into a business, where and how this data is stored and how it is currently used.

IDEA OFFERRIGHT

CUSTOMER

FOLLOW UP INTERACT CONTACT

CRM Process

Right Offer to the

Right Customer at the

Right time

Purpose of CRM Provide product information, product use

information, and technical assistance on websites that are accessible 24 hours a day, 7 days a week.

Identify how each individual customer defines quality, and then design a service strategy for each customer based on these individual requirements and expectations.

Provide a fast mechanism for correcting service deficiencies (correct the problem before other customers experience the same dissatisfaction).

managing and scheduling maintenance, repair, and ongoing support (improve efficiency and effectiveness).

BENEFITS OF CUSTOMER RELATIONSHIP MANAGEMENT

1. Benefits for Customers.

2. Benefits for Employee.

3. Benefits for Banks.

CRM includes many aspects which relate directly to one another:

Front office operations: Direct interaction with customers, (e.g. face to face meetings, phone calls, e-mail, online services etc.)

Back office operations: Operations that ultimately affect the activities of the front office. (e.g. billing, maintenance, planning, marketing, advertising, finance, manufacturing etc.)

Business relationships: Interaction with other companies and partners, such as suppliers/vendors and retail outlets/distributors, industry networks (lobbying groups, trade associations). This external network supports front and back office activities.

Analysis: Key CRM data can be analyzed in order to plan target-marketing campaigns, conceive business strategies, and judge the success of CRM activities (e.g., market share, number and types of customers, revenue, profitability).

Continued…..

Requirements of an effective CRM Structure

An effective CRM system consists of the following:

i. Personal Customer Needs

– Personal Contact– A knowledgeable and reliable banker– Relevant Information– Customized and timely solutions– Value for money

Continued…..

ii. Business Customer Needs

– A professional partnership approach– High levels of information– Customized and highly responsive service– Quality customer information

ConclusionThe banking industry is vibrant and active in

India, due to technological essential services. The banking industry in India has undergone volatile changes during the last decade and one of the major areas of change has been customer service. Customers of today demand ‘universal banking’. This is possible if Customer Relationship Management is implemented in true spirit.

Customer Relationship Management plays a vital role for competition in the banking industries