Crm Practices in Banking

[pic] INTRODUCTION 1.1 Banking on CRM Competition and globalization of banking services are forcing banks to be productive and profitable. To retain High Net Worth individuals, banks should boil down strongly on consanguinity management with customers. Innovative guest Relationship Management (CRM) strategies and cutting edge software send away help, to a great extent, in achieving the desired results. To provide customized services, banks are opening Personalized Boutiques which provide all the required monetary needs of a customer. The entire service sedulousness is now metamorphosed to become customer- specific. In this context, the management of customer relationship in financial services industry demands special focus. deceased are the days when customers at a bank did non mind the long serpentine queues and waited patiently for their turn with a token in their hand. In todays meshwork era, no one has the leisure to wait. In this context, online banking is assuming a great significance. Today, banking is more than customer-centric, unlike the yester when it was transaction-centric. Banks are increasingly rivet on the premise that customers choose on the service provider who differentiates through quick and efficient service.

However, there is more to node Relationship Management (CRM) than just managing customers and analyzing their behaviours. Banks are well apprised that their success is predominantly dependent on the CRM strategies adopted by them. Service providers have recognized that good CRM bonds customers with the organization for a longer term, resulting in increased revenues. With customers expectations becoming even more competitive, banks are coming up with a wide forces of novel products and services every day. The challenge is for the banks to work towards ensuring that customers choose their products and services over that of competing brands. The key to develop and nurture a close relationship with customers... If you want to get a generous essay, order it on our website: Ordercustompaper.com

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