CUSTOMER RELATIONSHIP MANAGEMENT MODEL FOR BANKS | Open Access Journals
Journal of Financial Services Marketing Vol. 12, 4 – Retrieved: March Relationship marketing and CRM: a financial services case study. JOURNAL OF . improves the service to customers though; a good CRM capability will also reduce costs, wastage, and A Case Study of Airtel of marketing and consequently making relationship . applications like Oracle Financial and Oracle HRMS. A fully integrated customer relationship management solution is the most powerful challenges: sales force automation, customer service and marketing . who has agreed to share their expertise, opinions and case studies.
The focus is shifted from acquiring new customers to retaining the existing ones. New sets of plans and policies have to be adopted to carry out the same.
Customer Relationship Management CRM is a primary business of each venture and it demands a overall tactic and course of action to make it victorious [ 1 ]. CRM is a complete movement which offers flawless amalgamation of each every aspect of business that establishes a contact with the customer viz.
Customer Relationship Management in Service Industry CRM is recognized as the principal goal of marketing and the primary objective of any business. Particularly, in service industries, it is specifically stressed as the cost of maintaining an existing customer is much less than acquiring a new customer in a service transaction.
It is a well-accepted fact that associations with the customers prosper when marketers take the extra effort to reach the customers and to satisfy their unsatisfied needs and expectations.
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Service industry has been the forerunners in implementing CRM practices [ 2 ]. Customer Relationship Management in Banks The instigation of financial sector reforms has led to swift progress in the banking industry in India. The influence of financial sector transformation aimed to increase the effectiveness and the competitiveness of the monetary structure. The establishment and the functioning of new generation technology driven banks have given a new face to the Indian Banking industry.
CRM is a vital factor to improve the performance of the banks [ 3 ]. In order to excel in their services, the present day banks have shifted their focus from the twin functions of accepting of deposits and lending of loans to anytime and Anywhere Banking. Customers are considered as the fundamental non-core financial asset by the banks across the globe in the present day scenario. Courteousness, correctness and rapidity are the imperative factors in the efficient running of a bank.
A highly satisfied customer will market for the bank and bring in more new customers to increase the business of the banks [ 4 ]. The banks should adopt novel strategies and policies to decide on what to offer, whom to be focused, when to approach, how to promote and be unique in product and service offerings to increase their profitability.
- Key CRM Features for the Financial Industry
- Financial Services Marketing Agency
- CUSTOMER RELATIONSHIP MANAGEMENT MODEL FOR BANKS
Banks need to make a difference in them by offering general products to meet the general demands of the customers and to offer customized services for the specific requirements of the customers. Banks should identify right type products for the right type of customers. This would help the banks to serve the customers in the with utmost cost efficiency.
This will lead the banks towards customer satisfaction and customer loyalty.
Relationship marketing and CRM: a financial services case study
Statement of the Problem There is a revolution happening in the banking industry. The customers are occupying the Centre stage outshining other factors.Relationship Marketing with Teamzy CRM
The customers are flooded with lot of information and becoming more tech savvy. This has increased the competition among the bankers. The competitive forces over the years are compelling the banks to concentrate more on increasing the number of customers and in providing better service quality. In other words CRM has become a major focus for the banks.
The banks in the present era are facing stiff competition and they are struggling to find a place in the industry. They have realized the fact that CRM is a powerful tool to achieve success in their business.
CRM is an effective tool for the bankers to acquire new customers and to retain the existing ones. CRM in the banking sector is of strategic importance [ 5 ]. The banks are confronting numerous problems in attracting new customers and in maintain the existing customer base. Implementation of CRM poses a greater challenge to the banks after acquiring the customers.
Relationship marketing and CRM: a financial services case study - Open Research Online
The various ways and means through which CRM is implemented by the banks determine the success or failure of the entire concept. The banks should concentrate highly on the valid elements of their CRM strategy for generating customer satisfaction and customer loyalty.
This will be possible only with the help of effective and efficient communication with the customers. Effective interaction between the bankers and the customers will help the banks to implement CRM in the best possible manner [ 7 ]. Any concept which is implemented would yield better results only when the same is maintained over a period of time.
CRM is not an exception to this rule. There exists a wide plays the role of boundary spanning that manages and distributes customer information. But the space between marketing and Information Technology affects the effective implementation of CIS. The CIS must be modified in order to establish a better communication system between the customers and the business [ 8 ]. The banks cannot be assured of the fact that their customers would continue to transact with them once the relationship is established.
With many financial institutions now offering multi-channel access, customer relationships are becoming more complex to handle. Design and personalize marketing messages and target campaigns towards the most suitable segments. Sales Automation Give your sales team everything they need to prospect, manage contacts, record activities and ultimately close more business opportunities. Integration Capabilities A lot of important data often resides in specialty accounting and banking software.
Seamless CRM integration allows the system to sync data across multiple platforms, marketing channels and users, saving precious time and money. Workflow Automation Standardize business processes. The system will automatically set the next task in the process once the previous task has been marked as completed.
Improve operational efficiency by building workflows that provide automated alerts and reminders for follow-ups that need to be taken care of personally. Reports and Analytics CRM Analytics allow you to create reports and generate analytics that help evaluate performance and productivity. These reports are based on the activities that have been logged into the CRM system such as the amount of revenue generated.
These tools can be extremely useful for predicting future sales figures. How we have helped business in the financial sector meet diverse challenges? A few case studies 1. Credaris Credaris is an independent credit service provider.
Credaris offers you safe and easy access to loans. Credaris used a legacy system and excel sheets to obtain potential leads, scrutinize them and pass them onto the banks.
It resulted in the business process being highly inefficient.