CRM Best Practices Case Study

7075 Words 29 Pages
Register to read the introduction… 1265). Detailed literature review could not find any study on CRM Best Practices. Such a study is helpful from the perspective of benchmarking, which is widely regarded as “a continuous, systematic process for evaluating the products, services, and work processes of organizations that are recognized as representing best practices for the purpose of organizational improvement” (Spendolini, 1992, p. 9). Benchmarking requires the search for industry best practices that lead to superior performance in terms of profitability, productivity, loyalty, and so forth (Camp, 1989). Though several research papers have been published in the area of CRM practices, no publication was found, across the countries, in connection to CRM Best Practices. Therefore, no studies on CRM Best Practices could be found for the fast growing Indian retail banking sector. The current study, therefore, would try to fill this gap by conducting a study of CRM Best Practices in the context of Indian retail banking, specific to an Indian private sector bank. Methodology Case Study Research Design According to Yin (2003), a case study is an empirical inquiry that investigates a contemporary phenomenon within its reallife context, especially when the boundaries between phenomenon and context are not clearly evident. Thus, the case study method is the recommended research method when we deliberately want to cover the contextual conditions …show more content…
A17. The bank has monthly cross selling targets for both RMs and Customer Service Executives (CSEs). These targets are there for life insurance, general insurance, credit cards, mutual funds, savings bank accounts, depository accounts, loan products and so forth. Q18. Does the bank make use of technology to automate marketing, sales, and service functions? A18. The bank has implemented customer service management software, Finacle Customer Relationship Management (F-CRM), which is integrated with Branch, Internet and Phone Banking, to track customer service requests, complaints, TATs, and so forth. The bank has data mining software that uses customer information across products and channels to develop customer profiles. The different customer profiles are further analyzed to develop customized marketing campaigns. The bank also has implemented Lead Management System which is further integrated with this to achieve effective cross selling. In addition, the RMs has to record all their daily interactions with HNI customers in the Private Banking Relationship Software which maintains a complete interaction history of these customers to aid customer service. Q19. Does the bank design information systems to give comprehensive data about all aspects of customers so as to be responsive to them? A19. The bank has designed information systems which give comprehensive data about different aspects of customers, apart from balance position for products tagged to a single

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