Essay on Crm And How Crm Has Been Accepted By The Banking Sector
In the present competitive scenario the core of banking has changed from only banking to need based banking. Customer satisfaction has become the buzz work for success of any organisation. CRM is a business strategy that focuses on customer retention rather than customer acquisition. CRM emphasises on creating, satisfying and retaining customers through need based services. CRM has become an inevitable tool of modern day marketing and can be adopted uniformly in the banking industry. This paper is a literature review on the meaning of CRM, the philosophy of CRM and how CRM has been accepted by the banking sector. Building a lifelong relationship with customers is the key to success for any business today.
The concept of banking can be traced back to authentic history and as early as 2000 B.C. Babylonians who are said to be the developers of banking system. The most ancient bank is supposed to be The Bank of Venice, established in the year 1157. In India, the Vedic period gives traces of banking system. But in those days banking meant only lending money whereas today’s banking is far more complicated and modernized. The oldest bank in India is the State Bank of India which originated as Bank of Calcutta in 1806. Banking industry today is a major sector for the existence development of any economy of the world.
Liberalization of the Indian economy has brought with itself tech savvy banks that have left no stones unturned to acquire…