Crm in New Age Banking Essay

4639 Words Nov 1st, 2011 19 Pages
BANKING PROJECT | October 2
2011
| ABSTRACT: The pulse of this era says that for a successful venture customer relationship management (CRM) is to recognized as a widely acceptable concept. In simple words to understand CRM we can consider it another name for the banker customer relationship. Macro-economic factors like globalization, liberalization and modernization has given it a new form. Today’s CRM requires real time interaction than that of the earlier times. Focus of various banks has changed from attracting customers to retaining as well as attracting new customers. Ensuring safety and at the same time efficiently
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The report presented is an initiative to address the issues and status of CRM with focus on evolution and background of this concept. How the technology has helped CRM in new age banking is also discussed here.

1. Introduction

CRM is a concept used by banks for the purpose of retaining as well as acquiring new customers. The potential which Is contained in the CRM is harnessed by various types of organizations and firms including insurance companies, NBFSs and banks. Keeping in mind the new concept of retaining the customers, a proper co-ordination is required among the various functional departments especially that of marketing and IT department
Starting point of CRM is by defining the strategies of the business and making a path from these strategies to the objective of serving the customers in a better way. Once the path has been set up, next step involves the inclusion of technology to achieve the goal and the objectives defined. Theagenda which has to be kept in mind while implementing technology inclusion is that the relationship and the IT perspective of the CRM must be defined individually and separately. If we are able to define this, then the operationl as well as strategical benefits of the CRM can be easily observed from the sales growth.

2. Literature review
If we have a quick look on the various literatures published in the same context then many of them have defined the concept in their own way.

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