Customer Relationship Management ( Crm ) Essay

755 Words Nov 15th, 2016 4 Pages
This research paper offers an insight into the Customer Relationship Management (CRM) in banking sector. Customers are the most valuable assets of any business. With the increasing competition and globalization of banking sector, the need to focus on customer relationship has become essential in the organizational process. The banks today continually look for achieving competitive advantage by implementing customer-centric process. Banks being a customer oriented service, customers are the key focus in banking sector. So, it is important to establish, develop, maintain and sustain long term relationship with the target customers. To survive in competitive market place, it becomes necessary for banks to identify its most potential customers and prospects and devote time and effort to acquire new customers and retain existing customers. CRM is the customer focused strategy that aims at building long term relationships with customers. It focuses on understanding the needs of customers and thus, developing and maintaining mutually beneficial relationship between customers and organizations. Therefore, the focus of this paper will be on CRM in banking sector, its benefit and importance and implementation of CRM in banking sector.

Customer Relationship Management:
Customer Relationship Management (CRM) can be defined as “the development and maintenance of mutually beneficial long term relationships with strategically significant customer” (Buttle, 2000). CRM is one of the…

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