CRM is one of the strategies to manage customers as it focuses on understanding customers as individuals instead of as a part of a group (Lambert,2010). According to Parvatiyar and Sheth (2000), CRM is “a comprehensive strategy and process of acquiring and partnering with selective customers to create superior value for the company and the customers”. Practices, strategies and technologies that a companies use to manage and analyze customer interactions and data with the aim of building long term profitable relationship is …show more content…
The benefits that CRM provides may vary depending upon the nature of the business and industry. Operational and strategic benefits are the two main kinds of benefits banking sector are receiving through the implementation of CRM. Operational benefits refers to the operational savings of an organization resulting from its improved internal efficiency ( lacovou et al, 1995). On the other hand, strategic benefits refer to identification, prioritization and exploration of opportunities. For instance, identifying new market segments, developing new products, identifying new marketing opportunities and designing customized communication plan etc falls under the strategic benefits of