Customer Relationship Management (CRM) is at the core of any customer–focused business strategy and includes the people, processes and technology questions associated with marketing, sales and service. Simply stated, CRM is about finding, getting and retaining customers. The aim of these systems is to assist in building lasting customer relationships – to turn customer satisfaction into customer loyalty.
Ever increasing customer power creates the need for customer – driven organization. The CRM concept is creating a strong customer supplier alliance and the pressure forging these alliances are stiff competition, emerging/new technologies, shorter product life cycles and quality revolution and just-in-time concept.
Banks are one of the prime users of CRM. Any bank would have such a customer that it would not be able to monitor manually and find out various customer trends and patterns. So it is essential to attract, retain and grow customer base effective management of the information about the customers and enhance relationship with them.
This is where CRM comes in for the banks. The purpose of CRM is to improve the quality of market share. While it is good to keep all customers happy, there is a time to say goodbye to some customers when they no longer fit a company's business model. It does not about let's just make everybody happy. Shareholders want the good customer and that's the great value that CRM brings. CRM technologies are also designed help identify the appropriate channels to lower the cost of servicing lower-value customers.
[...] Customer Channels Analysis of the Current Banking Scenario- Role Ahead” Most of the banks have not computerized in the recent past a positive development indeed which helps smoothen the banking operations. But everything is not all that green. Have all data been computerized? It is understood that a cut-off period was kept for date entry into the computers so that all information after this date were entered into the computer while all information prior to this date were left out. [...]
[...] Thus, consolidation in the market has increased the need for CRM which ensures banks to build and retain close relationship with their customer, especially the most profitable ones. This is aimed not only to prevent the customer from taking their business elsewhere but also to ensure that they are offered the product and services that a most appropriate and most likely to result in new revenue for the bank. CRM helps categorize and segment customers and align products that best suit them. [...]
[...] Instead of developing a complete design of a corporate Data Warehouse before implementing it, the bank has decided to develop a portion of the Data Warehouse to be used for customer relationship management and for the production of accurate and consistent management reports. Here we are not concerned with the latter goal, but are concentrating on the former. The Data Warehouse has been designed according to the IBM BDW (Banking Data Warehouse) model, which has been developed as a consequence of the collaboration between IBM and many banking customers. [...]
[...] Solving CRM Challenges with Business Information Management Solutions: Customer relationship management systems are vital to the success of banks in the 21st century; however, we must not lose our heads in the turmoil surrounding the huge investments required to implement these systems. Automated call centers are essential, and business-information management bundled with service-level management and business-integrated scheduling play important roles in assuring they meet the high standards expected by customers. Providing access to all customer information, regardless of its source, regardless of its format, and in a timely fashion are vital in reaching the ultimate goal of less rings until the phone is answered, less time spent on each call and most importantly, improved customer service. [...]
[...] Relationship marketing was about "putting the customer in the middle of the business circle," in the words of Dick Lee, principal of St. Paul-based Hi- Yield Marketing. "As part of that early relationship marketing movement, we had untold frustration because we didn't have the technology to support what we were doing," Lee says. "It really wasn't until mid-90s that we had the technology we needed." In the 1990s, computer systems were deployed to support sales and service processes. Sales Force Automation systems quickly evolved from simple contact managers, while Customer Service and Support systems became the backbone of automated call centers. [...]
APA Style reference
For your bibliographyOnline reading
with our online readerContent validated
by our reading committee
