Customer Relationship Management and Importance of Relationship Marketing In the Banking Sector

mba projects in marketing“Competition and globalisation of banking services are forcing banks to be productive and profitable. To retain High Net Worth individuals, banks should focus strongly on relationship management with customers. Innovative Customer Relationship Management (CRM) strategies and cutting edge software can help, to a great extent, in achieving the desired results. To provide customised services, banks are opening Personalised Boutiques which provide all the required financial needs of a customer”.

The entire service industry is now metamorphosed to become customer- specific. 

In this context, the management of customer relationship in financial services industry demands special focus. Gone are the days when customers at a bank did not mind the long serpentine queues and waited patiently for their turn with a token in their hand. In today’s Internet era, no one has the leisure to wait. In this context, online banking is assuming a great significance. Today, banking is more customer-centric, unlike the yester when it was transaction-centric. Banks are increasingly focusing on the premise that customers choose on the service provider who differentiates through quick and efficient service.       

However, there is more to Customer Relationship Management (CRM) than just managing customers and analysing their behaviours. Banks are well aware that their success is predominantly dependent on the CRM strategies adopted by them. Service providers have recognised that good CRM bonds customers with the organisation for a longer term, resulting in increased revenues.

With customers’ expectations becoming even more competitive, banks are coming up with a wide array of novel products and services every day. The challenge is for the banks to work towards ensuring that customers prefer their products and services over that of competing brands. The key to develop and nurture a close relationship with customers is by appreciating their needs and preferences and catering to their requirements. Leveraging on IT, to appropriately analyse and understand the needs of existing customers better, to ensure customer satisfaction, and exploring the possibility of cross-selling products to gain a competitive advantage are the other issues drawing attention and interest.

Contents:
EXECUTIVE SUMMARY
INTRODUCTION
1.1- BANKING ON CRM
1.2- DEFINE CRM
1.3- STUDY OF BANKING SECTOR
2. BANKING
2.1- WHAT IS BANKING
2.2- KNOW YOUR CUSTOMER (KYC)  
3. RELATIONSHIP MARKETING IN BANKS
3.1- CRM IN BANKING
3.2- WHAT DOES BANK NEED
3.3- HOW CRM HELP BANKS
3.4- CRM IN BUSINESS TRANSFORMATION
3.5- CRM IMPLEMENTATION IN INDIAN BANKS
4. SOCIAL CONCERNS
4.1-CONSUMER EXCLUSION & SOCIAL RES IN MARKETING DECISIONS.
4.2- FIELD RESEARCH OBJECTIVES
4.3- METHODOLOGY
4.4- DEMOGRAPHICS OF SAMPLE
4.5- DATA ANALYSIS
4.6- FINDINGS
5. CRITICAL ISSUES AND TERMS
6. SWOT ANALYSIS OF RETAIL BANKS
7. RELATIONSHIP BANKING IN TROUBLEDTIMES
8. CRM IN FINANCIAL SERVICES SECTOR
8.1 DEFINING CRM
8.2 EVOLUTION OF CRM & CHALLENGES OF PERSONALIZED E-SUPPORT
8.3 CUSTOMER SUPPORT
9. FINANCIAL &BANKING TECHNOLOGY
10. WHAT CUSTOMERS WANT TEN MYTHS ABOUT THE CUSTOMERS WHAT CUSTOMERS WANT CUSTOMERS DIRECTIVES
11. BENEFITS OF IMPLEMENTING CRM WARNING & PITFALLS PRINCIPLES OF SERVICES IN BANKING SUGGESTIONS
12. CONCLUSION

13. REFERENCES

Share

Twitter Delicious Facebook Digg Stumbleupon Favorites More