| SMART JOURNAL OF BUSINESS MANAGEMENT STUDIES |
VOL. 5 |
NO. 1 |
PAPER 8 |
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A STUDY ON CRM PRACTICES IN BANKS |
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| S. Sudalaimuthu* and J. Lilly** |
| * Lecturer, Department of Commerce, Bharathiar University, Coimbatore, India |
| ** Lecturer, Department of Commerce, PSGR Krishnammal College for Women, Coimbatore, India |
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| Customer
Relationship Management (CRM) is the process of identifying, attracting,
differentiating and retaining customers. Banks are concentrating only on
acquiring new customers. They seldom understand the importance and
profitability of creating loyalty and retaining customers. For the last
decade, many banks have been so absorbed in their own internal issues,
particularly merger drives, cost-cutting and reengineering, that
customers and their relationship often received short shrift. Banks have
to come out with innovative measures to satisfy the needs of both the
present and potential customers and at the same time, adopt procedures
to win back the lost customers. Building relationships is a challenge,
especially when a firm has often millions of customers who interact with
the firm in several ways. Realizing the need for Customer Relationship
Management in banks, this article focuses on the bankers’ perception and
customers’ perception regarding the CRM measures adopted by banks,
technology used and various services offered by banks. |
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