Customer Relationship Management in Indian Banking Industry

Customer Relationship Management (CRM) is fundamental to building a customer-centric organization.  CRM system links together the customer data into single and logical customer repository.  CRM in banking is a key element of differentiation that allows a bank to develop its customer base and sales capacity.  The goal of CRM is to manage all aspects of customer interactions in a manner that enables banks to maximize profitability from every customer.  Increasing competition, deregulation, and the internet have all contributed to the increase in to entry and exit for the customers, making it easier to switch banks or brokers without feeling the pinch in the wallet.  Retaining customers is a major concern for banking institutions which underscores the importance of customer relationship management (CRM).  Customers, faced with an increasing array of banking products and services, are expecting more from banks in terms of customized offerings, attractive returns, ease of access and transparency in dealings.  By using knowledge of the customer, banks can turn customer relationship into a key competitive advantage.  Banks can develop customer relationships across a broad spectrum of touch points branches, kiosks, ATMs, internet, electronic banking, smart cards, call centres and phone banking.  The full integration of these systems, their associated business processes, and the methods for which information is extracted and used, forms the basis for CRM.  This book examines issues related to changing banking industry and the challenges in customer relationship management (CRM).  The book should appeal to the students of economics, commerce and business management. It would also serve the purpose of banking executives, researchers and others interested in understanding CRM in Indian banking industry.