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CRM Strategies by Banks

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Customer Relationship

Management Customer Relationship Management is the

establishment, development, maintenance andoptimization of long-term mutually valuablerelationships between consumers and theorganizations

Successful customer relationship managementfocuses on understanding the needs and desires

of the customers and is achieved by placingthese needs at the heart of the business byintegrating them with the organization!sstrategy, people, technology and businessprocesses

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"here are three ma#or areas that focus oncustomer satisfaction sales, marketing, andservice

"he functionality of and between these three$elds is essential to successfully connecting acompany!s front and back o%ces to facilitatee&ective, enterprise-wide coordination

Service is associated with the companies callcenters and co-ordinates interaction between'eb, e-mail, and other communication medias

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(eed of CRM in the Banks

)ver time, retail bank customers tend to increase theirholding of the other products from across the range of$nancial products * services available

+ong-term customers are more likely to become a referralsource

"he longer a relationship continues the better a bank canunderstand the customer and his*her needs preferences, and so greater the opportunity to tailorproducts and services and cross-sell the product * servicerange

Customers in long-term relationships are morecomfortable with the service, the organization, methodsand procedures "his helps reduce operating cost andcosts arising out of customer error

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Dena bank

Manager .- /anka# 0esai1234556788*5825427546

9lhasnagar :west;

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uartered in Mumbai

0ena Bank was founded on 53 May 2176, by thefamily of 0evkaran (an#ee under the name0evkaran (an#ee Banking Company +td

=t is one of the nationalised banks of =ndia =t became a /ublic +imited Company in

0ecember 2171 and later the name was changedto 0ena Bank +td

=t has a network of over 2?@@ branches

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=n Auly 2131 0ena Bank +td along with27 other ma#or banks was nationalized

and is now a /ublic Sector Bankconstituted under the BankingCompanies : c>uisition "ransfer of9ndertakings; ct, 214@

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2 st Bank to =ntroduce

Minor Savings Scheme Credit card in rural =ndia known as 0D(

ER=S

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CRM Strategies by 0enaBank

"o understand the wants needs of di&erentsegments of its customers

"o have in place, a system to $nd out the level ofCustomer Satisfaction

"o $nd out the gaps between the >uality of ourproducts services and the eFpectations of thecustomers

"o take utmost advantages of our ="infrastructure to bridge these gaps

Compensating for the losses

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G /S

Hrom the G / nalysis we $nd thathere is a Market Communication

nd also there is a G / of servicedelivery

/rivate sectors are more e%cient ande&ective than /ublic sector

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Measu

resto

min

imizethe

Gap

BankIs/erspectiv

e

CustomerIs/erspectiv

e

/roviding clear roles Removing conJicts Matching employee #ob $t Matching technology #ob $t Recognizing and rewarding employees who

deliver superior service

Build teams and teamwork By performing their ole e&ectively By asking >uestions By taking responsibility of their own

satisfaction By complaining when there is service failure By $ling up the re>uired forms properly so

that the service sta& wonIt take timeverifying it

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Punjab National Bank

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CRM Strategies by /(B

)nline "rading Services SHMSKStructural Hinancing Messaging

SystemL services )nline ssistance Customer information Secrecy of customers *Cs Readressal of complaints grievances

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/(B mainly focus on Reducing customerdefection rate.

Step2.Step 5.Step 7.Step ?.

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Conclusion

Customers always look for more user- friendly products andbetter interest rates when compared to other banks theyhave account with, so, through product innovation andcompetitive pricing strategy the bank can foster businessrelationship with its customers "he gap analyzed can beminimized by better technology, customer service and alsoby creating awareness about he various services therebyincreasing the customer base So as to retain the eFistingcustomers and to build up customer loyalty, Customer

Relationship Management should be given more importance "he satisfaction of the customer is more in /rivate sector

banks than /ublic sector banks So the public sector bankhas to improve their service >uality towards the customerthus they can minimize the gap

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"hank ouNNNNNNNNN