Customer Relationship Management with Special Reference to Indian Banking Industry

Chaitanya Ch, K. Rakhi

Abstract


The financial liberalization and globalisation paved a new way of growth and development for the businesses. Simultaneously, the reform process also threw a major challenge for the business entities i.e. serving and satisfying the customer to maintain good relationship in order to compete and sustain in the market. The dynamic business environment is portrayed by increasing competition, converging tastes of customers, preferences of customer, increased focus on quality etc. The process of developing a cooperative and collaborative relationship between the buyer and seller has become important and this process is called Customer Relationship Management (CRM). CRM progressed well in India and became crucial in all businesses to cope up with exceeding competitive global market as today’s customer is well aware of the information regarding products and services available and rendered to him and Banks are no exception to this. With this backdrop, the present study aims to analyze Customer Relationship Management as a vital tool in the hands of the banking industry to satisfy the customer towards banking products and services offered by them; and to sustain in the market. CRM in a bank brings about important phases, such as incorporating the communication tools to meet the needs of customers, referring each customer as individual, and making the customer relationship an impressive and long lasting experience.

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ISSN : 2251-1555