Customer Relationship Management: Transcending the Indian Banking Industry

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In the current environment of increased competition, technological innovations and empowered clients; "Customer Relationship Management” has become unavoidable for the growth and the profitability of the banks. CRM methods are used to gain better understanding of customers in order to design products, segment them, target them appropriately, manage campaigns, and to maintain long-term lucrative and mutually beneficial relationships. The days of stifling vaults and towering counters are long gone at banks. The financial industry relies heavily on relationships and communication. In banking, customer relationship provides the bank the boost it needs to stay in business for a longer period of time. Customers will stick with a bank if it provides them with value but the customer relationship management system in Indian banking is still in its infancy. The article presents a report on the CRM software that can benefit the banking industry highlighting on the roadblocks for CRM deployment. The article also investigates the difficulties and proposes strategy framework for realizing the benefits of CRM investments.

Keywords: Banking industry, CRM software, Customer relationship management, Strategy.

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