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Bank E-mail Marketing: Creating Customer Relations with Permission

International Journal on Customer Relations

Volume 1 Issue 2

Published: 2013
Author(s) Name: Vikas Nath, Nimit Gupta | Author(s) Affiliation: Dr. Vikas is Dean, BVIMR, Delhi, India; Dr. Nimit is working with Jaipuria Institute, U.P., India
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Abstract

Indian economy is changing and all the sectors are witnessing these changes in one way or the other. Indian banking sector is no exception. With more branches, planned consolidation, this service sector is changing many folds. In order to remain competitive, banks are eyeing on email marketing. There is evidence that permitted emails lead to higher satisfied customers. The purpose of this paper is to explore the usage of email marketing for enhancing customer relationship, reason for using relationship based permission marketing and maintenance of privacy among three types of banks i.e. public, private and foreign banks. The quantitative approach involved a total of 15 respondents (banking officials) selected through random sampling from the list of banks as provided by IBA (Indian Banking Association). The results showed that all banks agreed on the usage of emails for marketing of various banking products and services. It was found that public sector banks are less customers-centric in comparison to private and foreign sector banks. Finally, foreign banks are more active in maintaining of privacy of consumer’s details. The paper highlights key efforts to elucidate the importance of customer centricity in banking sector. This paper is also useful for practicing relationship marketing managers and CRM (customer relationship marketing) experts across different industries including banks.

Keywords: CRM, Customer-centric, Customer Relations, E-mail Marketing, Permission-based Emails, Banks, Types of Banks

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